Rachel Reeves expected to review pensions auto-enrolment

The chancellor, Rachel Reeves, is expected to trigger a review of the auto-enrolment pension scheme next week in a move that could ultimately force employers to raise their contributions to staff retirement pots.The announcement could come as early as Monday, forming a key part of the Labour government’s pensions review, industry sources told the Guardian.It is expected to be one of a raft of changes outlined in Reeves’ Mansion House speech, which will detail the government’s financial services strategy to City bosses on Tuesday evening.The review, led by the Department for Work and Pensions, will explore raising auto-enrolment contributions from the current level of 8% of worker earnings, with employees currently paying in 5% and the employer adding 3%. The consultation was put on hold last year amid concerns that it would upset businesses already reeling from a rise in employer national insurance contributions announced in Reeves’ autumn budget

Car finance: Drivers using claims firms could face 36% add-on charge on compensation payouts

Adverts claiming consumers could be entitled to compensation for mis-sold car finance are popping up everywhere. “You could be owed thousands … File your car finance claim today” is a typical call to action.With only weeks to go, however, until we find out whether there could be payouts for millions of people, there are warnings that signing up with a claims management company (CMC) could be a bad idea.The payment protection insurance (PPI) debacle led to claims firms pocketing billions of pounds of the compensation paid to victims, and it seems some are keen to cash in on this latest consumer issue.It has been said the scandal could result in a £44bn bill for lenders, and this week a survey revealed that more than 23 million people believe they could be due some compensation for a mis-sold car loan

HSBC becomes first UK bank to quit industry’s net zero alliance

HSBC has become the first UK bank to leave the global banking industry’s net zero target-setting group, as campaigners warned it was a “troubling” sign over the lender’s commitment to tackling the climate crisis.The move risks triggering further departures from the Net Zero Banking Alliance (NZBA) by UK banks, in a fresh blow to international climate coordination efforts.HSBC’s decision follows a wave of exits by big US banks in the run-up to Donald Trump’s inauguration in January. His return to the White House has spurred a climate backlash as he pushes for higher production of oil and gas.HSBC was a founding member of the NZBA at its launch in 2021, with the bank’s then chief executive, Noel Quinn, saying it was vital to “establish a robust and transparent framework for monitoring progress” towards net zero carbon-emission targets

Supersize me: recreating Pret’s £13 miso salmon super plate at home

This week Pret a Manger sparked uproar when it launched a range of new supersized salads. It came as a response to what Pret said was a “shift in what customers want from lunch”, though possibly not from their wallet, with the premium salads priced £10-£13.But how good are they? And is it right that they cost that much? I set off to recreate the miso salmon super plate at home. It’s fun copying the ingredients off the back of a packet to come up with a recipe. With the miso salmon plate, I’m impressed by the original: the plate looks very pretty, and the lightly smoked salmon fillet has an excellent texture

Rachel Reeves to try to reassure City investors after unexpected UK GDP fall

Rachel Reeves will attempt to shrug off the UK’s anaemic economic performance at her Mansion House speech next week, after the latest official figures showed the economy unexpectedly shrank in May.The chancellor is expected to say the City is at the heart of her vision for sparking economic growth, as she battles to seize back the narrative after worse than expected GDP figures, and a bleak warning from the Office for Budget Responsibility (OBR) about the state of the public finances.The economy shrank by 0.1% in May, the Office for National Statistics said, fuelled by sharp declines in manufacturing and construction.It was the second month of contraction in a row after a 0

Rubio in bind as he seeks to reassure south-east Asia, even as it faces Trump tariffs

Even as they face among the most punitive tariffs globally, the US secretary of state, Marco Rubio, has sought to reassure south-east Asian countries of Washington’s commitment to the region, saying they may get “better” trade deals than the rest of the world.In his first official visit to Asia, Rubio met the foreign ministers of the 10-member Association of Southeast Asian Nations (Asean) in Malaysia on Thursday, telling his counterparts that the US had “no intention of abandoning” the region. His visit came days after Donald Trump renewed his threat to impose severe tariffson many south-east Asian countries if they did not strike deals by 1 August.The region, which includes countries that rely on exports and manufacturing, has been among the worst hit by Trump’s trade war.Thailand, Malaysia, Laos, Myanmar, Cambodia, the Philippines and Indonesia were sent letters this week warning they would face tariffs ranging from 20-40% – levies that Rubio said were being discussed with Asean countries