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  • NEWS STORY : Mortgage approvals fall to lowest level in more than two years

    NEWS STORY : Mortgage approvals fall to lowest level in more than two years

    STORY

    The number of mortgages approved for house purchases fell to its lowest level since January 2024 during July, according to figures released by the Bank of England. Lenders approved 56,053 mortgages, below the 59,500 expected by economists.

    June’s total was revised slightly upwards to 58,215, meaning approvals fell by more than 2,000 during the following month. Separate figures from Nationwide showed that house prices increased by 1.6 per cent in the year to August, below the current rate of consumer price inflation.

    The Bank of England figures also showed that net unsecured lending to consumers increased by just over £2 billion during July. This was the largest monthly rise since November 2025 and exceeded economists’ forecast of a £1.8 billion increase.

  • NEWS STORY : UK long term borrowing costs reach highest level since 1998

    NEWS STORY : UK long term borrowing costs reach highest level since 1998

    STORY

    The cost of long term Government borrowing has risen to its highest level in 28 years amid a wider sell off in global bond markets. The yield on 30 year UK Government bonds climbed to 5.89 per cent on Tuesday, its highest level since February 1998.

    The yield on ten year Government bonds also rose to 5.246 per cent, reaching a level last recorded in June 2008. Bond yields increase when prices fall and determine the rate that governments must offer investors when raising new money.

    The movement followed renewed increases in global oil prices, which contributed to concerns about inflation and future interest rates. Higher borrowing costs could place additional pressure on the Government’s finances because more public money must be used to service newly issued debt.

  • PRESS RELEASE : Five Eyes back UK-led action to disrupt global fraud networks [August 2026]

    PRESS RELEASE : Five Eyes back UK-led action to disrupt global fraud networks [August 2026]

    The press release issued by the Home Office on 27 August 2026.

    US, Canada, Australia, and New Zealand back a package of UK-led measures to strengthen international action against fraud and online scams.

    The UK is joining forces with the US, Canada, Australia and New Zealand to crack down on global fraud networks and protect the public from scammers.

    At the Five Country Ministerial in Sydney, Home Secretary Shabana Mahmood and her Five Eyes counterparts backed a package of UK-led measures to strengthen the international response to fraud and online scams, bringing together governments, law enforcement and industry to tackle one of the world’s fastest-growing crimes.

    The need for a more co-ordinated international response has grown as organised crime groups become increasingly sophisticated, exploiting global communications networks, digital platforms and financial systems to target victims across borders.

    New measures will strengthen partners’ ability to detect and disrupt fraud before more people become victims. This includes faster intelligence-sharing to identify fraud operations spanning multiple countries, including scam centres, and coordinated action between governments, law enforcement and industry to shut down the accounts, services and communications channels criminals use to target victims and move their profits.

    As part of this work, recommendations to strengthen industry action against online scams and financial crime will be developed in partnership with telecommunications providers, technology companies and financial institutions.

    The focus will be on tackling vulnerabilities in systems and services that criminals exploit to target victims and move illicit funds. By improving collaboration between the public and private sectors, partners will be better able to identify new threats, respond more quickly and make it harder for criminals to profit from fraud.

    Home Secretary Shabana Mahmood said:

    Fraud is a scourge on our society, ruining lives and costing victims billions of pounds every year.

    Criminal gangs don’t respect borders, so our response can’t be restricted by them. By deepening international co-operation and working more closely with industry, we can track down fraudsters, disrupt their operations, and better protect the public.

    Together, we must make it harder for criminals to profit from fraud and easier to bring them to justice.

    Five Eyes partners also backed enhanced international support for the UK-backed INTERPOL Global Fraud Taskforce. Bringing together law enforcement, governments and industry, the taskforce will help map organised fraud networks, generate intelligence, identify links between criminal groups operating in different countries and support international operations to disrupt their activities and bring perpetrators to justice.

    As a global leader in the fight against fraud, the UK is driving the international response to a crime which increasingly crosses national borders.

