What does new City minister Rachel Blake have in store for the Square Mile? Politics The Westminster drama has hit the City in more ways than one. After Wes Streeting’s resignation triggered a mini-reshuffle, Felix Armstrong and Samuel Norman take a look at what the new City minister might have in store. In just under two years, the City has its fourth minister. Tulip Siddiq resigned in January 2025 after [...]
UK borrowing costs storm past five per cent after Starmer warns of ‘chaos’ if ousted Politics UK government borrowing costs have stormed higher following an attempt from Prime Minister Sir Keir Starmer to shore up support after a disastrous local election result. The yield on 10-year gilts rose nearly 10 basis points to over five per cent for the second time in mere weeks. It comes after Starmer sought to defy [...]
Reeves urged to cut bank tax as UK competitiveness lags Banking Rachel Reeves is facing renewed calls to cut tax on the banking sector after new bombshell research laid bare the competitive disadvantage UK lenders are battling against. The Chancellor spared banks from a highly-anticipated fresh tax raid in the Autumn Budget but a new report – penned by the Association for Financial Markets (AFME) and [...]
Barclays boss calls for political ‘stability’ as banker’s pay packet swells to £15m February 10, 2026 The boss of British banking giant Barclays has called for “stability” across the political landscape as the Labour government’s future faces uncertainty. CS Venkatakrishnan, the bank’s chief executive who is known as Venkat, faced questions on the turmoil in Number 10 after Barclays published its full-year earnings report. “From the point of view of businesses [...]
FTSE 100 Live: Natwest shares fall after deal; Political jitters in bond market February 9, 2026 Good morning and welcome to the CityAM liveblog. Markets will have a lot to catch up on this morning after the latest escalation in political dramas over the weekend. Prime Minister Sir Keir Starmer’s chief of staff announced his exit from government amid mounting pressure over the appointment of Peter Mandelson to US ambassador. [...]
Peter Mandelson should return five-figure payoff after being sacked, says minister February 8, 2026 A Cabinet minister and key ally of the Prime Minister has said Peter Mandelson should return the payoff he bagged after being sacked as the UK’s ambassador to the US. Work and Pensions Secretary Pat McFadden told Sky News Mandelson should “give [the payoff] back or give it to a charity, perhaps one involving violence [...]
Criminal investigation launched into Mandelson’s Downing Street ‘leaks’ February 3, 2026 A criminal investigation has been launched into Peter Mandelson, according to reports. The news comes after the scandal-hit politician decided to step down from the House of Lords following fresh pressure on the Labour veteran after the latest bombshell drop of the Epstein files. The Lord Speaker said on Tuesday afternoon Mandelson would exit the [...]
Starmer caps ground rents after fears of Rayner-led rebellion January 27, 2026 Sir Keir Starmer has introduced a cap on ground rents following fears of an MP rebellion led by the former deputy Prime Minister Angela Rayner. The Prime Minister announced the new move – which will cap ground rents at £250 a year for leaseholders in England and Wales – on TikTok, saying it will “make [...]
Starmer’s future hinges on May election reckoning, polling expert says December 27, 2025 The future of Sir Keir Starmer’s premiership hinges on the forthcoming May elections where the Labour party is expected to take a bruising, a polling expert has said. Conservative peer Lord Robert Hayward said: “A few months ago it looked as if May 7 would be decisive for the leaderships of both Labour and Conservatives. [...]
Cabinet reshuffle: Lucy Rigby replaces Emma Reynolds as City minister September 6, 2025 Former solicitor general Lucy Rigby has been made Economic Secretary to the Treasury, a role often called the City minister, in the latest development in Starmer’s reshuffle. Rigby replaces Emma Reynolds, a former City lobbyist who had held the role since last July but who has now become environment secretary. In a post on X, Rigby said she was [...]