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Rachel Reeves has defended her decision not to restore a cap on bankers’ bonuses, arguing businesses do not need “more chopping and changing”.

The shadow chancellor said that when the government scrapped the cap under Liz Truss, Labour did not “feel that was the right priority in that budget”.

But she said much stronger rules were now in place since the 2008 financial crash, when the cap was first introduced, and that it was no longer her priority to restore it.

“What I hear loud and clear from business is that what it will take to get them to invest in Britain is stability and the last thing they need is more chopping and changing,” she said.

“The chopping and changing has got to end if we’re going to give stability to business and that’s why we will not be bringing that back.”

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Shadow chancellor Rachel Reeves addressing 400 business leaders at the Kia Oval.
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Shadow chancellor Rachel Reeves addressing 400 business leaders at the Kia Oval on 1 February 2024. Pic: PA

Addressing Labour’s business conference in central London this morning, Ms Reeves also announced she would not increase the headline rate of corporation tax of 25% during the first term of a Labour government but left the door open to changes in the rate in the future.

She said: “There have been 26 changes to our corporation tax arrangements in this parliament alone. We can’t go on like this.

“The next Labour government will make the pro-business choice and the pro-growth choice: We will cap the headline rate of corporation tax at its current rate of 25% for the next parliament.

“And should our competitiveness come under threat, if necessary we will act.”

Ms Reeves also said Labour would maintain full expensing and the annual investment allowance and would provide a “road map” for business taxation within the first six months of government.

Ms Reeves has sought to portray herself as pro-business during her time as shadow chancellor, in contrast to her predecessor John McDonnell, who led Labour’s economic policy when Jeremy Corbyn was the leader of the Opposition.

Will Labour stick to £28bn a year green pledge?

However, the shadow chancellor is facing scrutiny over Labour’s pledge to spend £28bn a year on green projects until 2030 if the party comes into power.

In a Q&A following her speech, Ms Reeves failed to commit to the policy, which some in Labour want Sir Keir Starmer to drop because it allows the Conservatives to cast doubt on the party’s commitment to fiscal discipline.

Asked by Sky News’s political editor Beth Rigby whether the pledge had become “an albatross around your neck” that “threatens to unravel all the hard work you’ve done to be trusted with economic competence”, Ms Reeves said there were “big opportunities to invest alongside business in the jobs and the industries of the future”.

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Will Labour spend £28bn?

But she said it was “absolutely essential that all of our policies are consistent with our fiscal rules” and that the green prosperity plan “was no exception to that”.

The shadow chancellor said that after the next budget, the party will “set out our plans and ensure they are consistent with our fiscal rules because they will always take precedence to guarantee the economic security of family finances and of businesses as well”.

Labour leader Sir Keir Starmer and shadow chancellor Rachel Reeves during a visit to the London Stock Exchange Group, to outline Labour's plans to bring growth and stability back to Britain's economy. Picture date: Friday September 22, 2023.
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Sir Keir Starmer and Rachel Reeves during a visit to the London Stock Exchange Group last year. Pic: PA

Tories attack Labour over bonus cap change

The cap on bankers’ bonuses was first introduced in the wake of the 2008 financial crisis to limit annual payouts to twice a banker’s salary, but it was scrapped by former chancellor Kwasi Kwarteng during Ms Truss’s short time as prime minister.

During Prime Minister’s Questions this week, Rishi Sunak seized on the issue to argue that voters “cannot trust a word he [Sir Keir Starmer] says”.

“I was genuinely surprised that, after recently and repeatedly attacking not just me but the government for lifting the bonus cap, the shadow chancellor has announced, just today, that she now supports the government’s policy on the bankers’ bonus cap.”

Read more:
Starmer promises to ‘fix stagnation’ in pitch to business

Labour reports to underpin new ‘party of business’ stance

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Sunak: ‘It’s the same old Labour party’

Ms Reeves and other senior Labour figures had been vocal critics of the government’s decision to axe the cap during a cost of living crisis, saying only three months ago that the decision to allow unlimited bonuses to be earned again “tells you everything you need to know about this government”.

The issue has caused some division within Labour, with Anas Sarwar, the party’s leader in Scotland, previously criticising Ms Truss as a “Thatcher tribute act” who would rather “boost bankers’ bonuses than help those in need”.

He told reporters in Westminster today that he stood by his previous words but added: “You have got to look at it in the balance. We have got to inspire confidence for them to make the strategic investments, but we can’t return to a situation where they get away with it.

“I’m not here to defend bankers’ bonuses, I’m not here to defend banks. That is something the UK Treasury has got to keep an eye on.”