    Earlier this year, the government committed £250 million through its new Fraud Strategy to strengthen law enforcement capabilities, tackle scams at their source and improve support for victims.

  • NEWS STORY : Export Bar Placed on £71 Million Rembrandt Portrait

    NEWS STORY : Export Bar Placed on £71 Million Rembrandt Portrait

    STORY

    The Government has temporarily prevented a Rembrandt portrait valued at more than £71 million from leaving the UK, giving a British gallery or institution an opportunity to acquire it. Portrait of Catrina Hooghsaet, painted in 1657, has been displayed in the UK since the middle of the eighteenth century.

    The work depicts an affluent member of Amsterdam’s Mennonite community who lived separately from her husband. The Reviewing Committee on the Export of Works of Art said the portrait was important for understanding Rembrandt’s work, Dutch social relations and the history of portrait painting and art collecting in Britain. It is the most valuable object to have been given national treasure status under the export bar system.

    A decision on the export licence has been deferred until 26 December 2026, allowing potential purchasers time to raise the recommended price of £71,696,324.90, plus VAT of £754,698.15. Arts Minister Ruth Mackenzie called upon cultural organisations, funders and philanthropists to help retain the painting in the UK and keep it on public display.

  • PRESS RELEASE : Minister acts to help save Rembrandt masterpiece from leaving the UK [August 2026]

    PRESS RELEASE : Minister acts to help save Rembrandt masterpiece from leaving the UK [August 2026]

    The press release issued by the Department for Digital, Culture, Media and Sport on 27 August 2026.

    The government has temporarily banned a Rembrandt painting worth £71 million from being taken out of the UK permanently.

    • A UK gallery or institution has been granted the opportunity to save this masterpiece for the nation 

    The UK government has blocked a painting by Rembrandt, one of the most famous artists of all time, from being taken out of the country permanently in the hope that a UK gallery or institution can save it for the nation.  

    Rembrandt’s Portrait of Catrina Hooghsaet, painted in 1657, is one of the artist’s most exceptional later works, and has been displayed in the UK since the mid eighteenth century. It is valued at £71 million, the most expensive object ever to be given national treasure status.  

    The decision to place a temporary export ban on the portrait gives museums and galleries time to raise the funds needed to acquire it, with the aim of keeping an important work in the UK and on public display.  

    The portrait is of exceptional importance to our shared history and national life; it adds value to our understanding of Rembrandt and his works, social relations, gender, religion and identity in the Dutch Republic, Rembrandt’s place in British collections, and the wider history of the art of portrait painting. 

    The portrait depicts Catrina Hooghsaet, an affluent member of Amsterdam’s Mennonite community whose unconventional domestic life saw her live separately from her husband. Rembrandt’s thoughtful depiction captures both her character and individuality, demonstrating his celebrated ability to convey the inner life of his sitters. 

    Arts Minister, Ruth Mackenzie said: 

    The Portrait of Catrina Hooghsaet has been part of the UK’s cultural life for centuries. The scale, beauty and history of this masterpiece make it a priority for cultural partners, funders, philanthropists, and lovers of Rembrandt to help this masterpiece keep its historical place in the UK.

    Andrew Hochhauser KC, Committee Chairman said:  

    Painted in the final phase of his career, Rembrandt’s portrait of Catrina Hooghsaet ranks amongst his finest achievements. It belongs to a rare group of large-scale three-quarter-length portraits and stands out for its delicacy, refinement, and exceptional finish. 

    Rembrandt transforms her relatively ordinary features into a striking image of beauty through his sensitivity, honesty and profound psychological insight. 

    Catrina Hooghsaet’s unusually well-documented life allows the portrait to be studied alongside rich historical evidence, providing rare insights into social relations, gender, religion, and identity in the Dutch Republic.  

    This is a painting of outstanding aesthetic importance, of outstanding significance to our cultural history. It is also of outstanding significance to the study of the history of portraiture, the oeuvre of Rembrandt and the history of collecting his work in Britain. This enormously important painting should be saved for the nation and kept on public display in this country.

