Reeves

Downing Street says focus to remains on cutting bills, backing renters and lowering energy pricesDowning Street has dismissed a freeze on private sector rents even as Rachel Reeves left the door open to the idea, after the Guardian revealed the chancellor has been considering it as an option to cut the cost of living.A No 10 spokesperson said on Tuesday freezing private sector rents was “not the approach we will be taking” after sources told the Guardian it was Reeves’s preferred solution for dealing with a spike in housing costs in the wake of the Iran war. Continue reading...

FTSE 250 firms Paragon and OSB Group, owner of Kent Reliance and Precise Mortgages, slide on London Stock ExchangeRachel Reeves considering rent freeze to limit Iran war falloutBusiness live – latest updatesShares in some of the UK’s biggest buy-to-let lenders such as Paragon and One Savings Bank have fallen after it emerged that the chancellor may make private landlords commit to a one-year rent freeze.In an effort to protect households from rising living costs as a result of the Iran war, Rachel Reeves is considering whether to ban landlords in England from increasing rents for a limited period of time, the Guardian revealed on Monday night. Continue reading...

Lord committee says chancellor and recent predecessors have allowed themselves too little room for manoeuvreBusiness live – latest updatesRachel Reeves should aim to run a “significantly larger” buffer against her fiscal rules, according to a report from a House of Lords committee that says the UK’s public debt is on an unsustainable trajectory.The chancellor raised taxes at last year’s budget in order to more than double the “headroom”, or buffer, against her fiscal rules to £22bn – some of which is expected to be eroded by the impact of the Iran war. Continue reading...

Exclusive: Sources say chancellor is examining exceptional measures to protect household budgetsRachel Reeves is considering imposing a one-year rent freeze on private sector homes amid growing alarm in government about the impact of the Iran war on voters’ budgets.Landlords in England would be banned from raising rents for a limited period of time under the proposals, which are being debated within government as part of a major cost of living package to be launched in the coming weeks. Continue reading...

HSBC, Barclays, Lloyds, NatWest and Santander will this week discuss with chancellor how to limit effects of conflict The bosses of Britain’s “big five” retail banks have been summoned to a meeting with the chancellor, Rachel Reeves, this week to discuss how to limit the economic impact of the crisis in the Middle East triggered by the US and Israel’s attacks on Iran.The chief executives of HSBC, Barclays, Lloyds, NatWest and Santander have been asked to attend an emergency summit that comes amid increasing acceptance that a major economic hit from the Iran war is unavoidable. Continue reading...

Chancellor aims to curb rising household bills as she consults on reforms to weaken link between gas and electricity pricesRachel Reeves is poised to raise the government’s windfall tax on low-carbon electricity generators to help to limit UK household energy bills, the Guardian understands.The chancellor is ready to hike the levy introduced in 2022 to target the excess profits made by the owners of older renewable energy and nuclear plants as electricity market prices soared after Russia’s full-scale invasion of Ukraine. Continue reading...

Scheme cutting bills by up to 25% expanded to cover 10,000 firms, but they will not be paid until next yearRachel Reeves has announced an expansion of support for the most energy-intensive UK businesses, as they face soaring bills as a result of the Middle East conflict.The chancellor said the long-promised British Industrial Competitiveness Scheme (BICS) would be expanded to cover 10,000 companies, up from the 7,000 originally announced. Continue reading...