What deregulation means for the UK economy
FT News Briefing
Forhecz Topher
4.4 • 1.2K Ratings
🗓️ 22 July 2025
⏱️ 12 minutes
🧾️ Download transcript
Summary
JPMorgan Chase explores lending against cryptocurrency, and the UK will have to pay in order to join the EU’s defence fund. Plus, UK chancellor Rachel Reeves blames regulation for lack of financial growth and a start-up in San Francisco might know how to create gold.
Mentioned in this podcast:
JPMorgan explores lending against clients’ cryptocurrency
EU will make UK pay to join €150bn defence fund
Will a return to risk-taking rouse animal spirits?
Fusion energy start-up claims to have cracked alchemy
Today’s FT News Briefing was produced by Sonja Hutson, Katya Kumkova, and Marc Filippino. Additional help from Blake Maples, Michael Lello, David da Silva and Gavin Kallmann. Our acting co-head of audio is Topher Forhecz. Our intern is Michaela Seah. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | For over 40 years, Equinoor has been an energy partner to the UK. |
| 0:04.1 | During that time, we've played our part in the switch from coal to gas, |
| 0:07.1 | and we're working hard to help the UK's energy transition. |
| 0:10.2 | We may not have all the answers yet, but we're determined to find them. |
| 0:13.5 | Equinor, an energy company, searching for better. |
| 0:16.9 | 99.6% of Equinor's energy output is oil and gas. |
| 0:20.5 | Our investment in renewables and low-carbon solutions has increased from 4% in 2020 to 27% in 2024. |
| 0:27.5 | Find out more at equinore.co.uk. |
| 0:32.2 | Good morning from the Financial Times. |
| 0:34.1 | Today is Tuesday, July 22nd. |
| 0:36.3 | And this is your FT News briefing. |
| 0:38.7 | J.P. Morgan may be leaning into crypto. And the European Union wants to make Britain pay to join |
| 0:44.8 | its defense fund. Plus, UK Chancellor Rachel Reeves is on a deregulation spree. |
| 0:51.2 | She feels that regulation has gone too far, that in a sense the pendulum swung too far after |
| 0:56.9 | the financial crisis. I'm Mark Filipino and here's the news you need to start your day. |
| 1:17.3 | Bitcoin is hitting record highs and and J.P. Morgan Chase may want a piece of the action. |
| 1:21.7 | The bank is exploring whether to lend against clients' cryptocurrency holdings. |
| 1:26.1 | The move could come as soon as next year. That's according to people familiar with the matter. |
| 1:28.1 | J.P. Morgan declined to comment. |
| 1:35.7 | This policy would be an enormous shift. CEO Jamie Diamond called Bitcoin a fraud eight years ago, |
| 1:41.0 | and he said it was only useful for drug dealers and murderers. Since then, though, the value of Bitcoin has skyrocketed. Last week, it hit more than $122,000. |
| 1:46.6 | And because of that success, more big banks, regulators, and politicians are starting to warm up to crypto. |
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