Chancellor Rachel Reeves Statement to Parliament
Chancellor Rachel Reeves told Parliament that the UK posted the fastest G7 growth in Q1 2024 at 0.6%, beating OBR forecasts and prompting an IMF upgrade. She highlighted a £20 billion ($25 billion) reduction in borrowing, a faster‑than‑expected fall in inflation and a freeze on fuel duty. The statement introduced a £350 million ($438 million) Critical Chemicals Resilience Fund, a £120 million ($150 million) ceramics efficiency fund, a 12‑month road‑tax holiday saving HGV operators up to £912 ($1,140), and a suite of cost‑of‑living measures including a VAT cut for summer attractions. Reeves framed these actions as delivering Labour’s promises on growth, inflation and living‑cost relief while preparing for the economic fallout from the Middle‑East war.
Chancellor Protects Drivers and Businesses From Rising Fuel Costs
The UK Treasury announced on May 20 that the 5p per litre fuel duty cut will be extended through December, keeping petrol and diesel taxes at their lowest level in 16 years. Drivers will have saved roughly £120 (about $152) by...
Official Statistics: Forecasts for the UK Economy: May 2026
HM Treasury published the May 2026 edition of its monthly "Forecasts for the UK economy" comparison, a 27‑page PDF (8.74 MB) that aggregates short‑term forecasts for fiscal years 2025‑26 and 2026‑27 and medium‑term projections through 2030. The compilation draws on a selection of independent...
Policy Paper: Safeguarding Stability, Enabling Growth: The Ring-Fencing Review
The UK Treasury published a policy paper on 18 May 2026 detailing the conclusions of the Ring‑Fencing Review and outlining reforms to the ring‑fencing regime. The review confirms that separating retail from investment banking still underpins financial stability but highlights opportunities for...
Government Reviews Access to Face to Face Banking Services
The UK Treasury has commissioned an independent Access to Banking Review, led by former Which? director Richard Lloyd, with findings due by October 2026. The review will examine how the rapid shift to digital banking and the resulting branch closures affect...
Policy Paper: Reforms to Money Market Fund Regulations
The UK government and the Financial Conduct Authority unveiled a policy paper outlining sweeping reforms to money‑market fund (MMF) regulation. The proposals target tighter liquidity buffers, daily stress‑testing, and more transparent net‑asset‑value (NAV) calculations. Regulators also plan to increase disclosure...
Commercial Credit Data Sharing and Bank Referral Scheme: Consultation and Call for Evidence
The UK government has confirmed it will legislate to strengthen and modernise the Commercial Credit Data Sharing (CCDS) scheme, extending its reach beyond banks and improving data quality and coverage. The aim is to create a richer, more reliable credit...
Commercial Credit Data Sharing and Bank Referral Scheme: Consultation and Call for Evidence
The UK government has announced plans to legislate the Commercial Credit Data Sharing (CCDS) scheme, expanding its reach beyond banks, improving data quality, and increasing coverage to support SME financing. In contrast, the Bank Referral Scheme (BRS) will not see...
Research: UK Official Holdings of International Reserves: April 2026
Britain’s monthly statistical release shows that official international reserves reached £210 bn (approximately $260 bn) in April 2026, up from £207 bn the month before. Gold holdings climbed to 310 t, while foreign‑currency assets slipped 2 % as the euro weakened against the dollar. IMF‑related assets...
Correspondence: Asset Purchase Facility (APF) Ceiling, May 2026
On 5 May 2026 the UK Chancellor of the Exchequer and the Governor of the Bank of England exchanged letters confirming a reduction in the maximum authorised size of the Asset Purchase Facility (APF). The move follows a framework set...
Official Statistics: Database of Forecasts for the UK Economy
The UK Treasury has released two public databases that compile independent monthly forecasts for key macro‑economic and fiscal indicators. The first database aggregates forecasters’ predictions into average series for six core metrics—GDP, CPI, RPI, RPI‑ex‑MI, public‑sector net borrowing and claimant...
Correspondence: Open Letters Between HM Treasury and Bank of England, April 2026
UK CPI inflation rose to 3.3% in March 2026, pushing the rate more than one percentage point above the Bank of England's 2% target. Under the Monetary Policy Committee's remit, the BoE Governor sent an open letter to Chancellor Jeremy Cox...
Policy Paper: Changes to the Risk Transformation Regulations
The UK government has released a policy paper outlining reforms to the Risk Transformation Regulations, targeting the insurance‑linked securities (ILS) and captive insurance sectors. The proposals introduce more flexible funding and streamlined authorisation for transformer vehicles, and allow protected cell...
Policy Paper: HM Treasury and Prudential Regulation Authority Performance Reviews
The UK’s Prudential Regulation Authority (PRA) is now subject to formal six‑monthly performance reviews mandated by the Chancellor’s Regulation Action Plan in March 2025. Minutes from the Economic Secretary’s meetings, first released on 9 October 2025 and updated on 28 April 2026, document the January 2026...
Guidance: OFSI General Licence - INT/2026/9512597
The Office of Financial Sanctions Implementation (OFSI) has issued General Licence INT/2026/9512597 for legal services, superseding the previous licence (INT/2025/7323088) that expires on 28 April 2026. The new licence applies across all UK Autonomous Sanctions Regimes listed in Annex 1 and authorises UK...