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Industry reacts to Andy Burnham’s new cabinet


By Dan McGrath

Andy Burnham was appointed as Prime Minister yesterday, ushering in a new cabinet and potential changes to financial policy.

Burnham, who replaces Keir Starmer as PM and Labour leader, has put forward his intentions to publish a 10-year plan, and has already announced plans to cut VAT on residential energy bills from 5% to zero from October


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Income tax and NICs receipts climb £11.4bn in Q1

Income tax and National Insurance contribution (NIC) receipts increased by £11.4bn in the first quarter of the 2026/27 tax year, boosted by the growing impact of frozen tax thresholds on workers' tax bills, HMRC data showed

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IHT receipts continue to beat records in June

Inheritance tax (IHT) receipts have continued to rise, totalling a record £2.3bn between April and June, HMRC has revealed.

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Mix of factors causes steep drop in average home asking price in July

The average asking price of a newly listed home fell 1% in July to £372,359, the biggest July decline in a decade, with sellers competing with an "unusual number of distractions", according to Rightmove's latest house price index (HPI)

Finova launches AI mortgage application agent

Finova has launched what it claims is the UK's first 'whole-of-market' AI-powered mortgage application service, aiming to cut administration for brokers by automatically completing applications across lender portals from a single set of customer information

Pure Retirement

Grandparent support could cost retirees an extra £58k in pension savings

Grandparents expecting to provide regular financial support to their grandchildren could need an extra £58,000 in pension savings to maintain a moderate standard of living in retirement, analysis by Skipton Building Society has found
Majority of IFAs call on retirees to spend strategically to avoid IHT bills

The majority (94%) of financial advisers (IFAs) believe that parents aged-55 and over with assets totalling £650,000 or more could benefit from spending more strategically in order to reduce potential inheritance tax (IHT) bills, Titan Wealth has found

Pure Retirement

FTB applications drop in Q2 amid market uncertainty

First-time buyer (FTB) mortgage applications have fallen by 9.1% year-on-year in Q2 as fresh economic and mortgage uncertainty has begun to weigh on homeownership confidence, Yorkshire Building Society has found

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Income tax and NICs receipts climb £11.4bn in Q1

Income tax and National Insurance contribution (NIC) receipts increased by £11.4bn in the first quarter of the 2026/27 tax year, boosted by the growing impact of frozen tax thresholds on workers' tax bills, HMRC data showed

IHT receipts continue to beat records in June

Inheritance tax (IHT) receipts have continued to rise, totalling a record £2.3bn between April and June, HMRC has revealed.

Majority of IFAs call on retirees to spend strategically to avoid IHT bills

The majority (94%) of financial advisers (IFAs) believe that parents aged-55 and over with assets totalling £650,000 or more could benefit from spending more strategically in order to reduce potential inheritance tax (IHT) bills, Titan Wealth has found

Burnham urged to rule out wealth tax on growing capital flight fears

Incoming Prime Minister Andy Burnham needs to kill speculation of a wealth tax immediately, the CEO of the independent financial advisory organisation deVere has warned. The warning came after Burnham declined to rule out asking the UK's wealthiest to contribute "a little more" in a recent interview

Industry reacts to Andy Burnham’s new cabinet

Andy Burnham was appointed as Prime Minister yesterday, ushering in a new cabinet and potential changes to financial policy. Burnham, who replaces Keir Starmer as PM and Labour leader, has put forward his intentions to publish a 10-year plan, and has already announced plans to cut VAT on residential energy bills from 5% to zero from October

FCA cracks down on illegal promotions in first year of new strategy

The Financial Conduct Authority (FCA) has led an international crackdown in illegal finfluencer promotions in the first year of its five-year strategy

FSCS pays out £125m in compensation for unsuitable advice in 2025/26

The Financial Services Compensation Scheme (FSCS) paid out more than £125m in compensation to customers who received unsuitable investment, pension, and self-invested personal pension (SIPP) advice in 2025/26, its Annual Report and Accounts has revealed

FCA consults on investment disclosure regime for advisers and wealth managers

The Financial Conduct Authority (FCA) has launched a consultation on simplifying how advisers, wealth managers, and platforms communicate the costs of investing

Halifax brand to disappear after 173 years

Lloyds Banking Group has today confirmed that the Halifax brand will change to Lloyds. Existing Halifax customers will start to use the Lloyds app in the coming months and will see their accounts rebranded to Lloyds over time. As part of this change, the Halifax brand will stop opening new accounts

£227bn sits in £10k+ current account balances earning no interest

More than six million current accounts pay no interest despite holding balances of £10,000 or more, with a combined £227bn in deposits, Spring has revealed

Bank of England base rate held at 3.75%

The Bank of England (BoE) has announced that interest rates will be held at 3.75%, the lowest bank base rate (BBR) since February 2023. The central bank's latest decision, which had been widely anticipated by economists, comes after inflation remained unchanged at 2.8% in May

