Latest news with #LeedsReforms
Finextra
an hour ago
- Business
- Finextra
Government vows to make UK 'fintech capital of the world'
The UK government is promising bespoke support for financial technology firms as they start, scale and list as it vows to make the country the "fintech capital of the world". 0 Fintech will be a crucial part of the Leeds Reforms to rewire the financial system, boost investment and create skilled jobs across the UK, says Chancellor of the Exchequer Rachael Reeves. Fintechs will receive intensive support through the start-up phase, helping them create a proven concept and attract growth funding. A single regulator point of contact will also help these businesses through the scale-up phase, providing technical support to help understand requirements and speeding up regulator responsiveness. Meanwhile, the government is promising that businesses will benefit from better access to finance thanks to the recent uplifting of the British Business Bank's financial capacity to £25.6 billion. The sector is also being told to expect a better pipeline of skills, with a new Global Talent Taskforce helping attract top international talent to the UK, funding for 50 PhD students and a new financial services skills compact led by the Financial Services Skills Commission to ensure skills needs are met. More broadly, the Leeds Reforms will see efforts made to unlock retail investment in the UK, the cutting of red tape to attract investment, and Bank of England reforms to raise the minimum amount of money and certain types of debt that a bank must have, freeing up billions for lending and investment. Says Reeves: "We fixed the public finances and stabilised the economy. Now we need to double down on our global strengths to put the UK ahead in the global race for financial businesses - creating good skilled jobs in every part of the country and helping savers' money go further through our Plan for Change." Henk Van Hulle, CEO, Open Banking Limited, welcomed the plans: "The Chancellor has committed to exactly the kind of long-term goals the UK needs. A modernised financial system - one that is faster, more open, and easier to navigate - will drive growth, attract global investment, and deliver better outcomes for consumers and growing businesses alike. "We strongly support moves to streamline regulation, improve how money moves across the economy, and unlock more flexible financial advice. But we can do more, and go even faster. With the Data (Use and Access) Act 2025 in place, Open Banking, smart data - and in time, Open Finance - are at the heart of delivering these ambitions."
Scottish Sun
4 hours ago
- Business
- Scottish Sun
Millions of Brits could be nearly £10,000 better off by switching savings accounts
Move to give millions of people better returns over the next two decades BANK ON IT Millions of Brits could be nearly £10,000 better off by switching savings accounts MILLIONS of Brits could be nearly £10,000 better off as banks directly tell them how to best invest their savings. Chancellor Rachel Reeves unveiled the move as part of the biggest shake-up in a decade of financial regulation in a summit with executives from the sector. Advertisement Banks will send investment opportunities to savers for the first time from next April to help boost their savings pot. The changes will mean that anyone with money sat in a low-interest savings will be offered advice to switch to stocks and shares. Industry estimates say more than 29 million adults have their savings sat in an account offering less than 1 per cent. The average return for stocks and shares accounts is around the 9 per cent mark. Advertisement The Treasury - who unveiled the plans as part of their Leeds Reforms - say that under current trends millions of people could be more than £9,000 better off in twenty years time. Those who invest £2,000 today could have their hands on £12,700 if they put their money in stocks and shares. This contrasts with just £2,700 in a cash account at 1.5 per cent. High Street banks and financial institutions will be getting behind an advertising campaign to help consumers. Ms Reeves set out a host of reforms for the financial sector which is seen as one of the top eight drivers of growth for the UK as identified by Industrial Strategy. Advertisement She said: 'We fixed the public finances and stabilised the economy. 'Now we need to double down on our global strengths to put the UK ahead in the global race for financial businesses - creating good skilled jobs in every part of the country and helping savers' money go further through our Plan for Change.' Emma Reynolds, Economic Secretary to the Treasury, said: 'Helping people take advantage of better returns from investing is key to better financial health, giving them a stake in a growing economy and connecting promising businesses with capital. 'These reforms will make the UK the best location for financial services firms and tear down barriers to investment to growing our economy and making families better off.' Advertisement The Leeds Reforms will cut red tape for the sector in a bid to drive investment from markets such as America and Asia. The Chancellor will make her Mansion House speech tonight where she will rip up financial red tape to make the UK a more attractive place to do business for financial firms. But City grandees will be listening out for reassurance that wealth taxes will not be imposed in the Budget - to avoid entrepreneurs and the wealthy from fleeing the country.
