Connect
An update from our Parlimentary Advisors
Pensions Minister Torsten Bell has said that the Government will re-establish the Blair-era Pensions Commission. This will be part of a “shakeup of Britain’s pension system”, arguing that it was only “a job half done”. He reportedly signalled alarm over the “massive” issue of “shrinking pension incomes” and retirement contributions, especially affecting “young people, lower earners, the self-employed and people from Pakistani and Bangladeshi backgrounds”. The Commission, which will be chaired by Baroness Jeannie Drake, is “expected to report within 18 months” and build consensus around systemic reforms.
A major overhaul of water regulation has been proposed by Sir Jon Cunliffe in a report published today outlining 88 recommendations for the Government. This includes environmental monitoring, legislation, and financial management of water companies. If implemented, the changes could reportedly lead to the “biggest reform” of the water sector since privatisation 36 years ago. A key suggestion within the 465-page report is to create a single regulator to replace Ofwat, the Drinking Water Inspectorate, and the Environment Agency’s water responsibilities. Speaking to BBC Breakfast, Sir Jon Cunliffe said that the main point of establishing a new regulator was to avoid the “frictions, tensions” and inconsistencies that currently plague the system. He stressed the importance of ensuring the water industry works for the consumer and believed that Ofwat had failed. The Government was reportedly also given a healthy dose of blame within the report, with Sir Jon Cunliffe talking to Times Radio to say, “It’s the failure of Government to balance out all the different pressures on water.” The report comes as the Environment Secretary acknowledged on Sunday that Ofwat was “clearly failing” and promised real “reform”. As part of this pledge, Steve Reed laid out a new Government commitment to halve the number of sewage discharge incidents by 2030.
The Chancellor Rachel Reeves is reportedly considering selling £5 billion worth of cryptocurrency. This will include “bitcoin and other currencies taken from criminals”, to help patch up a budget deficit. The Home Office is reportedly “planning” to create a “crypto storage and realisation framework” for the police to store seized cryptocurrencies safely before putting them up for sale. This comes after Rachel Reeves has been left with a £5 billion deficit to fund ahead of the upcoming Autumn Budget. It is not known how much cryptocurrency law enforcement agencies currently have, but one 2018 raid saw 61,000 bitcoins seized from a Chinese Ponzi scheme. The value of bitcoin has surged since President Donald Trump’s return to the White House, meaning the haul could be worth more than £5.4bn.