Average high street easy access savings account rate falls below 1% - Spring

The average interest rate on a true high street easy access savings account has fallen below 1%, Spring has revealed

Grandparent support could cost retirees an extra £58k in pension savings

Grandparents expecting to provide regular financial support to their grandchildren could need an extra £58,000 in pension savings to maintain a moderate standard of living in retirement, analysis by Skipton Building Society has found

Rolls-Royce Pension Fund completes £4.3bn buyout transition with PIC

Rolls-Royce UK Pension Fund has completed the buyout of all 36,000 members of the scheme to Pension Insurance Corporation (PIC), nine months after agreeing a £4.3bn full buy-in with the scheme’s trustee

Pensions UK calls for national retirement adequacy framework

Pensions UK has called for the development of a national framework to measure retirement adequacy that would be built around a minimum income threshold and target replacement rates

Self-employed face pensions crisis with entrepreneurs falling behind

Business owners and entrepreneurs are at risk of a retirement savings crisis because many prioritise investing in their businesses over pensions, Rathbones has argued

Financial planning ‘needs to evolve’ as 100-year life becomes more common

Financial planning needs to evolve as the 100-year life becomes increasingly common and 45-75 year olds redefine later life, a report from RBC Wealth Management has argued

GDP returns to growth in May

UK gross domestic product (GDP) increased by 0.1% month-on-month in May, following 0.3% growth in March and 0.1% drop in April

Savings product choice beats all-time high for sixth consecutive month

Overall savings product choice has beaten all-time highs for a sixth consecutive month, increasing to 2,583 savings products, including ISAs in July, Moneyfacts has revealed. The latest Moneyfacts UK Savings Trends Treasury Report found that excluding ISAs, product count rose to 1,853, which is the highest number of non-ISA products listed since records began in February 2007

DIY investors’ risk appetite increases somewhat following Starmer resignation

Over a third (36%) of DIY investors have stated that their risk appetite has increased since Keir Starmer announced his resignation as Prime Minister, Charles Stanley Direct has found

Finova launches AI mortgage application agent

Finova has launched what it claims is the UK's first 'whole-of-market' AI-powered mortgage application service, aiming to cut administration for brokers by automatically completing applications across lender portals from a single set of customer information

Innovation and technology to unlock later life lending growth, more2life states

Product innovation and technology must remain central to the later life lending market if it is to achieve sustainable growth, improve consumer outcomes and encourage wider adoption, more2life has argued

AI will transform financial services by 2030 - FCA

Artificial intelligence will fundamentally reshape retail financial services by 2030, bringing significant opportunities for consumers and firms alongside heightened risks, according to a first-of-its-kind review by the Financial Conduct Authority (FCA). The Mills Review, led by executive director Sheldon Mills, found growing consumer appetite for agentic AI, with research suggesting around one in five people, equivalent to 11 million UK adults, are likely to use AI capable of acting autonomously within predefined goals.

AI could reshape retirement planning but raises new risks - Aon

Artificial intelligence (AI) is set to play a growing role in how people plan for retirement, but new research from Aon argues it should complement rather than replace human advice

News in brief - 21 July 2026

Today's round up of developments coming out of the consumer finance space, featuring Newcastle for Intermediaries, JammJar, InterBay and United Trust Bank

News in brief - 20 July 2026

Today's round up of developments coming out of the consumer finance space, featuring One Mortgage System, Recognise Bank and Hope Capital Property Finance

MAB adds Afin Bank to lender panel

Afin Bank has become the latest firm to join Mortgage Advice Bureau’s (MAB) lender panel

News in brief - 17 July 2026

Today's round up of developments coming out of the consumer finance space, featuring Recognise Bank, Uinsure, HLPartnership and Swansea Building Society

BLOG: Royal London Equity Release: How high-net-worth individuals could benefit from releasing equity with the exclusive Premier product offering

In February 2026, we were recognised at the MoneyAge Mortgage Awards, taking home the title of ‘Later Life Lender of the Year’, with judges highlighting our rapid distribution growth, extensive adviser engagement and meaningful product enhancements. As an equity release provider, our approach is rooted in a holistic view of retirement, aiming to provide good customer outcomes with backing from the UK’s largest mutual life, pensions and investment company* – but what can we offer you and your clients?

BLOG: Are added-value services the key to engaging clients in protection?

Scottish Widows Protection Director, Rose St Louis, discusses how reframing protection conversations can help to engage clients

BLOG: Award-winning lending, built brick by brick

Saffron for Intermediaries discusses its latest lending offering on the MoneyAge blog

BLOG: Doing Good is Good Business

MoneyAge Awards winner Bespoke Advice discusses the key fundamentals of good financial planning in our latest blog piece

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