Business
Rayner calls for Starmer to appoint night-time economy minister
Angela Rayner has called for Sir Keir Starmer to appoint a dedicated night-time economy minister as she warned “more needs to be done” to support the industry.
In a challenge to the Labour Government, the former deputy prime minister suggested venues face a “triple whammy” of costs with business rates, VAT and a minimum wage increase, on top of other pressures.
Speaking at a summit on the night-time economy in Liverpool, Ms Rayner said the sector should have a “true champion on the national stage” to represent its interests.
The Labour MP, who served as Sir Keir’s deputy and as local government secretary until resigning last year after a row over her underpayment of stamp duty on a new property, told an event in Liverpool: “We need to do better.
“We need to recognise the value of this industry, economically, culturally, socially.
“We need to design policy with the industry and not for it.”
She added: “I would support the Government in having a named minister with responsibility for the night-time economy to champion the sector inside Government and ensure that the voices of small and medium businesses are heard loud and clear.”
In a Q&A following her speech, Ms Rayner said “the ministerial position is really important” and urged Labour to avoid a “one-size-fits-all” approach to the sector.
The MP, who also previously oversaw Labour’s workers’ rights package and is widely seen as a potential successor to Sir Keir amid recent speculation about his future in No 10, also lamented the “challenges” to business of rising costs.
“I think we’ve got to recognise, it’s not even a double whammy, it’s not even a triple whammy, I talk about the challenges on business rates, the challenges on VAT, the challenges of the minimum wage going up and the living wage going up,” she said.
“And the cost of energy – we’ve got to start looking at the intersectionality of all these challenges and start relieving some of them.”
In her budget last year, Chancellor Rachel Reeves slashed a discount on business rates for pubs introduced during the pandemic.
Following anger from landlords, a £300 million “lifeline” for pubs was announced in January in a bid to ease concerns.
Also coming in April are new rateable values of business properties, which have been revalued to reflect changes in the property market.
Labour needs to “put rocket boosters on what we promised at the election and start delivering now”, Ms Rayner added, arguing that firms also need a “more permissive approach to licensing”.
“If we’re serious about recovery, then we must fuel the recovery of them (businesses),” she said.
“That means recognising the value not just in rhetoric, but in policy. And this is where we must be candid.
“There is, without doubt, a clear divide between policy that truly understands the night-time economy and policy that simply applies a one-size-fits-all approach.
“Too often, policy is done to this sector, not with it. And I recognise clearly and openly that more needs to be done to engage the industry directly and consistently and respectfully, to listen, to co-design, to recognise expertise where it exists.”
Responding to Ms Rayner’s speech, shadow business secretary Andrew Griffith said she had “finally realised the cumulative impact” of the Government’s “anti-business policies” on the economy.
“But these words will ring hollow for many, given she was one of the principal architects of the job-destroying Employment Rights Bill,” the Tory frontbencher added.
Several Labour figures have suggested changes should be made to the way Government operates in recent days following the fallout from the Peter Mandelson scandal.
Her recommendation of a new ministerial post follows calls from female Labour parliamentarians for Sir Keir to appoint a woman as his de facto deputy after a series of controversies which critics say has exposed a “boys’ club” in Downing Street.
No 10 has rejected the accusations about the way it has been run, but the Prime Minister has said he would consider a suggestion from Baroness Harriet Harman to revive the position of first secretary of state, which functions in practice as a deputy prime minister, and give the role to a woman.
A Government spokesperson said: “Thriving nightclubs are often at the heart of communities and play a key role in supporting economic growth across the UK.
“That is why we are taking action to support the sector including tackling late payments, speed up licensing reforms and cut red tape while our £4.3 billion support package will cap big business rate bill hikes – and we are publishing a new high streets strategy later this year to renew our neighbourhoods.”
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The FTSE 100 closed higher on Monday, recouping most of Friday’s hefty falls amid a calmer bond market and as Iran responded to the latest US peace proposal.
The FTSE 100 closed up 128.38 points, 1.3%, at 10,323.75. The FTSE 250 ended up 15.56 points, 0.1%, at 22,611.70, but the AIM All-Share fell 8.72 points, 1.1%, at 800.17.
Iran said it had responded to a new US proposal aimed at ending the war, adding that diplomatic exchanges continue despite Iranian media reports describing Washington’s demands as excessive, AFP reported.
Washington and Tehran have been swapping proposals in an effort to end the conflict, which the US and Israel launched on February 28, but they have held only a single round of talks despite a fragile ceasefire.
“As we announced yesterday, our concerns were conveyed to the American side,” foreign ministry spokesman Esmaeil Baqaei told a news briefing, adding that exchanges were “continuing through the Pakistani mediator”.
Mr Baqaei defended Iran’s demands, including the release of Iranian assets frozen abroad and the lifting of long-standing sanctions.
“The points raised are Iranian demands that have been firmly defended by the Iranian negotiating team in every round of negotiations,” he said.
But with no signs of clear progress, the oil price remained inflated and volatile.
Brent crude for July delivery was trading at 110.80 dollars a barrel on Monday, up compared to 108.83 at the time of the equities close in London on Friday.
After a frantic Friday, the bond markets calmed, while sterling also rebounded as investors weighed the latest political developments.
The yield on UK 10-year gilts traded at 5.14% compared to 5.17% at the same time on Friday.
The pound traded at 1.3397 dollars on Monday afternoon, up from 1.3319 on Friday. Against the euro, sterling firmed to 1.1506 euros from 1.1462 on Friday.
Prime Minister Sir Keir Starmer insisted he would not set out a timetable to leave No 10 as potential leadership challenger Andy Burnham vowed to “change Labour” if he is successful in his effort to return to Parliament.
