Bank of England governor blocks Rachel Reeves’s Revolut meeting

Concerns about chancellor’s involvement in independent process over fintech’s banking licence

The governor of the Bank of England blocked a meeting that Rachel Reeves tried to secure with watchdogs and Revolut, amid concerns the chancellor was meddling in an independent process over the fintech’s UK banking licence.

Andrew Bailey intervened after learning of the plan to bring together representatives from Revolut, the Treasury and the Bank’s regulatory arm, the Prudential Regulation Authority, to discuss the fintech’s ambitions to become a fully authorised UK bank.

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Doge reportedly using AI tool to create ‘delete list’ of federal regulations

‘Department of government efficiency’ is proposing to use tool to cut 50% of federal regulations by January

The “department of government efficiency” (Doge) is using artificial intelligence to create a “delete list” of federal regulations, according to a report, proposing to use the tool to cut 50% of regulations by the first anniversary of Donald Trump’s second inauguration.

The “Doge AI Deregulation Decision Tool” will analyze 200,000 government regulations, according to internal documents obtained by the Washington Post, and select those which it deems to be no longer required by law.

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Eurostar calls for ‘credible’ Channel rail strategy as monopoly decision looms

Operator says if rivals are allowed to squeeze into existing facilities it could jeopardise its investment

Eurostar has urged the UK government to choose a “credible long-term strategy” for international rail or risk “falling behind” the rest of Europe, before a crucial decision by the regulator that could end its cross-Channel monopoly.

The high-speed train operator warned that a “premature” ruling from the Office of Rail and Road (ORR) to allow competitors to squeeze trains into existing facilities could jeopardise its planned investment and expansion.

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Ofwat to be abolished in ‘reset’ of water industry regulation

Environment secretary backs plan to end sewage spills and financial mismanagement in England and Wales

A new water regulator will replace the powers of Ofwat, the Drinking Water Inspectorate and the Environment Agency to “reset” a sector tarnished by scandals over sewage spills and financial mismanagement, after a major review of the sector.

The government will adopt the recommendation for England and Wales made in the review it commissioned from Sir Jon Cunliffe, a former deputy governor of the Bank of England, which was released on Monday. In England, the powers of Natural England will also be subsumed.

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New ‘buy now, pay later’ affordability checks may cover even smallest loans

City watchdog publishes details of its plans to regulate the BNPL market, which has now grown to £13bn

Lenders may have to carry out affordability checks on even the smallest buy now, pay later loans under new rules drawn up by the City watchdog.

The Financial Conduct Authority (FCA)on Friday published details of its plan to regulate the £13bn buy now, pay later (BNPL) market.

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Reeves to say cuts to City red tape will bring trickle-down benefits to households

Chancellor to announce raft of deregulation changes as City regulators move to pare back transparency rules

Rachel Reeves will claim that cutting red tape for City firms will have trickle-down benefits for households across Britain, as she tries to drum up support for a new financial services strategy.

A raft of regulatory reforms are due to be announced by the chancellor on Tuesday, in what the Treasury says will be the “biggest financial regulation reforms in a decade”. It will come before her Mansion House address to City bosses during a dinner at Guildhall in London on Tuesday evening.

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ASA cracks down on online pharmacies advertising weight loss injections

Watchdog releases nine new rulings setting clear precedents for online selling

Online pharmacies are no longer allowed to run adverts for weight loss injections, the advertising watchdog has ruled, as part of a crackdown on what has been described as a “wild west” culture of online selling.

In the UK, advertising prescription-only medications (POMs) – which includes all weight loss jabs such as Wegovy and Mounjaro – to the public is illegal. However, a Guardian investigation previously found some online pharmacies either breaking these rules outright, or exploiting grey areas to peddle the medications to the public.

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Google could be forced to change UK search as watchdog takes steps

CMA proposes tightening regulation, which could lead to site giving users option to choose alternative services

Google could be forced to make a series of changes to its search business, including giving internet users an option to choose an alternative service, after the UK competition watchdog proposed tightening regulation of the company.

The Competition and Market Authority is preparing to give the world’s largest search engine the designation “strategic market status”, a term for tech companies deemed to have considerable market heft that enables the watchdog to use extra powers to regulate them.

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Competition watchdog to investigate Evri merger with DHL’s UK parcel arm

CMA to decide whether deal will substantially lessen competition in delivery market

The UK’s competition watchdog has announced an investigation into the proposed merger of the delivery company Evri with DHL’s UK e-commerce business, a deal set to create one of the biggest parcel couriers in Britain.

The Competition and Markets Authority (CMA) said on Wednesday it was investigating Evri’s purchase of DHL eCommerce UK, as well as the parent company DHL Group’s acquisition of a minority stake in Evri.

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Watchdog urges Scotland to take action after repeatedly missing climate targets

Climate Change Committee says original goal of a 75% emissions cut by 2030 will now be delayed by up to six years

The UK’s climate watchdog has warned that Scotland needs to take “immediate action at pace and scale” to cut its emissions after ministers axed a series of policy pledges.

