Chancellor Rachel Reeves calls in bankers for growth talks - minister says inflation rise 'a bump in the road'

'Je ne regrette rien': Wetherspoon boss has no regrets about Brexit

Finally, our business presenter Darren McCaffrey asked the notoriously pro-Brexit boss of Wetherspoon how he thinks leaving the EU has gone.

Sir Tim Martin sticks by his decision, saying: "Since the referendum, we've created 1.3 million jobs, the lowest unemployment we've ever had, half the level of France, outgrown two of the three major EU economies."

He does "regret we didn't adopt, in certain areas, more sensible policies", but says the "basis for my decision" was his opposition to the European system and European Court of Justice.

"That hasn't changed," he said.

"So I don't regret it at all. Je ne regrette rien, moi."

'I never pick on people with nuclear weapons'

Martin said the UK could now  "become a free trade nation", and was asked whether that made him anti-Trump, given the US president loves imposing tariffs.

"Well, I never pick on people who've got nuclear weapons - it's one of my main principles in life," he said.

Back to UK matters, Martin said he does not have much of an opinion of Tory leader Kemi Badenoch, and tried to "stay out of party politics".

But on Nigel Farage, he quoted ex-chancellor and Remainer, Ken Clarke, saying: "He said Farage is the most important politician in Ken's career. So he's a very important politician, amazing speech maker, clever guy.

"But do I agree with everything he says? Possibly not."

Modern politicians 'don't understand the importance of free enterprise'

The boss of Wetherspoon, Sir Tim Martin, has been speaking to our business presenter Darren McCaffrey, and he gave his views on the first few months of Labour in government.

He replied: "Where I think modern politicians across the parties are at fault is they don't understand and have a natural feel for the importance of free enterprise."

He believes they now see businesses as "milk cows, run by people who only care about themselves".

Asked if he is disappointed with Labour having pitched themselves as a pro-business party ahead of last year's general election, Martin said: "I think they understand they have to be pro-business.

"They were a little bit arrogant to start with, and they realise now that some of the moves they've made have got counterintuitive consequences.

"You put taxes up a lot, you've got inflation and so on. So I think they're learning on the job."

He added that politicians are "incredibly annoying", but he believes in democracy, so he understands that they won't all be economic geniuses.

"So I'm hoping they learn from their mistakes," he said.

Wetherspoon boss: Prices 'certain to rise' when national insurance hike kicks in

Our business presenter Darren McCaffrey has been speaking to the boss of Wetherspoon, Sir Tim Martin, and he asked about the effect of the chancellor's decision to raise employers' national insurance.

Martin replied that it will affect Wetherspoon "a heck of a lot", adding: "Much more [of an issue] for us is the level of taxes."

He said the rise from 13.8% to 15% will cost the business £1.2m a week.

"It's more for pubs and hospitality than for supermarkets because we've got more labour costs per pint," he explained.

Martin went on to say that prices are "certain to rise" when the national insurance hike kicks in on 1 April.

"There will definitely be an increase, and an increase in inflation as a result of the tax increase," he said.

Government launches new vaping study and campaign to warn teens of the dangers

The government is backing a new study to track the long-term effects of vaping on young people – and launching an anti-vaping campaign aimed at teenagers.

The study will track 100,000 young people over 10 years.

It will monitor them from the age of eight up to 18, collecting health data and tracking their wellbeing and other behaviours.

The long-term effects of vaping are not fully known. It's hoped the UK Research and Innovation (UKRI)-funded study will provide the most detailed information yet on its long-term impacts on young people, officials said.

Two other new studies will capture the latest data in vaping research.

Public health minister Ashley Dalton said: "We know that vaping can be a useful tool to quit smoking, but it's crucial we have clear evidence on the long-term health harms, especially for young people.

"This landmark series of studies, combined with our first nationwide youth vaping campaign, will help drive evidence-based, decisive action to protect our children's future."

Treasury provides details of chancellor's meeting with top bankers

We've just had a readout from the Treasury of the chancellor's meeting with investment bankers and asset managers this morning as she seeks to get the economy growing.

Rachel Reeves hosted top executives from JP Morgan, Blackrock, Abrdn, Morgan Stanley, Goldman Sachs, Citi, Fidelity, and Schroders for breakfast, which the Treasury says is part of the chancellor's "ongoing engagement with industry to hone the Financial Services Growth and Competitiveness Strategy".

In the meeting, Reeves outlined her plan to speed up the settlement of securities trades, which means that purchases and sales of shares would be settled the day after they are agreed, rather than the current two-day standard.

