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Rishi Sunak has refused to be drawn on the future of the eastern leg of HS2 just three days before announcing his spending plans in the autumn Budget later this week.

Deflecting a question on the matter on Sky’s Trevor Phillips on Sunday, the chancellor also failed to confirm whether a new Northern Powerhouse Rail link from Leeds to Manchester via Bradford would be built.

An announcement on the matter will be made “shortly”, Mr Sunak said.

It came as the chancellor also admitted that £4.2bn of the £7bn worth of announcements in the Budget related to transport for the next five years had already been allocated – with the government adding a further £1.5bn as a “top up”.

“It’s a great example of levelling up in practice, and it’s ultimately just going to create growth in all of those places,” Mr Sunak said of the government’s plans.

Over the weekend, the chancellor announced a series of spending pledges ahead of the autumn Budget on Wednesday, which include £5bn for health research and innovation and £3bn for education.

The Treasury is promising the cash for transport will boost productivity through train and station upgrades and the expansion of tram networks in cities outside of London.

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But Mr Sunak has been accused of putting “the good news before the bad news” following predictions the chancellor will announce the scrapping of the eastern leg of HS2 in his Budget.

Speaking to Sky News earlier this week, former Labour transport secretary Lord Adonis – who went on to lead the UK National Infrastructure Commission under David Cameron and Theresa May – forecast that Mr Sunak’s announcement of local transport funding would come before the scrapping of the eastern leg of HS2 between Birmingham and Leeds.

Meanwhile Labour’s shadow transport secretary Jim McMahon told Sky News: “If ministers were serious about ensuring towns and cities of the North are better connected, they’d be delivering to HS2 to Leeds and Northern Powerhouse Rail.”

Speaking to Sky News on Sunday, Mr Sunak reiterated that he will do “whatever it takes” to support families with the cost of living.

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Chancellor Rachel Reeves considering ‘changes’ to ISAs – and says there’s too much focus on ‘risk’ in investing

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Chancellor Rachel Reeves considering 'changes' to ISAs - and says there's too much focus on 'risk' in investing

The chancellor has confirmed she is considering “changes” to ISAs – and said there has been too much focus on “risk” in members of the public investing.

In her second annual Mansion House speech to the financial sector, Rachel Reeves said she recognised “differing views” over the popular tax-free savings accounts, in which savers can currently put up to £20,000 a year.

She was reportedly considering reducing the threshold to as low as £4,000 a year, in a bid to encourage people to put money into stocks and shares instead and boost the economy.

However the chancellor has shelved any immediate planned changes after fierce backlash from building societies and consumer groups.

In her speech to key industry figures on Tuesday evening, Ms Reeves said: “I will continue to consider further changes to ISAs, engaging widely over the coming months and recognising that despite the differing views on the right approach, we are united in wanting better outcomes for both savers and for the UK economy.”

She added: “For too long, we have presented investment in too negative a light, quick to warn people of the risks, without giving proper weight to the benefits.”

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Rachel Reeves’s fiscal dilemma

Ms Reeves’s speech, the first major one since the welfare bill climbdown two weeks ago, appeared to encourage regulators to focus less on risks and more on the benefits of investing in things like the stock market and government bonds (loans issued by states to raise funds with an interest rate paid in return).

She welcomed action by the financial regulator to review risk warning rules and the campaign to promote retail investment, which the Financial Conduct Authority (FCA) is launching next year.

“Our tangled system of financial advice and guidance has meant that people cannot get the right support to make decisions for themselves”, Ms Reeves told the event in London.

Read more:
Should you get Lifetime ISA? Two key issues to consider
Building societies protest against proposed ISA reforms
Is there £15bn of wiggle room in Reeves’s fiscal rules?

Last year, Ms Reeves said post-financial crash regulation had “gone too far” and set a course for cutting red tape.

On Tuesday, she said she would announce a package of City changes, including a new competitive framework for a part of the insurance industry and a regulatory regime for asset management.

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Reeves is ‘totally’ up for the job

In response to Ms Reeves’s address, shadow chancellor Sir Mel Stride said: “Rachel Reeves should have used her speech this evening to rule out massive tax rises on businesses and working people. The fact that she didn’t should send a shiver down the spine of taxpayers across the country.”

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The governor of the Bank of England, Andrew Bailey, also spoke at the Mansion House event and said Donald Trump’s taxes on US imports would slow the economy and trade imbalances should be addressed.

“Increasing tariffs creates the risk of fragmenting the world economy, and thereby reducing activity”, he said.

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Crypto-backed group gathers $141M funding to influence US elections

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Crypto-backed group gathers 1M funding to influence US elections

Crypto-backed group gathers 1M funding to influence US elections

Fairshake reported raising $52 billion from the crypto industry in the first half of 2025, at a time when candidates previously supported by the PAC were providing crucial votes.

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Programmable regulation is the missing key to DeFi’s legal future

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Programmable regulation is the missing key to DeFi’s legal future

Programmable regulation is the missing key to DeFi’s legal future

Programmable regulation could be the solution to legacy regulatory frameworks struggling to keep pace with DeFi’s rapidly evolving ecosystems. Embedding compliance in code can bring legal clarity, reduce risk and foster innovation in DeFi.

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