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Rachel Reeves to unveil action plan to cut regulation; Trump says reciprocal and sectoral tariffs coming on 2 April – business live – The Guardian

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Introduction: Reeves to meet regulators in drive to cut red tape

Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.

The UK government has the regulators in its sights as it tries to squeeze more growth out of the economy.

Chancellor Rachel Reeves is to meet with representatives from financial, environmental and health regulators today, in a push to cut bureaucracy and lower the cost of regulation for business.

She’s expected to unveil an “action plan” to cut red tape by reducing the number of bodies which oversee sectors of the economy that are crucial to boosting growth.

Speaking ahead of the meeting, the chancellor says:

“Today we are taking further action to free businesses from the shackles of regulation.

“By cutting red tape and creating a more effective system, we will boost investment, create jobs and put more money into working people’s pockets.”

The meeting will be attended by the Financial Conduct Authority, Prudential Regulation Authority, the Environment Agency, Natural England, the medicines regulator and the Information Commissioners’ Office.

Between them, these regulators look to protect consumers, businesses, patients and the environment – but ministers seem determined to prevent them clogging up the economy.

The government’s message, as it surveys an economy that shrank slightly in January, is that “regulators must work for the people…not get in the way of progress”.

On the environmental side, the government hopes to stop infrastructure projects being delayed by protection demands – an issue highlighted recently by the £100m bat shelter built for the HS2 trainline.

The Treasury also plan to slim down the legal duties of regulators, such as those in financial services, energy watchdog Ofgem and water regulator Ofwat, “so that they do not waste time satisfying redundant duties”.

One body, The Payment Systems Regulator, has already felt Reeves’ axe – its abolition was announced last week.

Rain Newton-Smith, chief executive of the Confederation of British Industry, said the UK’s “Gordian knot of regulations” hindered investment with compliance costs that were too high “leaving us trailing the international competition”.

She said:

“Today’s announcement signals a shift towards a more proportionate, outcomes-based approach that should deliver more sustainable growth and investment.”

The agenda

  • 9am GMT: Italian inflation report for February

  • 10am GMT: OECD interim economic outlook

  • 12.30pm GMT: US retail sales report for February

  • 2pm GMT: US NAHB housing market index

These should be boom times for defence companies, as European countries pledge a massive spending increase to protect the region.

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But UK defence company Qinetiq has surprised the City with a profits warning this morning, knocking its shares down by a fifth.

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Qinetiq told shareholders this morning that it has continued to experience “tough near-term trading conditions”, which have hurt its work in our UK Intelligence and US Sectors.

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As well as delayed contracts, Qinetiq has also suffered from “geopolitical uncertainty”.

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Qinetiq now expects organic revenue growth of 2% this financial year, down from the “high single digit organic revenue growth” it was predicting back in January.

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It is taking a goodwill impairment charge of £140m, as well as a non-cash charge of up to £40m due to US operations, “predominantly in our legacy US operations”.

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Qinetiq are the top faller on the FTSE 250 share index, down 21%. Other UK defence companies are in the red too, with BAE Systems down 0.5%, and Babcock down 0.3%.

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Susannah Streeter, head of money and markets at Hargreaves Lansdown, says:

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There have been high hopes that the pledge from European nations to swell military budgets amid heightened geopolitical tensions would translate into a flurry of new contracts.

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But as alliances shape shift, the uncertainty has been more of a curse than a blessing. Qinetiq has been best with contract delays, not just for its US arm, but also its UK intelligence business. It’s undergoing a re-evaluation and restructuring of its US business to help revive growth.

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Lay-offs at the US defense department may exacerbate its current problems, given that its short-term contracts in the US which appear to have already been hit hard. It seems spending decisions are being delayed amid the uncertainty.

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Rachel Reeves is expected to defang Britain’s competition regulator, restricting its powers to investigate mergers.

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According to the Financial Times, the chancellor will say she plans to update the two main tests that determine whether the Competition and Markets Authority should probe a merger.

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They say:

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One test, known as “share of supply”, allows the CMA to investigate deals that would result in a company controlling 25 per cent of the supply of goods and services in a market.

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The second “material influence” test can give the antitrust regulator power over purchases of certain interests in a business, such as significant shareholdings, even if they fall short of total control. Officials said Reeves wanted to “tighten” and “limit” the circumstances in which deals come under CMA scrutiny.

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Tightening and limiting the circumstances in which deals come under CMA scrutiny could help companies pull of mergers.

