UK ministers pressing ahead with ban on cryptocurrency political donations

The UK is considering scaling back jury trials due to severe court backlogs, which has raised concerns about the implications for the British justice system. The right to a jury trial is traditionally viewed as a fundamental aspect of justice in the UK, making any proposed changes particularly contentious.

Prof. David Miles, an official from the Office for Budget Responsibility (OBR), testified before MPs that Chancellor Rachel Reeves did not mislead the public regarding the challenges facing the UK ahead of the upcoming Budget. He stated that her messaging was consistent with the economic situation she encountered.

The Bank of England (BoE) has announced a reduction in capital requirements for high street banks, lowering the reserve ratio for risk-weighted assets from 14% to 13%. This marks the first easing of capital rules since the 2008 financial crisis, as stated by Governor Andrew Bailey, who emphasized that the lessons from that period remain relevant.

A U.S. delegation, including special envoy Steve Witkoff and Jared Kushner, is meeting with Russian President Vladimir Putin in Moscow to discuss potential peace talks aimed at ending the ongoing war in Ukraine. The Kremlin has expressed openness to negotiations but insists that its war objectives must be met, raising concerns about the sincerity of its commitment to peace. Meanwhile, Ukrainian President Volodymyr Zelensky is engaged in discussions with leaders from the UK and France, emphasizing the international dimension of the conflict.

David Lammy, the Deputy Prime Minister and Justice Secretary, has recounted his traumatic experiences of racial abuse during his youth, urging Nigel Farage to apologize for alleged racist comments made during their school years. This follows testimonies from over 20 former classmates of Farage, who have accused him of exhibiting racist and antisemitic behavior at Dulwich College.

The OECD has cautioned that Chancellor Rachel Reeves' strategy of higher taxes and spending restraint will hinder consumer expenditure in the UK, despite forecasts indicating that the UK economy will grow faster than France, Germany, and Italy next year. This fiscal consolidation is expected to limit household disposable income and slow consumption.

Justice Secretary David Lammy is expected to revise his proposal to eliminate jury trials for all but the most serious offenses, such as murder, manslaughter, and rape, following feedback from the cabinet. He indicated a preference for adhering to a recommendation by Sir Brian Leveson, which suggests that offenses likely to result in a sentence of three years or less should be handled by magistrates' courts.

The UK has agreed to pay 25% more for new US medicines, a decision that has raised concerns among health policy experts who warn it sets a problematic precedent. This agreement reflects a significant shift in the global pharmaceutical market, as noted by Australia's federal health minister, Mark Butler, who is monitoring the implications for Australia.