Warning issued to anyone who has contactless credit or debit card

New rules could be introduced by the new Labour Party government - potentially cutting or increasing the £100 contactless limit.
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A warning has been issued to anyone who has contactless payments on their credit or debit card. New rules could be introduced by the new Labour Party government - potentially cutting or increasing the £100 contactless limit.

The Financial Conduct Authority (FCA) is considering raising the limit from the current £100 in response to a request from Prime Minister Keir Starmer, Chancellor Rachel Reeves, and business secretary Jonathan Reynolds.

In their letters to regulators, the ministers said they were "determined that every department and every regulator should prioritise growth, and that we in government support you to do so". They added: "This collaborative effort is essential to ensure that our regulatory environment becomes more pro-growth and pro-investment.

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"We respect the independence of regulators and are committed to working with you to achieve these objectives." But the Conservative shadow business secretary Andrew Griffith poured scorn on the move.

He said: "It says all you need to know about Keir Starmer’s government that he’s having to beg his own government to create growth after Labour’s damaging budget and job destroying Employment Bill. If he wants the fastest growth in the G7, he’d have more luck turning the clock back to before the general election when the UK was growing under the Conservatives."

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The Labour Party ministers said they wanted to see ‘concrete proposals’ from regulators setting out how they could ‘go further’ to ‘prioritise growth’. They said: "Improving regulation in the UKensuring that it enables growth and does not unduly hold back investment is an essential part of this government’s growth mission.

This is a shared endeavour in which we all have a stake, and therefore we would like your support in delivering it." Regulators including the Financial Conduct Authority, Ofgem, Ofwat and the Competition & Markets Authority are among the bodies reported to have received letters from the prime minister.