Stephen Flynn, the SNP’s leader in Westminster and Labour’s main opponent in Scotland, sarcastically praised Mr Sunak for convincing the Labour Party to agree to a “bleak future”, saying it was a “great achievement” for the government.

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Mohammed Fahir Amaaz guilty of assaulting two female police officers at Manchester Airport

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Mohammed Fahir Amaaz guilty of assaulting two female police officers at Manchester Airport

A man has been found guilty of assaulting two female police officers at Manchester Airport last year.

Mohammed Fahir Amaaz punched PC Lydia Ward in the face, knocking her down and breaking her nose.

The 20-year-old was also convicted of assaulting PC Ellie Cook and the earlier assault of a member of the public at an airport Starbucks.

CCTV of the incident at Manchester Airport Pic: CPS
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Prosecutors said Amaaz threw 10 punches. Pic: CPS

The jury was unable to decide whether Amaaz and his brother, Muhammad Amaad, 26, also assaulted a male officer.

The incident happened at a car park pay area on 23 July 2024 after the brothers went to collect their mother from a flight.

Police were called after Amaaz went into Starbucks and headbutted Abdulkareem Ismaeil – who he claimed racially abused his mother on the plane.

The brothers resisted when officers tried to detain them and told the court they didn’t know they were being approached by police.

Prosecutors said Amaaz threw 10 punches, two elbow strikes and a kick, while Amaad aimed six blows at firearms officer PC Zachary Marsden.

Mohammed Fahir Amaaz. Pic: Greater Manchester Police
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Mohammed Fahir Amaaz. Pic: Greater Manchester Police

Amaaz told the trial he feared the “lunatic” male officer would “batter him to death” and Amaad said he believed he was under attack.

Footage of a kick and stamp by PC Marsden on Amaaz was widely shared on social media in the days after the incident.

The brothers – from Rochdale – denied all the charges and said they acted in self defence.

Their lawyers said police had used “unlawful force”, grabbing Amaaz from behind without identifying themselves.

But jurors at Liverpool Crown Court disagreed and found Amaaz guilty of actual bodily harm to PC Ward, as well assaulting PC Cook and Mr Ismaeil.

Read more from Sky News:
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Human Rights lawyer Aamer Anwar (centre) arrives with Mohammed Fahir Amaaz (left) and Muhammed Amaad (right) at Liverpool Crown Court, where
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Amaaz (left) and Amaad (right) with their lawyer at a previous hearing. Pic: PA

Prosecutor Paul Greaney KC said the intention is to retry both defendants on the charge they assaulted PC Marsden.

The chief constable of Greater Manchester Police, Sir Stephen Watson, said he was pleased that Amaaz’s “appalling conduct” had been exposed.

Sir Stephen said 44 of his officers are assaulted every week.

“Our officers are decent people who routinely place themselves in harm’s way to protect the public. They deserve our respect and support,” he said.

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Ozzy Osbourne is given final tour of Birmingham – with thousands of fans flooding streets to pay their respects

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Ozzy Osbourne is given final tour of Birmingham - with thousands of fans flooding streets to pay their respects

Ozzy Osbourne has taken his final tour of Birmingham – with his family experiencing the love of thousands of fans who turned out to see the heavy metal star come home.

“We love you, Ozzy!” came the shouts from the crowd as his cortege stopped at Black Sabbath Bridge in the city, a site that has become a shrine to the performer since his death at 76 last week.

His family and loved ones, including his wife Sharon Osbourne and their children Jack, Kelly and Aimee, spent several minutes taking in all the flowers, messages and other tributes left in an outpouring of love from fans.

The family of Ozzy Osbourne (left to right) Jack Osbourne, Sharon Osbourne and Kelly Osbourne lay flowers.
Pic PA
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Jack, Sharon and Kelly Osbourne laid flowers. Pic: PA

Sharon was in tears as she took it all in. Supported by her children, she gave a peace sign to the crowd before returning to the procession vehicles.

Each family member carried a pink rose, wrapped in black paper, tied with a purple ribbon – the traditional Black Sabbath colours. The flowers bearing his name in the hearse were also purple.

Before reaching the city centre, the cortege had travelled past Ozzy’s childhood home in Aston. Just a few weeks ago, he was on stage at Villa Park performing his final gig alongside many of the musicians his music had inspired, from Metallica to Guns N’ Roses to Yungblud.

Heavy metal, reality TV and biting bats: Ozzy Osbourne obituary

A man passes by a mural of Ozzy Osbourne, the former Black Sabbath frontman, ahead of the funeral cortege, in Birmingham.
Pic Reuters
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Tributes to Ozzy can be seen all over Birmingham. Pic: Reuters

On a hugely emotional day, his presence could be felt throughout the city, with the star’s music playing in pubs and posters paying tribute: “Birmingham will always love you.”

