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Waspi campaigners have threatened legal action against the government unless it reconsiders its decision to reject compensation.

In December, the government said it would not be compensating millions of women born in the 1950s – known as Waspi women – who say they were not given sufficient warning of the state pension age for women being lifted from 60 to 65.

It was due to be phased in over 10 years from 2010, but in 2011 was sped up to be reached by 2018, then rose to the age of 66 in 2020.

A watchdog had recommended that compensation be paid to those affected, but Sir Keir Starmer said at the time that taxpayers could not afford what could have been a £10.5bn package.

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From December: No pay out for ‘waspi’ pension women

On Monday, the Waspi campaign said it had sent a “letter before action” to the Department for Work and Pensions (DWP) warning the government of High Court proceedings if no action is taken.

Angela Madden, chair of Waspi (Women Against State Pension Inequality) campaign group, said members will not allow the DWP’s “gaslighting” of victims to go “unchallenged”.

She said: “The government has accepted that 1950s-born women are victims of maladministration, but it now says none of us suffered any injustice. We believe this is not only an outrage but legally wrong.

“We have been successful before and we are confident we will be again. But what would be better for everyone is if the Secretary of State (Liz Kendall) now saw sense and came to the table to sort out a compensation package.

“The alternative is continued defence of the indefensible but this time in front of a judge.”

The group has launched a £75,000 CrowdJustice campaign to fund legal action, and said the government has 14 days to respond before the case is filed.

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What is a Waspi woman and what happened to them?

Waspi (Women Against State Pension Inequality) campaigners stage a protest on College Green in Westminster, London, as Chancellor of the Exchequer Rachel Reeves delivers her Budget in the Houses of Parliament. Picture date: Wednesday October 30, 2024.
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About 3.6 million women were affected by their state pension age being lifted from 60 to 65. File pic: PA

In the mid-1990s, the government passed a law to raise the retirement age for women over a 10-year period to make it equal to men.

The Conservative-Liberal Democrat coalition government in the early 2010s under David Cameron and Nick Clegg then sped up the timetable as part of its cost-cutting measures.

In 2011, a new Pensions Act was introduced that not only shortened the timetable to increase the women’s pension age to 65 by two years but also raised the overall pension age to 66 by October 2020 – saving the government around £30bn.

About 3.6 million women in the UK were affected – as many complained they weren’t appropriately notified of the changes and some only received letters about it 14 years after the legislation passed.

While in opposition, Rachel Reeves, now the chancellor, and Liz Kendall, now pensions secretary, were among several Labour MPs who supported the Waspi women’s campaign.

The now-Chancellor said in a 2016 debate that women affected by the increase in state pension age had been “done and injustice” and urged the government to “think again”.

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A government spokesperson said: “We accept the Ombudsman’s finding of maladministration and have apologised for there being a 28-month delay in writing to 1950s-born women.

“However, evidence showed only one in four people remember reading and receiving letters that they weren’t expecting and that by 2006, 90% of 1950s-born women knew that the state pension age was changing.

“Earlier letters wouldn’t have affected this. For these and other reasons, the government cannot justify paying for a £10.5 billion compensation scheme at the expense of the taxpayer.”

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Treasury to kick off search for new boss of banking watchdog

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Treasury to kick off search for new boss of banking watchdog

The Treasury is preparing to kick off a search for a new boss of Britain’s prudential financial watchdog – one of the world’s key banking regulatory jobs.

Sky News has learnt that officials are drawing up plans to advertise for a chief executive to replace Sam Woods at the Prudential Regulation Authority (PRA) next year.

A recruitment process is not expected to formally get under way until after the summer.

It is likely to draw interest from senior regulatory figures from around the world, City sources said on Thursday.

Mr Woods has served two terms in the post, and will step down at the end of his second term next June.

A respected figure, he is seen as a plausible candidate to succeed Andrew Bailey as governor of the Bank of England in 2028.

Prior to his current PRA role, Mr Woods served as its executive director of insurance.

News of the impending recruitment process comes weeks after the chancellor, Rachel Reeves, appointed Nikhil Rathi to a second five-year term as boss of the Financial Conduct Authority.

As CEO of the PRA, Mr Woods is also a deputy governor of the Bank of England, a member of the Bank’s Court of Directors, and a director of the FCA.

The Treasury declined to comment.

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UK economy grows more than expected, according to official figures

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UK economy grows more than expected, according to official figures

The UK economy showed strong growth in the first three months of the year, according to official figures.

Gross domestic product (GDP) – the standard measure of an economy’s value – grew 0.7% in the first quarter of 2025, the Office for National Statistics said.

