Andy Burnham has promised to devolve more power from Whitehall to the regions in a speech laying out his plans for the country. The prospective new Prime Minister promised more state intervention and the biggest council housebuilding programme in the post-war period. A new Downing Street team based in Manchester and labelled “No 10 North” would “oversee the biggest rebalancing of power our country has ever seen”, Burnham said. He pledged to be fiscally responsible and help ease rising living costs, but few details were forthcoming and he took no questions following his speech.

More than 300,000 retail and hospitality workers are unable to secure the hours they want as employers respond to rising labour costs by freezing recruitment and reducing shifts, according to new research. The report found 8.5% of workers in the sectors are now underemployed, equating to around £3.6bn in lost earnings. Industry groups linked the trend to higher employer National Insurance contributions and wider regulatory pressures, with more than 150,000 jobs lost across retail and hospitality over the past year. Meanwhile, the Resolution Foundation has called for increased funding for apprenticeships and youth support grants instead of reversing employment tax increases. Their report, “Take a chance on me,” argues that cutting NICs and the minimum wage for under-21s would not significantly improve job prospects for young people. The foundation advocates for targeted workplace subsidies and expanded youth job grants.

US President Donald Trump has threatened to impose 100% tariffs on countries with digital services taxes, raising alarm among British exporters. The UK’s 2% Digital Services Tax, which generates £800m annually, targets large tech firms like Google and Amazon. William Bain, head of trade policy at the British Chambers of Commerce, warned that retaliatory tariffs would harm both US and UK businesses, costing tens of billions. As the 24 July deadline approaches, businesses urge both governments to focus on existing trade agreements rather than escalating tensions.

The abolition of the homeworking tax relief has affected around 300,000 remote workers, the Express reports. The change, effective from the 2026/27 tax year, is expected to save the Treasury £115m over five years, but Clair Williams, head of employment tax at Azets, warned that basic rate taxpayers face a £62 increase and higher rate taxpayers £124. She noted that the removal of the relief may push some employees into higher tax brackets due to fiscal drag.

High street gambling venues could face higher taxes under proposals being discussed around a future Andy Burnham administration, with the Social Market Foundation think-tank suggesting changes could raise up to £460m annually. The debate centres on the rapid growth of adult gaming centres and slot machine venues on UK high streets, particularly in deprived areas. Supporters argue higher taxes and tighter controls could curb their expansion, while industry groups warn the measures could damage high streets, threaten jobs and reduce investment in town centres.

The Financial Conduct Authority (FCA) has finalised its regulatory framework for cryptocurrency firms, effective from October 2027. All companies involved in buying, trading, and holding cryptocurrencies must meet capital requirements and undergo stress testing. David Geale, FCA’s executive director of payments and digital finance, commented: “We’ve created a framework that doesn’t force firms to choose between regulatory certainty and room to innovate.” Su Carpenter, executive director of CryptoUK, praised the FCA’s collaborative approach, adding that the rules would give firms the opportunity for growth in a competitive market.

Huw Pill, chief economist at the Bank of England, has warned against complacency on inflation. He has voted to raise interest rates to 4% in recent Monetary Policy Committee meetings, driven by concerns that inflation exceeds the target of 2%. Pill noted that the Consumer Prices Index (CPI) inflation rate was 2.8% in April and March, saying: “I think it should be seen as problematic, because our mandate is very clear; inflation at 2% at all times.”

Deloitte has introduced advanced AI agents to enhance its global audit operations. These autonomous tools will assist auditors by scanning media reports for threats and generating initial drafts of memos. The AI agents will streamline data analysis, improve response times to client inquiries, and facilitate quicker information processing.