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Ministers have already shaken up the CMA by installing the former boss of Amazon UK, Doug Gurr, as interim chair, replacing Marcus Bokkerink, who agreed to stand down.

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Last month, the CMA’s chief executive, Sarah Cardell, argued that the regulator’s new growth focus did not clash with its core mandate to support competitin.

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Cardell told the Guardian:

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“I don’t see there being a fundamental tension between the two and we haven’t got a growth duty that’s coming in over and above. Our statutory functions are to promote competition and protect consumers. Those fundamentals haven’t changed.

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“It’s about making sure that the way in which we discharge those statutory duties is done in a way that helps to contribute to driving growth, building that business investor confidence.

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“We are looking for more pace, for more predictability, proportionality, and making sure our processes work.”

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President Donald Trump speaking to reporters on Air Force One on his return to Washington, DC”,”caption”:”US President Donald Trump speaking to reporters on Air Force One on his return to Washington, DC”,”credit”:”Photograph: Kevin Lamarque/Reuters”}},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Hopes that US president Donald Trump might sway away from deepening his global trade war next month have taken a knock overnight.

“,”elementId”:”826a81c4-5fec-4df5-8cb6-ad073d172e5e”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Trump has insisted that reciprocal and sectoral tariffs will be imposed on US trading partners on 2 April, and also insisted that he has no intention of creating exemptions on steel and aluminum tariffs.

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Speaking to reporters on Air Force One, Trump was asked if he would be imposing sectoral and reciprocal tariffs on 2 April, as has been previously suggested.

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He replied “In certain cases, both,” adding:

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n

“They charge us, and we charge them. Then, in addition to that, on autos, on steel, on aluminum, we’re going to have some additional.”

n

“,”elementId”:”1cd74e2f-231e-42db-b5be-760a045c056e”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Reciprocal tariffs are taxes on imports to the US which are set at a similar rate to taxes other countries put on goods they import from the US, while sectoral tariffs would target a particular type of products – such as automobiles, steel, aluminum, microprocessors, and pharmaceuticals.

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The comments are a sign that Trump is determined to press ahead with a more aggressive trade regime, despite having upset US allies – and spooked the financial markets – by announcing and imposing tariffs since returning to power.

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Trump insists, though, that slapping tariffs on imports to the US makes sense:

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n

“April 2 is a liberating day for our country.

n

We’re getting back some of the wealth that very, very foolish presidents gave away because they had no clue what they were doing.”

n

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Trump waving from the stairs of Air Force One this morning”,”caption”:”President Trump waving from the stairs of Air Force One this morning”,”credit”:”Photograph: Luis M Alvarez/AP”}}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1742196695000,”blockCreatedOnDisplay”:”03.31 EDT”,”blockLastUpdated”:1742198472000,”blockLastUpdatedDisplay”:”04.01 EDT”,”blockFirstPublished”:1742198379000,”blockFirstPublishedDisplay”:”03.59 EDT”,”blockFirstPublishedDisplayNoTimezone”:”03.59″,”title”:”Trump: Both reciprocal and sectoral tariffs coming on 2 April”,”contributors”:[],”primaryDateLine”:”Mon 17 Mar 2025 05.09 EDT”,”secondaryDateLine”:”First published on Mon 17 Mar 2025 03.28 EDT”},{“id”:”67d7d1658f080fa8bc4fd50d”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Sir Keir Starmer is promising to “bring back the animal spirits of the private sector” by cutting the burden of regulation.

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Writing in City AM this morning, Starmer says “it is an outrage” that the government does not know how much it costs business to comply with regulations.

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He is promising to lead the first government to baseline these costs, and cut them by 25% by the end of this parliament.

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In a notably pro-business column, the PM says the government must “unleash the power of the private sector” if it is to deliver economic growth.

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That, he says, means:

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n

Entrepreneurs who work day and night to build a business from scratch. Family companies that have passed know-how across the generations. Iconic British companies employing thousands of people across all sectors. Investors who provide the capital and expertise that fuels growth and innovation.

n

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Starmer adds that the government is “kicking off a short, sharp process” to identify regulators that can be cut or merged, as part of his drive to cut ‘quangos’, concluding:

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n

Reshaping our state, our regulatory system, our economy, is not the work of weeks and months. It will take years of discipline, focus and a willingness to make tough choices.

n

But my government is taking on that challenge to bring back the animal spirits of the private sector, and to make Britain the best place in the world to start and build a business.

n

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The Institute of Directors has welcomed the government’s plan to shake-up regulation, calling it “a welcome shift to a more growth friendly approach”.

