“Inheritance tax is “punitive” and “deeply unfair”, a senior cabinet minister has declared, amid pre-election moves being considered by Rishi Sunak to abolish death duties. Under plans being worked up in Downing Street the 40 per cent tax on estates worth more than £1 million would be phased out over time if the Conservatives won the next election. It is one of a number of announcements being examined by the prime minister in the run-up to next week’s party conference in Manchester. These include a commitment to maintain the pension triple lock, phasing out smoking in the UK and a radical reform of the education system.Labour claimed the inheritance tax move would save Sunak’s own family almost £300 million while the vast majority of households will not benefit.” – The Times
“Rishi Sunak will keep the pension triple lock — as hopes of cuts to inheritance tax are growing dimmer. The PM is expected to hike retirement pots by 8.5 per cent, in line with the growth in wages. Insiders say the pledge will prevent a “politically suicidal” backlash from traditional Tory-supporting OAPs before next year’s election, after fears the lock could be watered down. But Downing Street played down speculation Mr Sunak could slash death duties in a bid to woo shire Conservatives — despite a clamour from MPs. Cabinet minister Grant Shapps branded inheritance tax “deeply unfair”. But he nevertheless insisted Chancellor Jeremy Hunt was in a “fiscal straitjacket” with little room for giveaways.” – The Sun
“Donald Trump has backed Rishi Sunak over his decision to scale back net zero commitments…Mr Sunak delayed a series of flagship environmental policies, warning voters would revolt against the cost of making the UK a net zero carbon emitter by 2050…Mr Trump has weighed in behind the Prime Minister, saying Mr Sunak had “very substantially rolled back the ridiculous ‘Climate Mandates’ that the United States is pushing on everyone”. The former US president said on his social media platform: “I always knew Sunak was smart, that he wasn’t going to destroy and bankrupt his nation for fake climate alarmists that don’t have a clue.”… The US has also set a goal of achieving a net zero emissions economy by no later than 2050.” – The Daily Telegraph
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“Concerns that criminals or terrorists could use artificial intelligence to cause mass destruction will dominate discussion at a summit of world leaders, as concern grows in Downing Street about the power of the next generation of technological advances. British officials are touring the world ahead of the AI safety summit in November as they look to build consensus over a joint statement that would warn about the dangers of rogue actors using the technology to cause death on a large scale. Some of those around the prime minister Rishi Sunak worry the technology will soon be powerful enough to help individuals create bioweapons or evade human control altogether. Officials have become increasingly concerned about such possibilities…” – The Guardian
“Convicted rapists will be forced to serve their full sentence as part of a ‘gear change’ on crime to be unveiled by Rishi Sunak. Justice Secretary Alex Chalk has been asked to draw up proposals for a change in the law which would put an end to the possibility of early release from prison for people convicted of the most serious sexual offences. A Tory source said the plan was ‘nailed on’ to be included in the King’s Speech in November, and is likely to feature in a major speech on crime by the Prime Minister in the coming weeks. The new push is part of a wider ‘gear change’ by No 10 which is designed to reveal ‘the real Rishi’, and which began with his dramatic plan last week to put the brakes on the rush to net zero.” – The Daily Mail
“Rishi Sunak is facing a renewed backlash from Conservative and Labour politicians, business executives and university leaders after the government refused to rule out scrapping Britain’s beleaguered High-Speed Rail 2 project beyond Birmingham. Speculation…began earlier this month after the government declined to commit to building it following a meeting between the prime minister and chancellor Jeremy Hunt to identify further potential savings. The Financial Times last week reported that the pair were discussing plans under which both the northern section of the rail project and its final stretch from Old Oak Common in west London to Euston station in the centre of the capital could be dumped…” – The Financial Times
“We both sighed a huge sigh of relief when Rishi Sunak and Jeremy Hunt moved into Downing Street and restored sanity and seriousness to our government… It is why it is with some reluctance we feel compelled to speak out about the rumours that HS2 is, in effect, going to be scrapped by cancelling the route to Manchester and potentially even the final miles to Euston. It would be an act of huge economic self-harm, and be a decision of such short-sightedness, that we urge the prime minister: don’t do it. How could ever again claim to be levelling up when you cancel the biggest levelling-up project in the country?… Governments are remembered for what they build and create. Make this mistake, and yours may only be known for what it cancelled and curtailed.” – The Times
“Suella Braverman has backed armed police after a member of a firearms team was charged with murder, saying officers must not fear “ending up in the dock”. The Home Secretary said she had launched an official review days after an armed policeman was charged with murdering Chris Kaba, a 23-year-old black man, who was shot dead driving through south London last November. The Sunday Telegraph revealed yesterday that counter-terrorism specialists are among a growing number of Metropolitan Police officers who have handed in their weapons in anger at the move… Firearms teams who man crucial Armed Response Vehicles are also refusing to work, it is understood… The Met has more than 3,000 firearms officers across a number of units…” – The Daily Telegraph
“Increases in visa fees and annual NHS charges for migrants will not help reduce Britain’s record levels of immigration, a minister has said. The cost of most visa and British citizenship applications will rise by between 15 and 20 per cent from October 4. The immigration health surcharge will increase by 66 per cent to £1,035 a year from 2024. An analysis of the changes shows the increases will make profits of nearly £3,000 per application for the Home Office. The revenue from visa applications will be used to cover the costs being incurred by increasing numbers of migrants entering the UK via small boats and the asylum backlog that is at a record high. The increase in the immigration health surcharge was designed to help pay for the pay rise for NHS staff.” – The Times
“The Bank of England will delay implementing the latest package of global post-crisis banking reforms for another six months, aligning its approach with the US as officials wade through an avalanche of industry feedback. The new rules, part of the broader Basel III reforms, are global policymakers’ final effort to insulate the banking industry against the excessive risk-taking that culminated in the financial crisis of 2007-08. The package includes limiting banks’ ability to decide how much capital they need to back certain loans and trades — measures that generally increase banks’ costs, though the BoE has said that is not the objective. The BoE is preparing to unveil a July 2025 implementation deadline in the coming weeks, in line with the July 2025 date announced by the US…” – The Financial Times
“Labour is set to make regulating “buy now pay later” credit a pledge in its next election manifesto in a dividing line between the party and the government over financial services regulation. Labour’s final policy document, produced ahead of its conference in Liverpool next month, says that it will “bring forward long overdue consumer protection regulation in areas like buy now pay later”. Tulip Siddiq, the shadow City minister, said in a letter to the Treasury last month that the government’s “failure” to introduce regulation “has left millions at risk from bad actors.” Regulation of “buy now, pay later” credit (BNPL), which was used by one in eight people in the UK last year, has stalled amid reports the Treasury is not keen on “heavy-handed” regulation.” – The Times
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“Sir Ed Davey has refused seven times to say whether the Liberal Democrats want the country to rejoin the European Union. Britain’s fourth-largest party is facing questions about its Brexit policy after a number of conflicting statements from senior figures and a push by Labour to seek closer trading arrangements. Sir Ed said last week that rejoining the EU is “off the table” for the time being because voters are more concerned about other issues. But Layla Moran…told activists “we want to rejoin” during a fringe event on Saturday at the party’s annual conference in Bournemouth. Britain’s future relationship with Brussels has risen up the political agenda after footage emerged of Sir Keir Starmer…insisting Britain would not diverge from EU regulations…” – The Daily Telegraph
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