For fans, this was a chance to say not just goodbye, but also thank you to a star who never forgot where he came from. His remarkable achievements from humble beginnings and continued love for his hometown, even when he lived thousands of miles away in Los Angeles, meant that for many, the loss feels incredibly personal.

People gather around tributes at the Black Sabbath Bridge.
Pic: Reuters
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The Black Sabbath Bridge has become a shrine in recent days. Pic: Reuters

‘The Prince of Laughter – not Darkness’

Graham Wright, a roadie who worked with Black Sabbath in the 1970s and beyond, up to the Back To The Beginning reunion gig at Villa Park, told Sky News he would remember Ozzy not by his traditional nickname, the Prince of Darkness – but as the Prince of Laughter instead.

“It was a shock he left us so soon after [the show],” he said. “The show was tough for him but he was determined to say goodbye to his fans, that was the main thing. It was important for all four of [Black Sabbath] to get back together and do a farewell.

“The tears will be flowing today to see the Ozz man – the Prince of Laughter, not Darkness. He really was. We’ll all miss him.”

A person gestures as the funeral cortege of Ozzy Osbourne.
Pic: Reuters
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Pic: Reuters

‘My mum used to say he was a lovely boy’

Chris Mason, general manager of The Brasshouse pub, which is next to Black Sabbath Bridge, said music by the band and Ozzy’s solo material had been played pretty much “on loop” since his death.

“I’m a metal fan and Ozzy being the godfather of the scene – if not for Ozzy and Black Sabbath, we wouldn’t have heavy metal,” he said. “This is what Birmingham is about, bringing people together, and Ozzy and Black Sabbath did that.

“He was Mr Birmingham and his family have brought him back.”

Mohabbat Ali, who used to live on the same street as Ozzy’s childhood home, said the property had become one of the focal points for tributes in the city.

Describing what it was like living near him, he said: “He played guitars, very loud at night sometimes, but my mum used to say he was a lovely boy.”

From an era of preening rock gods, Ozzy was the real deal


Katie Spencer

Katie Spencer

Arts and entertainment correspondent

The sea of black was always a given – but this wasn’t about respecting funeral traditions. Ozzy himself had previously said he wanted his send-off, when it came, to be a celebration and not a “mope-fest”.

This was his final tour in the city that meant so much to him.

For fans, he meant so much to them.

For his family, the emotion was raw.
Sharon, his soulmate, has spent her life and career organising his shows, and it was clear how hard this day was for her.

After they left, fans flooded the streets to lay flowers.

Not since David Bowie has an artist’s death prompted such an outpouring of emotion. From an era of preening rock gods, Ozzy was the real deal – one of the most notorious figures in rock, but a man who remained as Brummie as can be.

‘A true legend who never forgot his roots’

Birmingham’s lord mayor, Councillor Zafar Iqbal, also attended the procession and spoke of the city’s pride in Ozzy.

“What a great honour for us to have him here one last time,” he said. “The love for Ozzy – well, you can feel it in the air.”

The star put both Aston and Birmingham on the map, he said, and always took the time to get to know people.

Mr Iqbal said Ozzy sent him a letter after reading on the mayor’s website biography how he had struggled with dyslexia at school – something the star identified with.

“I’ve got the letter in a frame and it’s in my office… he was just a natural human being, down to earth. You wouldn’t have known he was a rock star – but he was a true legend, who never forgot his roots.”

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Second-largest population increase in England and Wales in over 75 years – mainly fuelled by migration

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Second-largest population increase in England and Wales in over 75 years - mainly fuelled by migration

The population of England and Wales has grown by more than 700,000 in the year to June 2024 – the second-largest increase in over 75 years.

The change was largely fuelled by international migration, with natural change – the difference between births and deaths – accounting for only a small proportion.

According to the Office for National Statistics, there were an estimated 61.8 million people in England and Wales in mid-2024, up from 61.1 million the year before.

It is the second-largest numerical jump since at least 1949, when comparable data began.

And it is behind only the rise of 821,210 that took place in the preceding 12 months from mid-2022 to mid-2023.

Nigel Henretty of the ONS said the population of the two countries has increased each year since mid-1982, but said the rate of population increases has been higher in recent years.

“Net international migration continues to be the main driver of this growth, continuing the long-term trend seen since the turn of the century,” he said.

Net international migration – the difference between people moving to the country and leaving – accounted for 690,147 of the estimated population increase of 706,881 people, or 98% of the total.

There were slightly more births than deaths in the most recent year, which added 29,982 to the population.

There was also a net decrease in internal migration – the number of people moving from England and Wales to elsewhere in the UK.

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