Reynolds defends economy, promises £450m red tape cut
Business Secretary Jonathan Reynolds defends the government's economic record and announces plans to cut red tape, saving businesses £450m a year.
The Full Story
A plain summary built from the channels that reported this story.
Business Secretary Jonathan Reynolds has defended the government's economic record and set out plans to cut red tape, promising savings of £450 million a year for businesses. In an interview, he said a consultation would be launched next week on reforming corporate reporting, which he argued had become bloated for large firms and unnecessarily burdensome for medium-sized ones.
Reynolds rejected suggestions that the recent rise in gilt yields was comparable to the market turmoil following the 2022 mini-budget. He said the current increase reflected global factors, including tensions in Iran and heavy sovereign borrowing, rather than unfunded domestic policy. He insisted the government remained committed to fiscal discipline.
On welfare, Reynolds declined to put a figure on potential savings, arguing that the public was more interested in concrete policies than arbitrary numbers. He pointed to work by Alan Milburn aimed at helping young people into employment rather than onto sickness benefits.
The Business Secretary also defended the government's defence spending plans, reiterating a target of 3.5% of GDP by 2035 and saying the path to that covered the 3% milestone. He dismissed suggestions that defence secretary John Healey should resign over the delay, pointing to his position as evidence of the government's commitment.
On screen
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Key Claims
Claims reported during this story's coverage, mapped by channel. Ordered by how many channels carried each claim.
| Claim | GB News |
|---|---|
| Reynolds announced the government will launch a consultation on corporate reporting reforms next week. | |
| Reynolds attributed the current gilt yield rise to global factors, contrasting it with the mini-budget. | |
| Reynolds declined to give a specific welfare savings figure, stating the public wants policy rather than arbitrary numbers. |
Channel Perspectives
What each channel focused on, with key quotes.
The channel's host, Camilla Tominey, took an adversarial approach, pressing Reynolds on the rise in gilt yields compared with Liz Truss's mini-budget, on the lack of a specific welfare cut figure, and on defence spending targets. The editorial tone was critical and focused on holding the government to account, particularly on the gap between rhetoric and tangible commitments.
- “So if the gilt yields are higher now than they were under Liz Truss, why isn't the Labour government taking responsibility for, quote, crushing the economy”
- “If we still aren't getting to three percent of GDP by 2030, John Healey should resign shouldn't he?”
Broadcast Timeline
News broadcasts tracked for this story, in time order.