Author: WTX Business Team

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Bank of England governor says Brexit has undermined UK economy The Bank of England governor has urged ministers to “rebuild relations” with the EU, warning that Brexit has undermined the UK’s economy. Speaking at the Mansion House dinner in the City of London on Thursday evening, Andrew Bailey said he took no position on Brexit “per se”, but added: “I do have to point out consequences.” He said Brexit had “weighed” on the economy, pointing…

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Reeves warns financial regulation has gone ‘too far’ in pledge to unleash the City The Chancellor Rachel Reeves warned that financial regulation had “gone too far” last night as she pledged to rip up red tape and put the City watchdogs on a growth footing. In her maiden Mansion House speech in the Square Mile, Reeves said that regulatory measures brought in since the financial crisis in 2008 have looked to “eliminate risk” and had…

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Council tax bills could rise by 5% after Labour keeps cap in place Labour has confirmed council tax rises will be kept at the 5% cap next year, which could mean a rise of £100 for the average family’s bills. The prime minister’s press secretary said on Wednesday that the threshold by which local authorities can increase bills would “remain the same”. Hours earlier Keir Starmer had dodged a question from Kemi Badenoch, the Conservative…

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Pension ‘megafunds’ to be created to boost investment and economic growth Pension “megafunds” are set to be created to help unlock billions of pounds of investment in UK businesses and infrastructure. Rachel Reeves will use her first Mansion House speech on Thursday as chancellor to outline what is billed as the biggest pensions shake-up in decades. Consolidating assets into a handful of funds run by professional fund managers will allow them to invest more in…

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Wage growth comes in ahead of expectations despite loosening labour market Bank of England rate-setters received a mixed picture from the latest labour market figures, with progress on wage growth stalling even as unemployment crept up. According to the Office for National Statistics (ONS), pay growth excluding bonuses eased to 4.8 per cent in the three months to September, down from 4.9 per cent previously but slightly ahead of expectations. This confirmed that regular pay…

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Tesla, bitcoin and dollar jump as investors pile into ‘Trump trades’ Bitcoin hit a fresh record, the US dollar rose to a four-month high and Tesla shares jumped, as investors raised bets on the big winners from Donald Trump’s US presidential election victory. The dollar was up 0.4 per cent against a basket of its peers on Monday, passing the level it hit the day after the election last week and taking it to its…

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