Robert Halfon becomes latest minister to resign as James Heappey makes official exit from government
Education Minister Robert Halfon has resigned from government, confirming he will be the 63rd Conservative MP to stand down at the next election.
The MP for Harlow, who has been in parliament since 2010, said “political life, while fulfilling, has its ups and downs”, and he felt it was “time for me to step down”.
He will be replaced in the Department for Education by Luke Hall, the MP for Thornbury and Yate near Bristol.
Politics live: Two ministers join growing Tory exodus
Quoting the wizard Gandalf from Lord of the Rings in his resignation letter to the prime minister, and having been a Tory candidate for almost 25 years, Mr Halfon said: “My time is over: it is no longer my task to set things to rights, nor to help folk to do so.
“And as for you, my dear friends, you will need no help… among the great you are, and I have no longer any fear at all for any of you.”
Rishi Sunak responded by saying he was “very sorry to hear” of his decision, but added: “I respect your reasons for doing so.”
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The announcement from Mr Halfon – who has also served as deputy chairman of the Conservative Party and chair of the education select committee – came on the same day Armed Forces minister James Heappey officially left his post in government.
He will be replaced by the former junior Foreign Office minister and MP for Aldershot in Hampshire, Leo Docherty, who previously served as Minister for Defence People and Veterans under Boris Johnson.
Earlier this month, a source close to the MP for the Wells constituency in Somerset said he had decided to leave parliament because of personal reasons, and his ministerial resignation was expected to coincide with Easter recess.
But the timing was significant as there had been growing disquiet among Conservative MPs and military insiders at a failure by Chancellor Jeremy Hunt to announce new funding for the armed forces in his spring budget.
However, the source said said while “of course he thinks there should be more money”, it was not why Mr Heappey was resigning.
Confirming his departure on X, Mr Heappy said he “loved every minute” of his job, but added: “The work isn’t done.
“Ukraine needs our support now as much as ever. Perhaps even more so. Theirs is a fight for the future of Euro-Atlantic security and so we must continue to lead the world in the breadth [and] bravery of our support.”
In a letter to the now former minister, Mr Sunak thanked him for his “outstanding service and contribution to our party, parliament and country”.
As part of the mini-reshuffle, former education minister under Liz Truss, Jonathan Gullis, has been made a deputy chairman of the Tory party, along with MP for Guildford Angela Richardson.
Nus Ghani has been made minister for Europe, leaving her roles at the Department for Business and Trade and the Cabinet Office, being replaced by Havant MP Alan Mak.
And Kevin Hollinrake, who has overseen the Post Office during recent turbulence, has been promoted to minister of state for business.
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Meanwhile, Labour has promoted a number of its by-election winning MPs into frontbench positions.
Selby and Ainsty victor Keir Mather will join the shadow whips office, Gen Kitchen will go to the shadow Home Office, Tamworth MP Sarah Edwards will become part of the environment team and Kingswood’s Damien Egan will join the education team.
Batley and Spen MP Kim Leadbeater will also move roles from the whips to join the shadow health team.
Cutting the annual allowance for cash ISAs could backfire in multiple ways, an influential group of MPs has warned the government.
For months, speculation has been growing that the chancellor may slash the yearly limit for tax-free savings – potentially from £20,000 to £10,000.
The government is hoping to encourage savers to invest in stocks and shares ISAs instead, which can offer greater long-term returns and improve financial health.
But according to the Treasury Committee, slashing allowances would be unlikely to achieve this – and could lead to higher prices for consumers.
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Chancellor faces tough budget choices
Building societies rely on cash ISA savings to fund mortgage lending – and a drop in deposits might lead to higher interest rates or fewer products on the market.
Committee chairwoman Dame Meg Hillier said “we are a long way” from achieving a culture where substantial numbers of Britons invest in the stock market.
“This is not the right time to cut the cash ISA limit,” she warned. “Instead, the Treasury should focus on ensuring that people are equipped with the necessary information and confidence to make informed investment decisions.
“Without this, I fear the chancellor’s attempts to transform the UK’s investment culture simply will not deliver the change she seeks, instead hitting savers and borrowers.”
Read more: How to get started with a stocks and shares ISA
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Govt ‘not satisfied’ after inflation sticks at 3.8%
The latest figures suggest two-thirds of contributions to ISAs in the 2023/24 tax year went to cash accounts – bringing total holdings to £360bn.
An estimated 14.4 million consumers solely save in a cash ISA, with the average balance standing at £6,993.
Surveys suggest that, if allowances were cut, consumers may move their cash to alternative savings accounts where they would have to pay tax on interest.
Skipton Group executive Charlotte Harrison previously warned: “Building societies, which funds over a third of all first-time buyer mortgages, rely on retail deposits like cash ISAs to fund their lending.
“If ISA inflows fall, the cost of funding is likely to rise, and that means mortgages could become both more expensive and harder to access.”
She claimed a policy change could end up “penalising savers who want low-risk, flexible options” – adding: “Cash ISAs work. Undermining them doesn’t.”
Read more money news:
What’s behind surprising rise in retail sales
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Tax hikes possible, Reeves tells Sky News
Chancellor Rachel Reeves said: “At the moment, often returns on savings and returns on pensions are lower than in comparable countries around the world.
“I do want to make sure that when people put something aside for the future, they get good returns on those savings.”
The committee’s warning comes amid speculation over whether Ms Reeves will raise income tax at next month’s budget – breaking a key Labour manifesto pledge.
Newspaper reports have suggested that the basic rate of income tax could be increased for the first time since the 1970s – up 1p to 21%.
This could raise about £8bn and help tackle a black hole in the country’s finances, but risks squeezing consumers further as a cost-of-living crisis continues.
A 1p rise to the higher band of income tax – taking that rate to 41% – is also believed to be under consideration, but this would only boost the nation’s coffers by £2bn.
Ms Reeves has refused to rule out such a move, telling Sky’s deputy political editor Sam Coates that she is looking at both tax rises and spending cuts ahead of her statement to the Commons on 26 November.
The Bank of England is worried that a rise in financiers’ lending to data center lending may cause an AI bubble reminiscent of the dot-com crash in the early 2000s.
The rumored nomination of Michael Selig follows the CFTC nomination process hitting a snag in September when Brian Quintenz was withdrawn.
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