BOE to Review Bank Capital Rules for First Time in Five Years
The central bank will provide an update on that assessment in November, according to its twice-yearly Financial Stability Report published Wednesday. The Financial Policy Committee left the countercyclical buffer at 2% at its meeting on June 27.
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Yahoo
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- Yahoo
Labour accuses Reform of threatening almost one million jobs with net zero plans
Reform UK's 'war' on net zero would cost almost one million jobs, the energy minister has claimed, as Labour steps up its attacks on Nigel Farage's party over green power. Michael Shanks said Reform's opposition to net zero amounted to a 'war on jobs', saying working people 'would lose jobs and opportunities if Farage's party was ever allowed to impose its anti-jobs, anti-growth ideology on the country'. His comments come after Reform deputy leader Richard Tice wrote to energy companies urging them not to invest in the latest round of green energy contracts, known as Allocation Round 7 (AR7). Mr Tice said he had put the companies on 'formal notice' that their investments were 'politically and commercially unsafe' as a future Reform government would seek to 'strike down all contracts signed under AR7'. But he later told the BBC that Reform would not renege on contracts, only oppose any 'variation'. Mr Shanks called the letter an 'energy surrender plan that would leave bills high for families and businesses, keeping the UK stuck on the rollercoaster of fossil fuel markets'. Labour also pointed to estimates from the Confederation of British Industry (CBI), which suggested the net zero sector now supported 951,000 jobs across the country. That figure includes almost 138,000 jobs in the East Midlands and Yorkshire and the Humber, areas where Reform has enjoyed electoral success including in this year's Greater Lincolnshire mayoral contest and Mr Tice's own Boston and Skegness constituency. Mr Tice said: 'Labour's reckless net zero fantasies are destroying hundreds of thousands of industrial jobs, costing taxpayers £12 billion a year in renewable subsidies, and leaving us with some of the highest energy bills in the world. 'The OBR (Office for Budget Responsibility) confirms that £30 billion of taxpayer money is being poured into net zero projects. These policies are crippling our economy and driving people out of this country.' In a report published last week, the OBR estimated tackling climate change would cost the Government £30 billion a year, largely in lost income from taxes such as fuel duty. But it also warned that failing to act presented a 'more significant fiscal cost' because of damage caused by climate change. Mr Shanks's intervention is the latest in a series of Labour attack lines against Reform, which Prime Minister Sir Keir Starmer now regards as his real opponents. Reform has made opposition to net zero a major part of its platform since the last election. Earlier in the year Mr Tice pledged to 'wage war' on the policy while Greater Lincolnshire mayor Dame Andrea Jenkyns told Times Radio on Thursday she did not believe climate change was real. But Labour believes this could be a weakness for Mr Farage's party, as polls indicate net zero continues to enjoy significant support. One survey conducted on behalf of the Energy and Climate Intelligence Unit ahead of the local elections in May found 54% of Reform voters backed 'policies to stop climate change'.
Bloomberg
an hour ago
- Bloomberg
'Enormous Victory:' Faulkender on Trump Signs Genius Act
Michael Faulkender, US Treasury Deputy Secretary, discusses President Trump signing the Genius Act into law and how big he thinks the stablecoin market will grow & how that will translate to treasury demand. Faulkender also talks about whether or not the stablecoin will create a financial stability risk and the difference between cutting interest rates in July or waiting to cut in September. Michael Faulkender speaks with Kailey Leinz and Tyler Kendall on the late edition of Bloomberg's "Balance of Power." (Source: Bloomberg)
Yahoo
an hour ago
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Sky Sports: Arsenal ‘Finalising Deal' to Sign £63m Forward
Arsenal Edge Closer to Gyokeres Deal as Preseason Looms Arsenal are deep in negotiations with Sporting Lisbon to secure the signing of Viktor Gyokeres, as reported by Sky Sports News' Dharmesh Sheth. The Gunners have already agreed on a fixed fee of £55 million, with an additional £8.5 million in potential add-ons. Final touches are being worked on this week, specifically the conditions of those bonus payments. This signing would mark another major statement from Arsenal in the transfer market, hot on the heels of confirming Noni Madueke's arrival from Chelsea for £52 million. Gyokeres to Boost Arsenal's Attack Viktor Gyokeres has been one of Europe's most exciting strikers over the past season, impressing with his physicality, pressing intensity and clinical finishing. With 43 goal involvements in all competitions for Sporting last season, it is no wonder Mikel Arteta sees him as a missing piece. Sky Sports reported, 'Arsenal are still finalising a deal to sign Sporting Lisbon striker Viktor Gyokeres.' Fans will be encouraged to hear that his participation in the club's preseason tour of Asia 'has not been ruled out,' with the team departing on Saturday. This suggests Arsenal want him integrated as soon as possible. Photo: IMAGO Navigating the Add-Ons Negotiations around add-ons are often where deals can hit snags. In this case, the £8.5 million in performance-related bonuses likely reflects appearances, goal contributions or potential silverware. Arsenal have been careful in structuring deals since sporting director Edu's appointment, ensuring they pay for results rather than reputation. As Dharmesh Sheth highlighted, 'Negotiations this week have been around the conditions of those bonus payments.' Arsenal supporters will be hoping an agreement is finalised swiftly so Gyokeres can start bedding into the squad. Competition Heating Up With Gyokeres potentially joining Gabriel Jesus and Kai Havertz in attack, Arsenal's forward line is becoming one of the most versatile in the Premier League. Arteta has prioritised adding both depth and unpredictability up front, particularly after last season's title challenge fell short in the final months. The recent arrival of Noni Madueke adds further firepower on the flanks. Arsenal are not just signing big names, they are building a squad capable of sustaining challenges across all competitions. Focus Turns to Preseason Arsenal's preseason tour of Asia offers the perfect opportunity to blend new arrivals with the existing core. Players like Gyokeres and Madueke will be eager to impress and stake their claim for a starting spot when the Premier League kicks off. Fans will also be curious to see how Arteta experiments tactically with his new options. With the season fast approaching, finalising the Gyokeres deal is crucial. Arsenal look determined to start strong, and adding a prolific goalscorer could make all the difference in chasing silverware. Our View – EPL Index Analysis From an Arsenal fan's perspective, this summer feels electric. The announcement of Noni Madueke and the imminent Gyokeres deal sends a clear message to the league: Arsenal mean business. We've been crying out for more cutting edge in the final third. Last season, we saw the potential but lacked the ruthlessness to put games to bed. Gyokeres is a beast of a striker, strong, quick and fearless. Imagine him alongside Saka, Martinelli, Ødegaard and now Madueke — it is mouth-watering. What excites me most is the flexibility Arteta now has. If Gabriel Jesus drops deep, Gyokeres can run in behind. If Havertz plays false nine, Madueke's pace can stretch defences. It feels like we finally have options to hurt teams in different ways. Edu deserves massive credit for how he's gone about this window. He is getting deals done early and addressing clear needs. The fact we might see Gyokeres on the preseason tour shows the urgency and ambition at the club. This could be the year Arsenal finally lift the title again. With these additions, belief is sky-high. Roll on the new season.
