TREASURY COMMITTEE CALL FOR GREATER PROGRESS ON THE EDINBURGH REFORMS

The treasury committee has urged the government to speed up delivery of the Edinburgh Reforms. In a report issued a year after the reforms were initially announced, the committee said progress had been slow and that none of the reforms implemented so far “will make a substantial difference to the UK economy” (Telegraph). 

Chair of the committee Harriett Baldwin said the package of reforms had not proved as “major as had been presented.” In response, City minister Bim Afolami said the government was working to deliver the reforms as quickly as possible (Financial Times). 

The treasury and Afolami also said it was important to look at these reforms over the longer-term, rather than just on a one year basis (City AM). 

LABOUR TO UNVEIL ITS PLANS FOR FINANCIAL SERVICES

The Labour party has said it wants to work with the financial services sector and that the party is no longer “sneering at business.” The comments were made by shadow City minister Tulip Siddiq who also said the party had no plans to raise more taxes from the sector. 

This comes ahead of Keir Starmer and Rachel Reeves launching a review of financial services in Edinburgh today alongside unveiling a new panel of City leaders who will advise the Labour party (Financial Times). 

The review will consider five key areas: capital markets, competitiveness, consumer protection, innovation, and sustainability. The final report will be launched early next year and will inform Labour’s manifesto (The Times). 

NEWS IN BRIEF

The FCA has set out its plans to protect access to cash in local communities (The Times). 

The Recruitment and Employment Confederation has said demand for permanent hiring among UK businesses has fallen as a result of concerns over economic uncertainty (Guardian). 

The National Audit Office has said the FCA took too long to take action against illegal crypto kiosks (The Times) 

Major mobile phone companies are facing a multi-billion pound class action lawsuit alleging they used their market dominance to overcharge on mobile phone contracts (Sky News).