UK and US launch joint task force on the future of financial markets
The Chancellor of the Exchequer, Rachel Reeves, hosted US Treasury Secretary Scott Bessent at Downing Street recently for a joint industry roundtable. The meeting reaffirmed the close ties between London and New York as leading global financial centres and announced the creation of a new Transatlantic Taskforce for Markets of the Future.
Purpose of the task force
The task force will provide recommendations to both governments on how the UK and US can work more closely together in areas such as:
-
Digital assets - exploring both short-term opportunities while regulation is still developing and long-term possibilities for innovation in wholesale digital markets.
-
Capital markets - identifying ways to make it easier for UK and US firms to raise funds across borders, reducing unnecessary burdens and strengthening competitiveness.
The task force will feed its recommendations through the existing UK-US Financial Regulatory Working Group and report within 180 days.
HM Revenue and Customs (HMRC) are writing to some taxpayers to tell them what they need to do to get ready for the new Making Tax Digital rules that come into force next April.
The UK unemployment rate has risen to 5% in the three months to September, the highest since early 2021, according to the latest figures from the Office for National Statistics (ONS). The increase was slightly higher than expected and adds to signs that the jobs market is starting to soften.
