Starmer ally defends minimum wage quango after Sunak calls for it to be axed Economics Welfare secretary Pat McFadden has leapt to the defence of the minimum wage quango after former Prime Minister Rishi Sunak called for the body to be axed. The top ally of Sir Keir Starmer told CityAM it “would be a mistake” to abolish the Low Pay Commission (LPC), an independent body that advises the [...]
‘Why single out banks?’: Santander chief hits out at UK tax regime Banking The boss of Santander has branded the UK’s tax regime on banks as making “no economic sense” as speculation mounts that the industry could be turned to for a quick cash grab if the Labour government lurches to the left. Ana Botín, the chief executive of the Spanish banking giant, has said the UK tax [...]
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 [...]
Barclays and Lloyds shares sink as political storm puts banks in tax sights May 12, 2026 The UK’s banking giants led a major sell-off across the FTSE 100 this morning as a combination of political hazards hit the London stock market. Barclays was the top faller on the index shortly after market open, shedding over four per cent to 410.65p. Natwest was not far behind, also losing over four per cent [...]
‘Twenty years of caution’: Banking industry ramps up efforts to fix ‘anaemic’ UK growth May 11, 2026 The UK’s industry body for banking has stepped up its lobbying efforts for the government to improve “anaemic” growth figures and bolster the financial services sector. A new report published by UK Finance – the body representing around 300 firms that provide UK banking services – has issued a nine-point plan, which calls for “clear [...]
London local elections 2026: Who will win in Barnet? May 6, 2026 Labour faces a battle in defending Barnet in the local elections after recent surges in council tax and a flurry of defections since 2022. Barnet stands as a real test for both the Conservative and Labour party. What was traditionally a safe seat for the Tories flipped red in 2022 as Labour won the borough [...]
Lloyds fires bank tax warning shot as industry ‘ripe for cash grab’ April 29, 2026 Lloyds Banking Group has warned the Treasury not to look at the banks for a tax raid as the industry sets its sights on booming profits in 2026. The FTSE 100 giant beat profit expectations by a cool £200m in the first-quarter after booking £2bn. This was also followed up by an upgrade to its [...]
Barclays takes shot at tax speculation as UK growth forecast cut April 28, 2026 Barclays has taken a shot at the wave of tax speculation surrounding the industry as the bank trimmed its growth output for the year ahead. Fears the banking sector might be targeted for a cash grab have gathered pace following the war in Iran, amid concerns over mounting cost pressures. The Middle East conflict is [...]
Labour told to scrap ‘arbitrary’ inheritance tax system March 15, 2026 The UK government is being urged to scrap the inheritance tax system following warnings that that it enforces the UK as a “high-tax outlier” and risks stifling investment and driving entrepreneurs abroad. A new report from the Institute of Economic Affairs (IEA) highlights that nearly half of the 38 OECD countries – where members are [...]
Business bosses told to check details after Companies House glitch March 15, 2026 Business directors are urged to check their details after a major glitch on Companies House allowed people to edit the data of other firms, leaving them potentially exposed to fraud. On Friday, a tech glitch on the UK’s official corporate register permitted people to access other companies’ details by pressing the back key on the [...]