BoE warns against financial services regulation

Sir Jon Cunliffe, deputy governor for financial stability at the BoE, has warned against watering down financial services regulation to boost short-term growth. Barclays notes his statement that while some "fine tuning" might be needed to the patchwork of regulations put in place after the crisis began, it is important that financial stability is not sacrificed.  

The number of new homes approved by councils around England has hit the highest level since the financial crisis, as the government's "Help to Buy" scheme boosts house building. Planning permission was granted for 52,167 homes in the first quarter of this year - up 19% y/y, according to research by the Home Builders Federation and data provider Glenigan. This takes the total number receiving approval in the past year to 203,810, adds Barclays. 

Ministers are considering scrapping "regressive" pension tax breaks for higher earners, amid claims that executives at the UK's biggest companies already plan to stop saving for their pensions. Ros Altmann, pensions minister, has confirmed that the government is considering abolishing the remaining special tax relief for high earners as part of a review of pensions.