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Dr. Roger Barker, director of policy at the Institute of Directors, says:

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n

“Compliance with burdensome regulation is frequently cited by IoD members as one of the top factors having a negative effect on their businesses. Although well-designed and proportionate regulation has a valuable role to play in a modern economy, the current UK framework does not sufficiently prioritise growth and innovation. It is hence appropriate for the government to rebalance its approach with a pro-business orientation at its core.

n

“In our Spending Review submission in February, the IoD called on the government to reinstate a Business Impact Target for new regulation over the life of the Parliament. We are therefore delighted that the government has listened to this recommendation and is now committed to reducing the administrative costs of regulation on business by 25% through this Plan. Meaningful progress against this target will be crucial for supporting businesses and growing the economy.

n

“In addition to the measures announced today, we would also like to see the government apply more rigorous and timely impact assessment procedures when considering new regulation. Non-regulatory solutions should always be considered, and the business case for new regulation should be subject to proper independent scrutiny by the Regulatory Policy Committee. There should also be a commitment to reviewing the ongoing effectiveness of existing regulation at regular intervals.”

n

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Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.

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The UK government has the regulators in its sights as it tries to squeeze more growth out of the economy.

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Chancellor Rachel Reeves is to meet with representatives from financial, environmental and health regulators today, in a push to cut bureaucracy and lower the cost of regulation for business.

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She’s expected to unveil an “action plan” to cut red tape by reducing the number of bodies which oversee sectors of the economy that are crucial to boosting growth.

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Speaking ahead of the meeting, the chancellor says:

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“Today we are taking further action to free businesses from the shackles of regulation.

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“By cutting red tape and creating a more effective system, we will boost investment, create jobs and put more money into working people’s pockets.”

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The meeting will be attended by the Financial Conduct Authority, Prudential Regulation Authority, the Environment Agency, Natural England, the medicines regulator and the Information Commissioners’ Office.

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Between them, these regulators look to protect consumers, businesses, patients and the environment – but ministers seem determined to prevent them clogging up the economy.

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The government’s message, as it surveys an economy that shrank slightly in January, is that “regulators must work for the people…not get in the way of progress”.

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On the environmental side, the government hopes to stop infrastructure projects being delayed by protection demands – an issue highlighted recently by the £100m bat shelter built for the HS2 trainline.

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The Treasury also plan to slim down the legal duties of regulators, such as those in financial services, energy watchdog Ofgem and water regulator Ofwat, “so that they do not waste time satisfying redundant duties”.

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One body, The Payment Systems Regulator, has already felt Reeves’ axe – its abolition was announced last week.

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Rain Newton-Smith, chief executive of the Confederation of British Industry, said the UK’s “Gordian knot of regulations” hindered investment with compliance costs that were too high “leaving us trailing the international competition”.

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She said:

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“Today’s announcement signals a shift towards a more proportionate, outcomes-based approach that should deliver more sustainable growth and investment.”

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The agenda

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    9am GMT: Italian inflation report for February

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    10am GMT: OECD interim economic outlook

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    12.30pm GMT: US retail sales report for February

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    2pm GMT: US NAHB housing market index

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Key events

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UK defence company Qinetiq hit by “geopolitical uncertainty”

These should be boom times for defence companies, as European countries pledge a massive spending increase to protect the region.

But UK defence company Qinetiq has surprised the City with a profits warning this morning, knocking its shares down by a fifth.

Qinetiq told shareholders this morning that it has continued to experience “tough near-term trading conditions”, which have hurt its work in our UK Intelligence and US Sectors.

As well as delayed contracts, Qinetiq has also suffered from “geopolitical uncertainty”.

Qinetiq now expects organic revenue growth of 2% this financial year, down from the “high single digit organic revenue growth” it was predicting back in January.

It is taking a goodwill impairment charge of £140m, as well as a non-cash charge of up to £40m due to US operations, “predominantly in our legacy US operations”.

Qinetiq are the top faller on the FTSE 250 share index, down 21%. Other UK defence companies are in the red too, with BAE Systems down 0.5%, and Babcock down 0.3%.

Susannah Streeter, head of money and markets at Hargreaves Lansdown, says:

There have been high hopes that the pledge from European nations to swell military budgets amid heightened geopolitical tensions would translate into a flurry of new contracts.

But as alliances shape shift, the uncertainty has been more of a curse than a blessing. Qinetiq has been best with contract delays, not just for its US arm, but also its UK intelligence business. It’s undergoing a re-evaluation and restructuring of its US business to help revive growth.

