Bessent Says ‘Formal Process' Started For Powell's Successor
Treasury Secretary Scott Bessent told Bloomberg on Tuesday a 'formal process' has been launched to find Federal Reserve Chair Jerome Powell's successor, following months of pressure from President Donald Trump to have Powell step down from his role at the agency.
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Yahoo
6 minutes ago
- Yahoo
Red tape is ‘boot on the neck of businesses', says Reeves
Red tape is a 'boot on the neck of businesses' and risks undermining the UK's dash for growth, Rachel Reeves has said. In a major City speech, the Chancellor on Tuesday night urged Britain's regulators to ditch their 'excessive caution' as she rewrote rules for banks and building societies to help more people on to the housing ladder, deliver better returns for savers and boost economic growth. She set out the plans in an address to City leaders and financial watchdogs at London's Mansion House alongside Andrew Bailey, the Bank of England Governor. It marked her first major speech since the Government's climbdown on welfare reforms, which have left the Chancellor scrambling to find billions of pounds to balance her Budget. Ms Reeves has been left with a choice of either raising taxes, attempting to cut spending again or relaxing her fiscal rules to allow her to borrow more. On Tuesday night she insisted there would be no change to the Government's borrowing policy. She said: 'The Prime Minister, this Government and I remain committed to our non-negotiable rules.' Instead, she set out plans to unshackle Britain's financial sector in bid to boost both growth and tax receipts. 'In too many areas, regulation still acts as a boot on the neck of businesses choking off the enterprise and innovation that is the lifeblood of growth,' she said. 'Regulators in other sectors must take up the call I make this evening not to bend to the temptation of excessive caution but to boldly regulate for growth in the service of prosperity across our country.' Ms Reeves said slashing red tape would create a 'ripple effect' across the economy 'putting pounds in the pockets of working people'. As part of the offensive, the Treasury has unveiled a string of City reforms targeting consumers, banks, insurers and international investors in an attempt to revive Britain's sluggish economy. The measures, called the Leeds Reforms, will rewrite mortgage rules to make it easier for people to borrow up to 4.5 times their income when buying a house, as well as making it easier to remortgage. Banks will also be allowed to start pitching stocks and bonds to ordinary investors through a new regime known as 'targeted support', having been banned from doing so in the aftermath of the financial crisis. Major financial institutions such as Barclays and NatWest are also backing an advertising campaign with echoes of the 'Tell Sid' British Gas scheme in the 1980s to urge people to buy shares. Despite pledging to rip up red tape, Ms Reeves has been accused of excessive Government meddling after handing herself the power to force pension funds to invest in the UK. Charlie Nunn, the chief executive of Lloyds Bank, recently compared the scheme to capital controls in Communist China, while Mr Bailey has also spoken out against the powers. Ms Reeves downplayed the significance of the new regime, saying she was 'confident that I will not need to use that power because firms see the urgency and importance of this as clearly as I do'. Since taking over as Chancellor, Ms Reeves has proved to be one of the most interventionist politicians to hold the post since Gordon Brown took power in 1997. Earlier this year Ms Reeves wrote to the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and the Competition and Markets Authority (CMA) along with a number of other watchdogs asking them for a list of five things to boost growth. In a sign of her intent, the Chancellor effectively removed Marcus Bokkerink – the chairman of the CMA – after losing faith in his leadership. As part of her reform package, the Financial Ombudsman Service (FOS) will also have a number of its powers removed amid fears that its rulings were creating onerous new rules for the City through the backdoor. Ms Reeves said the changes would return the FOS to its 'original purpose as a simple, impartial arbitration service and ensure that it no longer acts as a quasi-regulator'. The Chancellor's attempt to unshackle the City echoes similar measures announced by her predecessors. Jeremy Hunt set out his own package of Mansion House reforms in 2023, while Rishi Sunak set out a 'road map' to make Britain a world leader in green finance in 2021. Past reforms have yet to meaningfully change the country's growth trajectory. Karim Haji, head of financial services at KPMG, said of the reform package: 'The critical test will be in their execution and how quickly these proposals can translate into real, measurable benefits for firms, investors and consumers.' Ashok Gupta, of New Capital Consensus, a campaign group, said: 'The Chancellor's first shot at fixing the system is in the right direction, but the ball has barely landed on the fairway. It needs to swing harder and with greater purpose with its next shot, or it's game over. 'The future of the UK economy and Labour's re-election hopes depends on getting this right.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Miami Herald
