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3 weeks ago | 
politico.eu | James FitzGerald |James Fitzgerald
LONDON — The U.K.’s growth forecast was slashed on Tuesday as the International Monetary Fund (IMF) handed some bleak news to Chancellor Rachel Reeves just as she arrives in Washington, DC. In its latest World Economic Outlook, the IMF, which is hosting global finance ministers in the U.S. capital this week, revised U.K. growth for 2025 down from 1.6 to 1.1 percent, and down 0.1 percentage points to 1.4 percent for 2026.
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1 month ago | 
politico.eu | James FitzGerald |James Fitzgerald
The U.K. banking system remains “resilient” following U.S. President Donald Trump’s decision to impose tariffs, the chancellor assured MPs today.
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2 months ago | 
politico.eu | James FitzGerald |James Fitzgerald |Dan Bloom
U.K. Prime Minister Keir Starmer is set to announce a renewed push for Britain's watchdogs to rip up red tape and boost the economy. Starmer could launch a regulatory action plan as soon as next week, two industry representatives who have discussed the matter directly with the government told POLITICO. A government official, granted anonymity to speak freely, confirmed an announcement is slated to take place before Chancellor Rachel Reeves' spring statement on March 26.
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2 months ago | 
politico.eu | James FitzGerald |James Fitzgerald
The U.K. economy would face “substantial” risks if the U.S. administration sparks a trade war by ending multilateralism, the Bank of England governor warned. Speaking to MPs on the Treasury Committee on Wednesday, Andrew Bailey said the ongoing trade disputes — with the U.S. slapping tariffs on Canada, China and Mexico, and the trio of countries responding in kind — is a “big episode” that Britain “has to take seriously.”“There is a major shift going on ...
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Jan 14, 2025 | 
politico.eu | Esther Webber |Hannah Brenton |James FitzGerald |James Fitzgerald
LONDON — Keir Starmer and his top finance minister, Rachel Reeves, came to power last year promising to return stability to British politics. They’re finding out it’s not as easy as it looks.
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Nov 20, 2024 | 
politico.eu | James FitzGerald |James Fitzgerald
LONDON — The U.K. government has quietly shelved the former Conservative chancellor’s plans to introduce a “pot for life” for pension savers. A Department for Work and Pensions official with knowledge of policy discussions, granted anonymity to speak freely, confirmed to POLITICO that “no active work is being taken forward” on Jeremy Hunt's proposal to legislate for a moveable workplace pension. Hunt, the former Tory chancellor, announced the pot for life plans in his Nov. 2023 autumn statement.
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Nov 4, 2024 | 
politico.eu | James FitzGerald |James Fitzgerald
LONDON ― Britain's banks have been dealt a major blow in their effort to avoid payouts for a growing motor finance scandal. Sealed court filings obtained by POLITICO show that judges on the Court of Appeal believe there are “no arguable grounds” for lenders to appeal a ruling that could leave them on the hook for substantial redress. The Court of Appeal’s Oct. 25 ruling declared it unlawful for lenders to have paid a commission to car dealers without borrowers' knowledge and consent.
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Oct 31, 2024 | 
politico.eu | James FitzGerald |James Fitzgerald
Rachel Reeves’ first budget wont achieve her aim for the U.K. to have the best economic growth in the G7, the boss of the influential Institute for Fiscal Studies said. Speaking at a budget debrief event today, the think tank's chair Paul Johnson said the chancellor got a “hospital pass” from the last government, but her high-tax, high-spend and big-borrowing budget has little in it to boost growth over this parliament.
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Oct 22, 2024 | 
politico.eu | James FitzGerald |James Fitzgerald
LONDON — The U.K.’s growth forecast got an upgrade Tuesday as the International Monetary Fund (IMF) handed some rare good news to Chancellor Rachel Reeves a week out from her first government-wide budget. In its latest world economic outlook and financial stability report, the IMF revised Britain’s GDP growth to 1.1 percent this year — up from 0.7 percent in its July projection. The revised 2024 growth forecast puts the U.K. ahead of Germany, Italy and Japan, and equal with France.
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Sep 26, 2024 | 
politico.eu | James FitzGerald |James Fitzgerald
LONDON ― Britain's new government wants the pensions industry to invest in U.K. plc. Good luck with that. Keir Starmer's fledgling Labour administration has said it will focus on “encouraging” pension investment into British assets. It's a bid to boost the country's sluggish economic growth and increase returns for savers. Emma Reynolds, the U.K.’s pensions minister who is leading the charge, has not yet put forward a mandate option forcing them to do so.