Scottish Sun
17 hours ago
- Business
- Scottish Sun
Rachel Reeves pledges to ‘rip up red tape' in bid to help the City kick-start economic growth
It comes after months of doom and gloom with the £25billion national insurance tax raid 'BETTER OFF' Rachel Reeves pledges to 'rip up red tape' in bid to help the City kick-start economic growth Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) RACHEL Reeves will attempt to claw back credibility with business tonight by talking up Britain as a place of 'hope and opportunity'. The Chancellor will announce red tape will be ripped up to help the City kick-start economic growth and investment. Sign up for Scottish Sun newsletter Sign up It comes after months of doom and gloom with the £25billion National Insurance tax raid and low confidence among business chiefs. In her Mansion House speech, she will say: 'This is the foundation of an economy, and a country, that is more active and more confident. 'Where people and businesses look to the future and talk about hope, about opportunity, assured of their own capability, and the ability of our country to boldly face challenges ahead. "And certain of the prize if they succeed. Read More on Politics TAXING TIMES Wetherspoons boss blasts Rachel Reeves' tax raid, warning more pubs will shut 'Of higher wages and higher living standards. The renewal of Britain in every home and high street. To put it simply: a Britain that is better off.' Ms Reeves will tell the City that she will put financial services 'at the heart' of the Government's growth mission. She said it would have 'a ripple effect that will drive investment in all sectors of our economy and put pounds in the pockets of working people.' Ms Reeves will meet finance executives today to announce the biggest set of reforms, the Leeds Reforms, for the sector in a decade. Meanwhile, first-time buyers will find mortgages available from banks and building societies at more than 4.5 times their income — which will create up to 36,000 additional home loans in the first year. Treasury Minister Darren Jones yesterday said Labour's 'working people' tax pledge refers to 'anyone that gets a payslip' — as the party's muddle over who will be protected at the budget continued. Rachel Reeves FINALLY addresses Commons tears after she and Keir Starmer put on awkward show of unity
The Sun
17 hours ago
- Business
- The Sun
Rachel Reeves pledges to ‘rip up red tape' in bid to help the City kick-start economic growth
RACHEL Reeves will attempt to claw back credibility with business tonight by talking up Britain as a place of 'hope and opportunity'. The Chancellor will announce red tape will be ripped up to help the City kick-start economic growth and investment. It comes after months of doom and gloom with the £25billion National Insurance tax raid and low confidence among business chiefs. In her Mansion House speech, she will say: 'This is the foundation of an economy, and a country, that is more active and more confident. 'Where people and businesses look to the future and talk about hope, about opportunity, assured of their own capability, and the ability of our country to boldly face challenges ahead. "And certain of the prize if they succeed. 'Of higher wages and higher living standards. The renewal of Britain in every home and high street. To put it simply: a Britain that is better off.' Ms Reeves will tell the City that she will put financial services 'at the heart' of the Government's growth mission. She said it would have 'a ripple effect that will drive investment in all sectors of our economy and put pounds in the pockets of working people.' Ms Reeves will meet finance executives today to announce the biggest set of reforms, the Leeds Reforms, for the sector in a decade. Meanwhile, first-time buyers will find mortgages available from banks and building societies at more than 4.5 times their income — which will create up to 36,000 additional home loans in the first year. Treasury Minister Darren Jones yesterday said Labour's 'working people' tax pledge refers to 'anyone that gets a payslip' — as the party's muddle over who will be protected at the budget continued. Rachel Reeves FINALLY addresses Commons tears after she and Keir Starmer put on awkward show of unity 1