10 minutes ago
- Miami Herald
Were Texas flood deaths avoidable? Here's what Americans said in a new poll
Many Americans believe the deaths caused by recent floods in Texas could have been prevented, and most think that the government's response was imperfect, according to new polling. The YouGov/Economist survey — conducted July 11-14 — comes after central Texas was pummeled by flash floods beginning on July 4, when the Guadalupe River surged over its banks, sweeping away homes and leaving at least 134 dead and about 100 missing, ABC News reported. Among the worst affected areas was Camp Mystic, a Christian camp in Kerr County, where NBC News reported 27 campers and counselors lost their lives. President Donald Trump traveled to Texas on July 11 and met with the families of victims. He said he wished to express 'the love and support and the anguish of our entire nation,' CBS News reported. 'I've never seen anything like it,' he added, 'a little narrow river that becomes a monster…' In the aftermath of the devastating disaster, multiple organizations and individuals have faced scrutiny over their preparedness. Among them were Kerr County officials, who did not install a comprehensive flood warning system despite being aware of its necessity, according to the Texas Tribune. The Federal Emergency Management Agency (FEMA) has also faced criticism over its response, and the New York Times reported that it failed to answer thousands of calls from Texas flood survivors Here is a breakdown of the findings. Were deaths avoidable? In the survey — which sampled 1,680 U.S. adults — 52% of respondents said that most of the deaths could have been prevented if the government had been more adequately prepared. Twenty-nine percent said the deaths were unavoidable, and 19% said they didn't know. On this question, there was a sizable partisan divide. Most Democrats and independents — 74% and 53%, respectively — called the deaths avoidable, while just 28% of Republicans said the same. Government response The poll — which has a margin of error of 3.4 percentage points — also asked respondents to judge the government response to the flooding. A plurality, 38%, labeled the overall government response as poor, while smaller shares described it as fair (14%), good (19%) or excellent (14%). Individual officials received somewhat similar marks. When asked about Trump's response, 42% said it was poor, while fewer said it was fair (11%), good (15%), and excellent (21%). Meanwhile, 36% said Homeland Security Secretary Kristi Noem's response was poor. Eight percent said it was fair; 14% said it was good and 13% said it was excellent. Presidents visiting disaster sites Additionally, respondents were asked about presidents visiting disaster sites (the survey began on the day Trump traveled to Texas). A majority, 64%, said presidents should visit locations of disasters because it demonstrates their solidarity. Just 17% said they should not do this 'because it takes resources away from the disaster response.' The results broke along similar lines when respondents were asked specifically about Trump. Sixty-five percent said they believed Trump 'should travel to Texas to survey the damage and meet with people affected by recent flooding.' Meanwhile, 20% said he should not do this, and 15% said they were not sure.
Washington Post
11 minutes ago
- Washington Post
Google partners with Youngkin and offers AI training courses to Virginia job seekers
RESTON, Va. — Republican Gov. Glenn Youngkin announced on Tuesday that Google will partner with his administration to provide free and low-cost artificial intelligence certification courses to Virginians as part of his office's ongoing effort to connect citizens to new jobs amid changes to the state's economy. The partnership, which he has described as an AI career launchpad, will provide Google-sponsored AI training courses for up to 10,000 Virginians at any given time, officials said at Google's office in the northern part of the state.
