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Chancellor Rachel Reeves emphasized the U.K.'s commitment to free and open trade, particularly with the U.S., during her first Mansion House event. She expressed eagerness to collaborate with President-elect Trump amid concerns over potential tariffs that could impact the U.K. economy. Reeves also highlighted the need to reset the U.K.'s relationship with the EU post-Brexit, addressing geopolitical uncertainties and structural challenges.
Bank of England Governor Andrew Bailey has urged Chancellor Rachel Reeves to avoid raising tariffs in response to anticipated US-led protectionism, warning that such actions could trigger a global trade war. In a speech at London’s Mansion House, he emphasized the importance of maintaining openness in trade despite economic security concerns.
Chancellor of the Exchequer Rachel Reeves has criticized the UK's post-crisis regulatory measures on banks, claiming they have excessively stifled risk-taking and hindered economic growth. In her inaugural Mansion House speech, she pledged to direct regulators to prioritize economic expansion.
Britain's Pensions Regulator has expressed support for government reforms aimed at creating larger pension schemes, which are seen as better positioned to invest in the UK economy. The initiative includes plans for "megafunds" with up to £80 billion in investment, marking a significant transformation in the pension landscape. Chief executive Nausicaa Delfas emphasized that these changes will enhance value for savers and promote innovation in the sector.
Britain plans to establish a series of "megafunds" aimed at generating up to 80 billion pounds ($102 billion) in new investment. This initiative, announced by finance minister Rachel Reeves, represents the most significant overhaul of UK pensions in decades.
Chancellor of the Exchequer Rachel Reeves announced plans for legislation next year to create pension "megafunds" in the UK, pooling £1.3 trillion of pension savings. This initiative aims to enhance private investment and economic growth by emulating successful models from Australia, Canada, and the US, focusing on achieving economies of scale and better returns for savers.
The Bank of England is set to reduce its cash buffer against unexpected losses as it unwinds its quantitative easing bond-buying program, a decision aimed at providing better value for taxpayers. Governor Andrew Bailey and Chancellor Rachel Reeves confirmed the new arrangements in a recent correspondence, coinciding with updated projections for lifetime losses on the BOE’s asset-purchase facility, which facilitated the purchase of £895 billion in bonds during the 2008 financial crisis and the 2020 pandemic.
The UK government plans to trial the issuance of blockchain-based digital gilts within the next two years, marking a significant step in adopting new technology. Chancellor Rachel Reeves is set to announce this initiative during her Mansion House speech, traditionally a platform for financial policy announcements.
UK Chancellor Rachel Reeves is set to advocate for free trade in a keynote speech at the Mansion House, emphasizing its role in driving economic growth. As the Trump administration prepares to implement protectionist policies, Reeves will highlight how open trade enriches nations.
European banks are facing intensified competition as a second Trump presidency signals potential financial deregulation in the U.S. While U.S. banks have thrived, European lenders struggle with low profitability and strict regulations. The anticipated easing of U.S. banking rules could further widen the earnings gap, prompting European banks to lobby for regulatory relief.
Rachel Reeves
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UK chancellor vows to strengthen trade ties with Trump amid tariff concerns
23:25 14.11.2024
bailey warns against tariffs in response to us protectionism
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reeves advocates free trade amid concerns over us tariffs
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