Tories' deregulation drive

Morning all,

This morning, we’ll be digging deep into the alternative economic prospectus being set out by the Tories, following the shadow chancellor’s eye-catching pledge of the “most ambitious deregulation project in a generation”.

Our politics and economics reporter Mauricio will be covering all things Conservative in Birmingham today, as Kemi Badenoch looks to get her party fighting fit for the next election. The leader of the opposition has doubled down on her party’s support for the triple lock on the state pension, whilst offering up a cut to inheritance tax and bring back free childcare for high earners. There’s also a Tory Bayeux Tapestry, if you’re into that…

Plus: Our reporters will be keeping a close eye on the FTSE 100 throughout the day, following the bond sell-off at the end of last week. Futures data from IG points towards the blue-chip index rising 0.3 per cent at open. Meanwhile, oil is keeping the pressure on markets as it remains in the three-digit mark to start the new week.

So, here’s everything you need to know this morning. We’ll be back in your inbox at noon with Midday Markets.

Matt

The Conservatives’ pick for chancellor has pledged to roll out the “most ambitious deregulation project in a generation” as he is set to say plans could cut £50,000 off the price of a new home. 

Andrew Griffith, the shadow chancellor, will say on Monday say he will slash red tape for businesses across construction, supermarkets and nuclear energy if the Conservatives are voted in at the next election.

Griffith is set to tell party members that stripping back regulations would end delays in planning and “rejuvenate” the City of London as well as investment across the country. 

Welcome back to the City AM liveblog.

Markets are hoping to claw back some of last week’s losses to kick off the week after a global bond rout set ripples through the world’s top exchanges.

Fears of an inflationary shock on the back of rising oil and diesel saw bond yields across the world’s economies spike.

The business secretary is reportedly considering whether to impose tariffs on Chinese EVs as the business secretary grapples with a surge in imports.

Ministers are concerned that Chinese carmakers are “dumping” subsidised vehicles into the UK, the Times reported, and are considering adopting the 45 per cent tariff levied on Chinese cars by the EU.

“We continue ​to engage closely with industry so that our approach reflects the ​sector’s and UK’s national interests,” a government spokesperson said.

John Healey’s fiscal headroom could be entirely wiped out by the impact of the war in Iran as economists said the Office for Budget Responsibility could offer a more pessimistic view on the UK economy. 

A central fiscal forecast by analysts at EY suggests that the Chancellor’s buffer against a borrowing target has fallen to £11bn. 

If the war in Iran drags on until the middle of next year, economists said that the headroom could be entirely wiped out as a further £18bn would be slashed from the fiscal forecast. 

Across the world, grown men and women are dressing as medieval knights and peasants. Anna Moloney joins them for the second ever UK Renaissance Faire to find out why.

For many UK savers, their pension pot will become their single largest asset, bigger than their home. Yet too often the industry loses savers from the conversation entirely between the moment they are auto-enrolled and the day they eventually retire.

Every link in the pension chain – from trustees to consultants to employers – has a part to play, writes Lady Mayor Susan Langley.

The BBC’s decision to drop lunchtime and overnight sports bulletins from its news channel has rightly had a few journalists loosening their collars. Savings must be found, but will people miss the content?

It really reflects how crowded the race for sports audiences has become. Broadcasters used to be the thoroughbreds, with competitors left in their dust, but the gates have opened and half the runners no longer need a television commission.

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