Lay-offs at the US defense department may exacerbate its current problems, given that its short-term contracts in the US which appear to have already been hit hard. It seems spending decisions are being delayed amid the uncertainty.

The Government wants to make sure that there is “less duplication in the system” when it comes to regulation, a Treasury minister has said.

Emma Reynolds, the economic secretary to the Treasury, told BBC Breakfast:

“We want to ensure that there is less duplication in the system.

“That means that we shouldn’t have the layering upon layering of regulation, but it’s also the case that some regulators are being folded into other regulators.

Because companies that want to set up and grow are facing sometimes two sets of very similar rules or very similar processes to gain authorisation, and we don’t think that that is a good use of resources, for one, but also it’s slowing down growth, and it’s slowing down the initiative and entrepreneurship of British business.”

Reeves expected to restrict UK competition watchdog’s merger investigations

Rachel Reeves is expected to defang Britain’s competition regulator, restricting its powers to investigate mergers.

According to the Financial Times, the chancellor will say she plans to update the two main tests that determine whether the Competition and Markets Authority should probe a merger.

They say:

One test, known as “share of supply”, allows the CMA to investigate deals that would result in a company controlling 25 per cent of the supply of goods and services in a market.

The second “material influence” test can give the antitrust regulator power over purchases of certain interests in a business, such as significant shareholdings, even if they fall short of total control. Officials said Reeves wanted to “tighten” and “limit” the circumstances in which deals come under CMA scrutiny.

Tightening and limiting the circumstances in which deals come under CMA scrutiny could help companies pull of mergers.

Ministers have already shaken up the CMA by installing the former boss of Amazon UK, Doug Gurr, as interim chair, replacing Marcus Bokkerink, who agreed to stand down.

Last month, the CMA’s chief executive, Sarah Cardell, argued that the regulator’s new growth focus did not clash with its core mandate to support competitin.

Cardell told the Guardian:

“I don’t see there being a fundamental tension between the two and we haven’t got a growth duty that’s coming in over and above. Our statutory functions are to promote competition and protect consumers. Those fundamentals haven’t changed.

“It’s about making sure that the way in which we discharge those statutory duties is done in a way that helps to contribute to driving growth, building that business investor confidence.

“We are looking for more pace, for more predictability, proportionality, and making sure our processes work.”

Trump: Both reciprocal and sectoral tariffs coming on 2 April

US President Donald Trump speaking to reporters on Air Force One on his return to Washington, DC
US President Donald Trump speaking to reporters on Air Force One on his return to Washington, DC Photograph: Kevin Lamarque/Reuters

Hopes that US president Donald Trump might sway away from deepening his global trade war next month have taken a knock overnight.

Trump has insisted that reciprocal and sectoral tariffs will be imposed on US trading partners on 2 April, and also insisted that he has no intention of creating exemptions on steel and aluminum tariffs.

Speaking to reporters on Air Force One, Trump was asked if he would be imposing sectoral and reciprocal tariffs on 2 April, as has been previously suggested.

He replied “In certain cases, both,” adding:

“They charge us, and we charge them. Then, in addition to that, on autos, on steel, on aluminum, we’re going to have some additional.”

Reciprocal tariffs are taxes on imports to the US which are set at a similar rate to taxes other countries put on goods they import from the US, while sectoral tariffs would target a particular type of products – such as automobiles, steel, aluminum, microprocessors, and pharmaceuticals.

The comments are a sign that Trump is determined to press ahead with a more aggressive trade regime, despite having upset US allies – and spooked the financial markets – by announcing and imposing tariffs since returning to power.

Trump insists, though, that slapping tariffs on imports to the US makes sense:

“April 2 is a liberating day for our country.

We’re getting back some of the wealth that very, very foolish presidents gave away because they had no clue what they were doing.”

President Trump waving from the stairs of Air Force One this morning
President Trump waving from the stairs of Air Force One this morning Photograph: Luis M Alvarez/AP

Starmer: I’ll cut regulation and unleash animal spirits

Sir Keir Starmer is promising to “bring back the animal spirits of the private sector” by cutting the burden of regulation.

Writing in City AM this morning, Starmer says “it is an outrage” that the government does not know how much it costs business to comply with regulations.

He is promising to lead the first government to baseline these costs, and cut them by 25% by the end of this parliament.

In a notably pro-business column, the PM says the government must “unleash the power of the private sector” if it is to deliver economic growth.