The Climate Change Committee (CCC), an official advisory body, said ministers in Edinburgh needed to take urgent action to curb emissions from buildings and transport to cut Scotland’s overall emissions to nearly zero by 2045.

Abandoned a target to cut car miles by 20% by 2030.

Dropped a pledge to rapidly decarbonise homes by mandating low-carbon heating systems.

Cut funding for tree planting.

Missed targets to restore degraded peatland.

Ignored calls for a plan to cut meat and dairy consumption, and failed to use their powers to tax air travel more heavily.

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What are the Ofcom measures to protect children online – and will they work?

Communications regulator has brought in more than 40 new rules for tech firms designed to keep under-18s safe

Ofcom announces new rules for tech firms to keep children safe online

The UK communications watchdog has set out more than 40 measures to keep children safe online under a landmark piece of legislation.

The Online Safety Act has a strong focus on protecting under-18s from harmful content and the codes of practice published by Ofcom on Thursday are a significant moment for regulation of the internet.

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UK regulator fines 10 carmakers and two trade bodies over green ad collusion

CMA found car firms chose not to compete when advertising what percentage of their vehicles could be recycled

Ten leading car manufacturers – plus two automotive trade bodies – have been fined more than £77m by a UK regulator after admitting breaking competition law in relation to advertising their green credentials.

The Competition and Markets Authority (CMA) launched an investigation after a tipoff from Mercedes-Benz, which allowed the German marque to avoid financial penalties despite also being involved in the cartel.

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City watchdog ponders rule changes to simplify comparisons of financial products

FCA to explore simplifying communications about savings accounts and review parts of its credit advertising rules

The City watchdog is considering changing rules to allow people to receive clearer information from financial firms to make it easier for them to find and compare products.

The Financial Conduct Authority (FCA) is exploring how it can simplify communications about savings accounts. The watchdog, which will announce its five-year strategy on Tuesday, will also review parts of its credit advertising rules, such as lengthy terms and conditions.

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Performing arts leaders issue copyright warning over UK government’s AI plans

In a statement, 35 signatories from dance, theatre and music industries express concern about ‘fragile ecosystem’

More than 30 performing arts leaders in the UK, including the bosses of the National Theatre, Opera North and the Royal Albert Hall, have joined the chorus of creative industry concern about the government’s plans to let artificial intelligence companies use artists’ work without permission.

In a statement they said performing arts organisations depend on a “fragile ecosystem” of freelancers who rely on copyright to sustain their livelihoods. They also urged the government to support the “moral and economic rights” of the creative community in music, dance, drama and opera.

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Minister refuses to say disability benefits for people unable to work won’t be cut – UK politics live

Stephen Timms, social security and disability minister, says government is ‘fully supporting’ people who would always be unable to work

The Reform UK press conference is about to start. There is a live feed here.

Nigel Farage is going to announce that 29 councillors have defected to his party, according to the Guido Fawkes website.

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US rise of cryptocurrency and fall of regulation pose ‘profound risks’ – report

Center for Political Accountability, which advocates for corporate disclosure, warns of fallout from Trump’s efforts

A new report warns of “profound risks” in American politics as cryptocurrency companies increase their political spending and Donald Trump oversees regulatory retreat while promising to create a “crypto strategic reserve”.

The situation “illustrate[s] the profound risks that unchecked corporate political spending presents, particularly within the volatile and often unpredictable cryptocurrency industry”, reads the report, from the Center for Political Accountability (CPA), a non-profit that advocates for corporate political disclosure.

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River campaigners to sue Ofwat over water bill rises

Group claims regulator signed off on ‘broken system’ making customers pay for industry’s neglect

An environmental group is to take legal action against Ofwat, the water regulator, accusing it of unlawfully making customers pay for decades of neglect by the water industry.

River Action will file the legal claim this month, arguing that bill rises for customers that have been approved by the regulator could be used to fix infrastructure failures that should have been addressed years ago.

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Watchdog to reinvestigate Jonathan Reynolds’ legal career claims

Solicitors Regulation Authority says it has further information about claims business secretary misrepresented his career

The Solicitors Regulation Authority has said it will reinvestigate the business secretary Jonathan Reynolds over accusations he misrepresented his legal career.

A spokesperson for the SRA said: “We looked at that issue at the time we became aware of it and contacted Mr Reynolds about the profiles.

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Thames Water wins court backing for £3bn debt package

Deal approved at high court gives company £1.5bn in upfront cash to stave off collapse

Thames Water has won court approval for an emergency debt package worth up to £3bn that should stave off the collapse of Britain’s biggest water company for at least another few months.

London’s high court said on Tuesday that the deal could proceed, after hearing four days of complex arguments earlier this month over whether it should go ahead. The deal will allow the company to avoid special administration, in effect a temporary nationalisation.

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Next ad banned over ‘unhealthily thin’ model in digitally altered leggings

Watchdog upholds complaint about advert that digitally altered clothing and used low angle to accentuate long legs

The UK advertising watchdog has banned an advert from high street retailer Next for featuring an “unhealthily thin” model in digitally altered clothing.

The advertisement, which ran on its website, featured a model marketing Next’s “power stretch denim leggings”.

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