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The Latest Breaking News from the Treasury Committee

We may have cut interest rates twice this year if not for Iran war – Bank chief

Bank of England governor Andrew Bailey told MPs on the Treasury Committee that a rate cut had been taken off the table following the conflict.

Evening Standard

Lloyds admits nearly half a million banking customers affected by account glitch exposing transaction data

Lloyds, Halifax and Bank of Scotland customers may remember that weird app glitch – now we know a lot more.

TechRadar

People missing out on improving their lives due to financial exclusion, MPs told

The scale of the problem is ‘really large’, the Treasury Committee heard.

Evening Standard

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Insurance industry has more to do to gain people’s trust, ABI boss tells MPs

The Treasury Committee held an evidence session into financial inclusion with representatives from the insurance and banking sectors.

Evening Standard

Leading with kindness is important, HMRC boss tells MPs

John-Paul Marks, first permanent secretary and chief executive at HMRC, addressed the Treasury Committee.

Evening Standard

Resign over Budget briefing chaos, Reeves urged as she orders leak inquiry at the Treasury

Chancellor Rachel Reeves has been urged to resign over the chaos in the run up to her financial statement

Evening Standard

Treasury minister: inquiry into pre-Budget leaks under way

James Murray, a Treasury minister, told MPs that a leak inquiry is ‘under way with the full support of the Chancellor’.

Evening Standard

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Hunt launched for sources of pre-Budget leaks after Reeves criticism

The leaks culminated in the unprecedented early publication of the Office for Budget Responsibility’s economic and fiscal outlook

The Independent UK

‘Mortified’ OBR chief prepared to resign if Reeves loses confidence in him over Budget leak

Richard Hughes has written to the Chancellor and Commons Treasury Committee chair Dame Meg Hillier to apologise for the incident

The Independent UK

Tax online betting games to reflect the harm they cause, MPs say

The Government should not ‘cave in to industry scaremongering’, the Treasury Committee has urged.

Evening Standard

MPs urge Reeves to tax online betting games to reflect the harm they cause

The government should not ‘cave in to industry scaremongering’, the Treasury committee has urged

The Independent UK

Government should not cut cash Isa allowance, says Treasury Committee

The MPs said the focus should instead be on improving financial literacy and enhancing access to good investment advice and guidance.

Evening Standard

Government has not heeded warnings over Lifetime Isa, says Treasury Committee

The Government has an opportunity at the Budget to ‘think again on the Lisa,’ according to Treasury Committee chairwoman Dame Meg Hillier.

Evening Standard

Bank of England chief warns attacks on central bank independence are ‘dangerous’

Andrew Bailey said he was ‘very concerned’ by independence issues facing the US’s Federal Reserve.

Evening Standard

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Evening Standard

Complexity of Lifetime Isas increases risk of poor financial decisions, says Treasury Committee

The Treasury Committee said the design of the Lifetime Isa may be diverting people away from more suitable products.

The Independent UK

Savers should be warned about potential pitfalls of Lifetime Isas, MPs say

The Treasury Committee said savers should be aware of more suitable products

Evening Standard

HMRC boss ‘regrets’ frustrations over £49m phishing scam disclosure

The revenue body has faced criticism and questions over why MPs were not told earlier about a breach affecting around 100,000 taxpayers.

Evening Standard

HMRC failure to notify MPs sooner about £49m phishing scam ‘unacceptable’

In a letter to HMRC, Treasury Committee chairwoman Dame Meg Hillier said that to discover the information during a session ‘is unacceptable’.

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The Independent UK

HMRC phishing scam rises to £49m as MPs criticise ‘unacceptable’ delay

Approximately 100,000 taxpayers were affected by an ‘organised crime’ incident which started last year

The Independent UK

Regulators tackle influencers promoting ‘rogue’ financial products as legal action begins

Three arrests have already been made in the UK

Evening Standard

FCA bosses highlight risks of bad advice or fraud from some online influencers

People may lose some or all of their money, the Treasury Committee heard.

The Independent UK

Businesses could be forced to accept cash under new rules, MPs warn

The number of people paying in cash has plummeted over the past decade

Evening Standard

Firms ‘may need to be forced to accept cash to prevent two-tier society’

The Treasury Committee is urging the Government to improve its monitoring and said the Treasury may eventually need to mandate cash acceptance.

Evening Standard

FCA boss highlights issue of young people turning to crypto for investments

Financial Conduct Authority boss Nikhil Rathi said people risked losing their money.

The Independent UK

Bank of England drops diversity rules for City firms as US rolls back DEI

The Bank’s enforcement arm, the Prudential Regulatory Authority, revealed the decision on Tuesday in the wake of major US firms scrapping diversity goals

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