    The Committee recommended that the painting should be subject to an export bar because it met all three Waverley criteria. These criteria are used to assess whether an object is of national importance and its departure from the UK would be a misfortune. In this case, the painting was recognised for its strong connection with our history and national life, its exceptional aesthetic quality, and its importance to the study of Rembrandt and his work.  

    The decision on the export licence application for the painting will be deferred for an initial period ending on 26 December 2026 inclusive in which we welcome expressions of interest from an appropriate purchaser to try and acquire the object. At the end of the first deferral period owners will have a consideration period of 15 Business Days to consider any offer(s) to purchase the painting at the recommended price of £71,696,324.90 (plus VAT of £754,698.15). The second deferral period will commence following the signing of an Option Agreement and will last for nine months.  

    When someone applies to permanently export a important cultural object from the UK, the Government can pause the export if the object is considered a national treasure. This gives a UK museum or appropriate purchaser time to raise the money to keep it in the country.   

    Notes to editors 

    Organisations or individuals interested in purchasing the painting should contact the RCEWA on 02072680534 or rcewa@artscouncil.org.uk. 

    Details of the item are as follows: Rembrandt Harmensz van Rijn (1606–1669); Portrait of Catrina Hooghsaet (1607–1685); Oil on canvas, 126 x 98.5 cm; Inscribed and signed on the shield upper left: ‘CATRINA HOOGH / SÆT. / OVT. 50. / Jaer’ and ‘Rembrandt. f. / 1657.’ 

    Provenance:  

    • Catrina Hooghsaet (1607–1685), Amsterdam 
    • Her third husband, Jan Schildt (died 1686), Amsterdam 
    • Probably John Fane, Lord Le Despencer, 7th Earl of Westmorland (1685–1762), Mereworth House, Kent, by 1752 
    • Sir Francis Dashwood, 2nd Bt, Lord Le Despencer (1708–1781), of West Wycombe, and Mereworth House, Kent, by 1780 
    • By descent to his sister, Rachel Dashwood (c.1706–1788), wife of Sir Robert Austen, 4th Bt 
    • By descent to her cousin, Sir Thomas Stapleton, 6th Bt, Lord Le Despencer (1766–1831), of Rotherfield Greys, and Mereworth Castle, Kent 
    • His posthumous sale, 1831 
    • Bought after this sale by Peacock [probably the London dealer Michael Peacock (c.1785–1843)], for £178 10s.  *Collection Edmund Higginson (né Barneby) (1802–1871), Saltmarshe Castle, Herefordshire, by 1836 
    • His sale, London (Christie’s), 4–6 June 1846, lot 221 (£798, bought in) 
    • His sale, London (Christie’s), 4–6 June 1860, lot 43 (740 gns., to Farrer [the London 
    • dealer Henry Farrer, 1798–1866]) 
    • Collection Colonel the Hon. Edward Douglas-Pennant, 1st Baron Penrhyn of Llandegai (1800–1886), and by descent 
    • Private sale, 2015, when acquired by a private collector, 
    • Private sale, (Christie’s) 2025, when acquired. 

    The Reviewing Committee on the Export of Works of Art and Objects of Cultural Interest is an independent body, serviced by Arts Council England (ACE), which advises the Secretary of State for Culture, Media and Sport on whether a cultural object, intended for export, is of national importance under specified criteria.

  • NEWS STORY : Parents Urged to Check Children’s Vaccinations as Uptake Remains Below Target

    NEWS STORY : Parents Urged to Check Children’s Vaccinations as Uptake Remains Below Target

    STORY

    Parents are being urged to ensure their children receive vaccinations at the recommended time after new figures showed that uptake in England remains below the World Health Organization target. The UK Health Security Agency said vaccination levels among children reaching primary school age appear to be stabilising following a decade of gradual decline.

    Among five-year-olds, 83.8 per cent had received two doses of the MMR vaccine in 2025/26, compared with 83.7 per cent during the previous year. Coverage for the six-in-one vaccine stood at 92.9 per cent, while uptake of the four-in-one preschool booster increased from 81.3 per cent to 81.9 per cent. None of the vaccinations measured currently meets the WHO target of 95 per cent.