That, he says, means:

Entrepreneurs who work day and night to build a business from scratch. Family companies that have passed know-how across the generations. Iconic British companies employing thousands of people across all sectors. Investors who provide the capital and expertise that fuels growth and innovation.

Starmer adds that the government is “kicking off a short, sharp process” to identify regulators that can be cut or merged, as part of his drive to cut ‘quangos’, concluding:

Reshaping our state, our regulatory system, our economy, is not the work of weeks and months. It will take years of discipline, focus and a willingness to make tough choices.

But my government is taking on that challenge to bring back the animal spirits of the private sector, and to make Britain the best place in the world to start and build a business.

IoD welcomes ‘rebalancing’ of regulation

The Institute of Directors has welcomed the government’s plan to shake-up regulation, calling it “a welcome shift to a more growth friendly approach”.

Dr. Roger Barker, director of policy at the Institute of Directors, says:

“Compliance with burdensome regulation is frequently cited by IoD members as one of the top factors having a negative effect on their businesses. Although well-designed and proportionate regulation has a valuable role to play in a modern economy, the current UK framework does not sufficiently prioritise growth and innovation. It is hence appropriate for the government to rebalance its approach with a pro-business orientation at its core.

“In our Spending Review submission in February, the IoD called on the government to reinstate a Business Impact Target for new regulation over the life of the Parliament. We are therefore delighted that the government has listened to this recommendation and is now committed to reducing the administrative costs of regulation on business by 25% through this Plan. Meaningful progress against this target will be crucial for supporting businesses and growing the economy.

“In addition to the measures announced today, we would also like to see the government apply more rigorous and timely impact assessment procedures when considering new regulation. Non-regulatory solutions should always be considered, and the business case for new regulation should be subject to proper independent scrutiny by the Regulatory Policy Committee. There should also be a commitment to reviewing the ongoing effectiveness of existing regulation at regular intervals.”

Rachel Reeves is expected to use today’s meeting to unveil 60 measures that regulators have agreed to undertake to boost economic growth.

The BBC had a handy list of what’s expected:

  • Fast-tracking new medicines through a pilot to provide parallel authorisations from healthcare regulators

  • Reviewing the £100 cap on individual contactless payments

  • Simplifying mortgage lending rules to make it easier to re-mortgage with a new lender and reduce mortgage terms

  • Setting up a ‘concierge service’ to help international financial services firms navigate regulations

  • Civil Aviation Authority permitting at least two more large drone-flying trials for deliveries in the coming months – which the government said has already cut travel times for blood samples between hospitals from 30 minutes down to two minutes

Introduction: Reeves to meet regulators in drive to cut red tape

Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.

The UK government has the regulators in its sights as it tries to squeeze more growth out of the economy.

Chancellor Rachel Reeves is to meet with representatives from financial, environmental and health regulators today, in a push to cut bureaucracy and lower the cost of regulation for business.

She’s expected to unveil an “action plan” to cut red tape by reducing the number of bodies which oversee sectors of the economy that are crucial to boosting growth.

Speaking ahead of the meeting, the chancellor says:

“Today we are taking further action to free businesses from the shackles of regulation.

“By cutting red tape and creating a more effective system, we will boost investment, create jobs and put more money into working people’s pockets.”

The meeting will be attended by the Financial Conduct Authority, Prudential Regulation Authority, the Environment Agency, Natural England, the medicines regulator and the Information Commissioners’ Office.

Between them, these regulators look to protect consumers, businesses, patients and the environment – but ministers seem determined to prevent them clogging up the economy.

The government’s message, as it surveys an economy that shrank slightly in January, is that “regulators must work for the people…not get in the way of progress”.

On the environmental side, the government hopes to stop infrastructure projects being delayed by protection demands – an issue highlighted recently by the £100m bat shelter built for the HS2 trainline.

The Treasury also plan to slim down the legal duties of regulators, such as those in financial services, energy watchdog Ofgem and water regulator Ofwat, “so that they do not waste time satisfying redundant duties”.

One body, The Payment Systems Regulator, has already felt Reeves’ axe – its abolition was announced last week.

Rain Newton-Smith, chief executive of the Confederation of British Industry, said the UK’s “Gordian knot of regulations” hindered investment with compliance costs that were too high “leaving us trailing the international competition”.

She said:

“Today’s announcement signals a shift towards a more proportionate, outcomes-based approach that should deliver more sustainable growth and investment.”

The agenda

  • 9am GMT: Italian inflation report for February

  • 10am GMT: OECD interim economic outlook

  • 12.30pm GMT: US retail sales report for February

  • 2pm GMT: US NAHB housing market index

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