In a statement, the chancellor said: "I am determined to go further and faster to drive growth and put more money into people’s pockets through our Plan for Change.

"Speeding up the settlement of trades makes our financial markets more efficient and internationally competitive."

'Widespread' ageism against 'wealth-hoarding boomers' must be addressed, MPs say

Negative stereotyping of older people as "wealth-hoarding boomers" is contributing to "widespread" age discrimination in the UK, MPs have found.

Ageism is so "culturally embedded" in the UK that the government should establish a commissioner for older people - as there is in Wales and Northern Ireland - to help improve the lives of those aged 65 and over, a report by the Women and Equalities Select Committee concluded.

The report said there was "clear evidence" that portrayals of older people as "frail, helpless or incompetent, or conversely as "wealth-hoarding 'boomers'" was "highly prevalent" across the UK media and was a "significant contributory factor to the normalisation of ageist attitude".

It said such negative stereotyping had the effect of "pitting generations against each other and breeding unnecessary and unhelpful division".

There are currently 11 million people in England and Wales aged 65 or older, including more than half a million who are aged over 90, with these figures expected to increase in the coming decades.

Tories: Inflation rise shows chancellor is 'out of her depth'

We've just had some reaction from the Tories to the news that inflation rose to 3% in the 12 months to January.

Mel Stride, the shadow chancellor, said in a statement that the rise in prices "mean further pain for family finances".

He put the blame firmly on"the Labour chancellor's record tax hikes and inflation busting pay rises".

"Labour were warned that their tax spending and borrowing spree would drive up inflation," he continued.

"It means higher prices in the shops, and interest rates staying higher for longer, causing mortgage misery for millions.

"This chancellor is out of her depth, and we're all paying the price."

Minister says national security the 'absolute priority' - as public services brace for cuts

Some government departments have been asked to make savings which would amount to an 11% cut in spending, Sky News has leaned - as the prime minister faces calls to raise defence spending.

Treasury minister James Murray was asked about the plans by broadcasters this morning, and he replied: "National security is the absolute priority for this government, and we've been very clear that we will do what is necessary to protect our national security.

"The chancellor was also very clear at the budget last year that the fiscal envelope has been set, and her fiscal rules are non-negotiable.

"And we'll always make sure that we take fiscal decisions with responsibility, underpinning that stability in the economy, which is so crucial for investment and growth."

Minister admits families 'still finding it hard to make ends meet' as inflation rises

We've just heard from Treasury minister James Murray, responding to the news that inflation rose to 3% in the 12 months to January.

He told broadcasters that the figures "underline the fact that we are in a different world than we were a few years ago under the previous government, where inflation was routinely double digits".

While he acknowledged that "families across the country are still finding it hard to make ends meet", he also touted data that we got yesterday showing that wages are growing.

Asked if the economy has entered a period of stagnation, the minister responded that the Bank of England already said that inflation was expected to be "slightly higher" in the first half of the year, before falling towards the 2% target.

"So we know that the road is going to be bumpy toward getting to that target - the Bank of England has been clear about that," he said.

"But we're confident in our 'Plan for Change'."

Minister: 'Whole range of things' needed to crack down on knife crime

The government is today unveiling a new bill that they say will crack down on the sale of knives, particularly online.

Home Office minister Dame Diana Johnson told Sky's Wilfred Frost that in the tragic case of Ronan Kanda, who was killed just yards from his house, by someone using a 22-inch sword, the perpetrator had been able to just go online and buy the sword using one of his parents' bank cards.

"And then on the day of the attack, the perpetrator went to the Post Office to collect the sword marked up with what was in the box - no checks were carried out," she said.

And so this new legislation - named Ronan's Law in his memory - is one of "a whole series of things" ministers want to do to prevent knife crime.

Measures including mandatory reporting of bulk and suspicious purchases online, increasing the penalty for sales of knives to under-18s, a potential licensing scheme for retails who sell knives, and a dedicated policing unit to monitor knives being sold illegally on social media.

Wilfred noted that knives are already widely in circulation, and asked how much of a difference this will make to the wider epidemic of knife crime.

Johnson replied: "Well, I think what we know is that there isn't one thing you can do to stop knife crime - there's going to have to be a whole range of things."

Prevention is a key area, and that requires "putting in the support and help and the protective measures to stop [young people] moving into knife crime".

She also said banning particular types of knives, such as 'zombie knives', is something the government is doing, as well as having a "plan of action" for each young person caught with a knife.

The minister also acknowledged that there is currently a "mess in the prison system", but said the government is taking some "really dramatic action" to ensure that there are enough prison places to lock up offenders who should not be on the streets.

-SKY NEWS