Crypto News: Labour's big reveal on workers' rights

Hi there, I'm Ailbhe Rea, a Bloomberg UK associate editor based in Westminster.

The wait is nearly over. After months of crunch meetings, criticism and concern about Labour's sweeping reforms to workers' rights, the Employment Rights Bill will be published on Thursday, I'm told.

This is an important moment for this policy area. We'll now find out how many of the bold changes that were promised when Angela Rayner announced the "New Deal for Working People" in 2021 — from ending zero hours contracts to strengthening sick pay eligibility — will make it into law, and how many will fall by the wayside.

As you'll know if you've been following our coverage, the package has been hotly contested in recent months, with businesses warning back in March about some of the measures, while trade unions have been trying to ensure Labour doesn't water down the original promises.

Jonathan Reynolds, the business secretary who is in charge of the legislation, has been holding a series of breakfasts, meetings, industry roundtables and consultations in an effort to keep both groups on side. The process has been described by someone involved as like getting a camel through the eye of a needle — and all under the added pressure of a manifesto commitment to deliver it within 100 days of the election.

Jonathan Reynolds, the business secretary, last week Photographer: Hollie Adams/Bloomberg

But it appears they've done it. If businesses have been holding their breath waiting for this legislation, I'm told they can now let out a sigh of relief. There were already signs this would be the case: here at Bloomberg we've revealed that the "right to switch off" won't be in the legislation, nor will a ban on workplace surveillance. If anything, my impression is that if anyone is disappointed on Thursday, it will be trade unions and the left of the Labour Party.

Will it be enough to get business overall confident in Labour? Almost certainly not — the investment summit and the Budget are the other big moments that will determine that. And there are worries in government that they have already lost the trust of investors since winning power. We have more on those concerns in a piece out tomorrow.

Want this in your inbox each weekday? You can sign up here.

The stories you need to know about this evening

Israel carries out a huge bombing raid on Beirut targets.
Huw Pill cautions against cutting rates "too far or too fast."
The EU votes to impose tariffs as high as 45% on EVs from China.
The pound heads for its worst week this year.
Bloomberg Opinion: A nuclear Iran has never been closer.

£22 billion

The amount the government will spend on carbon capture, Keir Starmer announced today.

2-8a Rutland Gate, London. Photographer: Grant Frazer/Beauchamp Estates

Hit by a slump in luxury transactions, home sellers in some of London's most exclusive districts such as Kensington and Chelsea are increasingly relying on the allure of their local aristocratic landowners — some of Britain's oldest and richest families such as the Cadogan Estates, the Grosvenor Estate and the Howard de Walden Estate — to tempt rich buyers into deals.

Stay updated by saving our new email address

Our email address is changing, which means you'll be receiving this newsletter from noreply@news.bloomberg.com. Here's how to update your contacts to ensure you continue receiving it:

Gmail: Open an email from Bloomberg, click the three dots in the top right corner, select "Mark as important."
Outlook: Right-click on Bloomberg's email address and select "Add to Outlook Contacts."
Apple Mail: Open the email, click on Bloomberg's email address, and select "Add to Contacts" or "Add to VIPs."
Yahoo Mail: Open an email from Bloomberg, hover over the email address, click "Add to Contacts."