The Prime Minister said he still wants to lead Labour into the next general election amid calls from within the party to set out a timetable for his exit.
Greater Manchester Mayor Mr Burnham hopes to be Labour’s candidate in the Makerfield by-election, which could provide him with a route back to the Commons to challenge for the party leadership and the keys to Downing Street.
Speaking to broadcasters in London, Sir Keir said he was not going to set out a timetable to stand down if Mr Burnham returns to Westminster.
He added: “I do want to fight the next election. Obviously, I recognise that after the local election results, the elections in Wales and Scotland as well, that the first task is obviously turning things around and making sure that my focus is in the right place.”
Meanwhile, the International Monetary Fund said growth in the UK economy will be stronger this year than previously thought.
The IMF updated its growth projections a month after warning of a sharp slowdown caused by the global energy shock from the US-Iran war.
The influential financial body said it was now predicting UK gross domestic product to rise by 1% in 2026, higher than the 0.8% growth it was forecasting last month.
Responding to the latest report, Chancellor Rachel Reeves said: “The IMF upgrading its growth forecasts and backing our fiscal strategy is yet more proof that this Government has the right economic plan.”
In Europe, equity markets on Monday, the Cac 40 in Paris ended up 0.4%, and the Dax 40 in Frankfurt advanced 1.5%.
In New York, the Dow Jones Industrial Average was down 0.1%, the S&P 500 fell 0.4%, and the Nasdaq Composite was 0.7% lower.
On the FTSE 100, Whitbread closed up 2.3% after Corvex Management urged the Premier Inn owner to put itself up for sale, slamming its recently announced new five-year strategic plan.
In a damning letter to Whitbread management, the New York-based activist hedge fund called the status quo “untenable” and said that the need to pursue “meaningful strategic and structural reform had become unignorable”.
As a result, Corvex, which holds a stake of around 7% in Whitbread, said the only “credible” path to unlocking value at Whitbread is a sale of the company.
Anglo America fell 1.4% as it struck a deal to sell its portfolio of steelmaking coal mines in Australia to Dhilmar for up to 3.88 billion dollars in cash.
The London-based mining house said Dhilmar will pay the FTSE 100-listing 2.3 billion dollars upfront, and the deal has a price-linked earnout of up to 1.58 billion dollars.
Anglo American chief executive officer Duncan Wanblad said: “This agreement represents another major step in the simplification of our portfolio ahead of completing our merger with Teck. Through this transaction, we will complete our exit from steelmaking coal.”
Susannah Streeter, chief investment strategist at Wealth Club, said: “This not only strengthens the balance sheet, ahead of its planned merger with Canada’s Teck Resources, but also keeps it exposed to future strength in coal prices.”
Capita shares rose 8.9% as the London-based outsourcing and business services company said adjusted revenue rose 2.9% on-year in the first four months of 2026, which it said was in line with expectations.
Looking ahead, Capita said it continues to expect a low to mid-single digit revenue climb in Capita Public Service and expects mid-teen revenue growth in its Pension Solutions business.
The biggest risers on the FTSE 100 were Centrica, up 7.70p at 196.95p, National Grid, up 43.50p at 1,231.50p, Pearson, up 37.00p at 1,136.50p, Relx, up 81.00p at 2,504.00p, and SSE, up 74.00p at 2,345.00p.
The biggest fallers on the FTSE 100 were 3i Group, down 128.00p at 2,082.00p, Airtel Africa, down 15.60p at 312.80p, Mondi, down 16.40p at 734.60p, Polar Capital Technology Trust, down 12.50p at 659.00p and Diploma, down 95.00p at 6,625.00p.
Tuesday’s global economic calendar has UK consumer and wholesale inflation figures, eurozone inflation data and the minutes of the last Federal Open Market Committee meeting.
Tuesday’s local corporate calendar has full-year results from business services group DCC, half-year numbers from supplier of specialised technical products and services, Doploma, and electricals retailer Currys.
Lloyds Banking Group is considering phasing out its Halifax brand, a move that could bring an end to the 173-year-old institution.
The Sun reports that bosses are expected to announce the end of Halifax as a standalone brand this summer.
It is understood that no definitive decisions have yet been made about the brand, which granted its first mortgage in 1853.
Should Halifax be phased out, account numbers would remain unchanged, and customers’ automatic protection under the Financial Services Compensation Scheme (FSCS) would be unaffected.
“We regularly look at the role our brands play in supporting our customers,” a spokesperson for Lloyds said.
“Our banking customers can already use any Lloyds, Halifax or Bank of Scotland branch, and see any of their products and services in any of their apps – there are no changes for our customers today.”
The Sun, citing industry insiders, reported that any transition would begin on 1 July when people will no longer be able to open new Halifax accounts online or through the app.
By October, Halifax will stop taking on new customers entirely and existing account holders will be gradually migrated to Lloyds Bank, the reports say.
Lloyds declined to comment on the potential timings for any plans.
Britain’s biggest mortgage lender made changes in 2025 that meant its three brands, Lloyds, Halifax and Bank of Scotland, could share branches and mobile banking services.
The shake-up meant some customers could access a branch that is closer to their home because they will be able to access face-to-face banking regardless of the brand.
However, the banking giant has also shut hundreds of high street branches over recent years.
It started another round of closures this month, which will see 95 branches shuttered across the three brands by March 2027.
The closures will leave the group with 610 branches in total, of which 306 are Lloyds, 238 Halifax and 66 Bank of Scotland.
Lloyds has said that all employees currently working at the affected branches will be offered alternative roles within the business or at other locations.
Halifax and Lloyds operate in the same market in England and Wales, while Bank of Scotland is the group’s only brand in the country.
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