The rise is better than expected. An increase of just 0.6% was anticipated by economists polled by the Reuters news agency.

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It’s significantly better than the three months previous, in which a slight economic expansion of just 0.1% was reported for the final quarter of 2024.

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The ONS also said there was a small amount of growth last month, as GDP expanded 0.2% in March, which similarly beat expectations.

No growth at all had been forecast for the month.

How did the economy grow?

A large contribution to high GDP growth was an increase in output in the production sector, which rose 1.1%, driven by manufacturing and a 4% increase in water supply, the ONS said.

Also working to push up the GDP figure was 0.7% growth in the biggest part of the UK economy – the services industry.

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‘Here’s the concern with GDP figures’

Wholesale, retail and computer programming services all performed well in the quarter, as did car leasing and advertising, the ONS said.

It shows the economy was resilient, as the country headed into the global trade war sparked by President Trump’s so-called ‘liberation day’ tariff announcement on 2 April.

Welcome political news, for now

The data is welcome news for a government who have identified growing the economy as its number one priority.

Chancellor Rachel Reeves is taking the figures as a political win, saying the UK economy has grown faster than the US, Canada, France, Italy and Germany.

“Today’s growth figures show the strength and potential of the UK economy, ” she said.

“Up against a backdrop of global uncertainty, we are making the right choices now in the national interest.”

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Such GDP numbers may not continue into April as businesses and consumers were hit with a raft of bill rises, and Mr Trump’s tariffs fired the starting gun on a global trade war.

Last month, water, energy and council tax bills rose across the country while employers faced higher wage costs from the rise in their national insurance contributions and the minimum wage.

But above-inflation wage growth and fading consumer caution could continue to boost the economy.

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Foreign states face 15% newspaper ownership limit amid Telegraph row

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Foreign states face 15% newspaper ownership limit amid Telegraph row

Foreign state investors would be allowed to hold stakes of up to 15% in British national newspapers, ministers are set to announce amid a two-year battle to resolve an impasse over The Daily Telegraph’s ownership.

Sky News has learnt that the Department for Culture, Media and Sport could announce as soon as Thursday that the new limit is to be imposed following a consultation lasting several months.

The decision to set the ownership threshold at 15% follows an intensive lobbying campaign by newspaper industry executives concerned that a permanent outright ban could cut off a vital source of funding to an already-embattled industry.

It would mean that RedBird IMI, the Abu Dhabi state-backed fund which owns an option to take full ownership of the Telegraph titles, would be able to play a role in the newspapers’ future.

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RedBird Capital, the US-based fund, has already said it is exploring the possibility of taking full control of the Telegraph, while IMI would have – if the status quo had been maintained – forced to relinquish any involvement in the right-leaning broadsheets.

One industry source said they had been told to expect a statement from Lisa Nandy, the culture secretary, or another DCMS minister, this week, with the amendment potentially being made in the form of a statutory instrument.

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Other than RedBird, a number of suitors for the Telegraph have expressed interest but struggled to raise the funding for a deal.

The most notable of these has been Dovid Efune, owner of The New York Sun, who has been trying for months to raise the £550m sought by RedBird IMI to recoup its outlay.

Another potential offer from Todd Boehly, the Chelsea Football Club co-owner, and media tycoon David Montgomery, has yet to materialise.

RedBird IMI paid £600m in 2023 to acquire a call option that was intended to convert into ownership of the Telegraph newspapers and The Spectator magazine.

That objective was thwarted by a change in media ownership laws – which banned any form of foreign state ownership – amid an outcry from parliamentarians.

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The Spectator was then sold last year for £100m to Sir Paul Marshall, the hedge fund billionaire, who has installed Lord Gove, the former cabinet minister, as its editor.

The UAE-based IMI, which is controlled by the UAE’s deputy prime minister and ultimate owner of Manchester City Football Club, Sheikh Mansour bin Zayed Al Nahyan, extended a further £600m to the Barclays to pay off a loan owed to Lloyds Banking Group, with the balance secured against other family-controlled assets.

Other bidders for the Telegraph had included Lord Saatchi, the former advertising mogul, who offered £350m, while Lord Rothermere, the Daily Mail proprietor, pulled out of the bidding last summer amid concerns that he would be blocked on competition grounds.

The Telegraph’s ownership had been left in limbo by a decision taken by Lloyds Banking Group, the principal lender to the Barclay family, to force some of the newspapers’ related corporate entities into a form of insolvency proceedings.

The newspaper auction is being run by Raine Group and Robey Warshaw.

The DCMS declined to comment.

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