    UKHSA warned that uptake among children measured at one and two years old had fallen again for every vaccine. Vaccinations are available free through the NHS, with catch-up appointments offered by GP practices and school programmes. Dr Mary Ramsay, UKHSA’s Director of Immunisation, said parents whose children had missed vaccinations should contact their GP practice, adding that it was not too late to catch up with most childhood vaccines

  • Andy Burnham – 2026 Statement on Flooding on Nepal-China Border

    Andy Burnham – 2026 Statement on Flooding on Nepal-China Border

    The statement made by Andy Burnham, the Prime Minister, on 26 August 2026.

    These scenes emerging from along the Nepal-China border are devastating. My thoughts are with all those affected, including the families and loved ones of British nationals missing in this tragedy.

    We will do everything we can to support British nationals impacted in the region and are in touch with the relevant authorities to offer support.

    I urge British nationals in the region to follow guidance from the local authorities and follow our travel advice.

  • NEWS STORY : Bank of England to Receive New Payments Innovation Objective

    NEWS STORY : Bank of England to Receive New Payments Innovation Objective

    STORY

    The Government plans to give the Bank of England a new responsibility to support innovation in payment systems and emerging forms of digital money. The secondary objective will require the Bank to encourage technological development while retaining financial stability as its primary consideration.

    The reforms will extend the Bank’s existing innovation responsibilities to systemic payment systems, including those using digital settlement assets such as stablecoins. The Government said developments including tokenisation and distributed ledger technology could transform financial markets, but stressed that the Bank would not be required to support innovations which threatened financial stability.

    The Bank will report annually to Parliament on its progress against the new objective. Ministers expect to introduce the change through amendments to the Financial Services and Markets Bill, which is due to be debated in the House of Lords on 7 and 9 September. City Minister Lucy Rigby said the measure would help the UK remain a global leader in financial services.

  • NEWS STORY : Hillsborough Law to Receive Second Reading in House of Lords

    NEWS STORY : Hillsborough Law to Receive Second Reading in House of Lords

    STORY

    Members of the House of Lords are preparing to debate legislation which would impose a legal duty of candour on public servants and public authorities. The Public Office (Accountability) Bill, widely known as the Hillsborough Law, will receive its second reading on Tuesday 1 September.

    The proposed law is intended to prevent public bodies and officials from concealing information or failing to cooperate honestly following disasters and state related deaths. It would also provide legal aid for victims and their families, addressing concerns about the disparity between publicly funded representation for state organisations and the resources available to bereaved relatives.

    Justice minister Lord Lemos will introduce the debate and respond for the Government. Other scheduled speakers include former Prime Minister Baroness May, former Home Secretaries Lord Blunkett and Lord Howard and Lord Arbuthnot, who campaigned on behalf of subpostmasters affected by the Post Office Horizon scandal. The second reading will allow members to debate the bill’s principles before detailed amendments are considered at later stages.

  • NEWS STORY : Mike Ashley Attacks Government’s High Street Business Rates Plans

    NEWS STORY : Mike Ashley Attacks Government’s High Street Business Rates Plans

    STORY

    Frasers Group founder Mike Ashley has described the Government’s plans to reform business rates as “delusional”, arguing that the proposals could place further pressure on larger retailers. In a letter to Prime Minister Andy Burnham, Ashley accused the Government of relying upon media announcements instead of addressing the costs affecting businesses and employment.

    The Prime Minister has announced that pubs, clubs and live music venues in England will receive a 20 per cent reduction in business rates from April. The Government intends to fund the measure partly by reviewing reliefs for businesses it believes do not contribute positively to local communities and by increasing enforcement against online marketplaces that fail to meet their tax obligations.

    Burnham has also suggested raising business rates on large warehouses used by online retailers while reducing the burden on high street businesses. Ashley said increasing taxes on larger retailers to support pubs and clubs was the wrong approach. Downing Street defended the plans, saying the Government wanted to build an economy which supported British businesses and made essential costs more affordable.