FTSE 100 LIVE: Markets set to react to Rachel Reeves' controversial Mansion House speech
The UK FTSE 100 markets are set to react on Wednesday (July 16) following Rachel Reeves' second annual Mansion House speech to the financial sector. The chancellor said she is considering "further changes to ISAs" and encouraged regulators to put more focus on the benefits of investing in the stock market.
She told industry figures yesterday: "I will continue to consider further changes to ISAs, engaging widely over the coming months and recognising that despite the differing views on the right approach, we are united in wanting better outcomes for both savers and for the UK economy."
She added: "For too long, we have presented investment in too negative a light, quick to warn people of the risks, without giving proper weight to the benefits."
This is a live blog. Scroll down for updates.
The FTSE 100 markets are set to react to the chancellor's speech. The markets open at 8am this morning.
We will keep you updated.
Reeves said: "I recognise the potential for ISA reform to improve returns for savers and access capital for UK businesses.
I have confirmed that Long-Term Asset Funds can be included in stocks and shares ISAs, allowing long-term ISA investors to benefit from this innovative product."
She added: "And I will continue to consider further changes to ISAs, engaging widely in the coming months and recognising that despite the differing views on the right approach we are united in wanting better outcomes for both UK savers and for the UK economy."
Reeves said: "For too long, we have presented investment in too negative a light, quick to warn people of the risks, without giving proper weight to the benefits.
And our tangled system of financial advice and guidanc has meant people cannot get the right support to make decisions for themselves."
Speaking to key industry figures at Mansion House, the chancellor said: "The FTSE is at an all-time high, today, for the first time ever, breaking 9000 points;
"London is home to the deepest equity capital market in Europe. It is the third biggest venture capital market globally.
"And the London Stock Exchange is the most international in the world with the FTSE soon to include shares listed not just in sterling but also in dollars and in euros."
She added: "But we must do more to ensure that British savers benefit from the success of growing British businesses."
Reeves called on regulators to put more focus on the benefits of investing in the stock market.
Welcome to our live blog coverage. We will keep you updated on the FTSE 100 markets throughout the day,
Daily Express
