Martin Lewis says BBC and ITV won't be happy as Rachel Reeves '30 minutes' late for speech

Rachel Reeves has been slammed by Martin Lewis after starting her speech "late". The Chancellor was scheduled to start speaking at 9pm as she unveiled reforms to the UK's financial system, but began around half an hour after the planned start time. "Broadcasters pulling their hair out that Rachel Reeves was scheduled to do her Mansion House speech starting at 9pm, but she hasn't stood up yet," Mr Lewis wrote on X. "Surprising as I presume she'll want a strong sound bite to be clipped for the 10pm news."

He earlier said: "Tonight's 9pm Mansion House speech is a big opportunity for @RachelReevesMP for a reset. I'm generally supportive on many of the announcements that touch areas I cover, but all have potential side-effects... after all looser regulation needs careful monitoring so it doesn't have catastrophic consequences." The Chancellor says her Leeds Reforms announced in the West Yorkshire - where her seat is located - "represent the widest set of reforms to financial services for more than a decade".

The Money Saving Expert has also broken down the Chancellor's reforms.

He said of looser lending rules that will allow banks and building societies to offer more mortgages at 4.5 times a buyer's income that "we shouldn't encourage young people to overstretch".

He added: "And of course more buyers can pump house prices up in a counter productive way.

"Ultimately the real way to make homes more affordable is build more!

"They say they're trying to do that, but it will all be about whether they can deliver."

Mr Lewis also mentioned that "a culture of investment" is needed, but he is "worried" about financial ombudsman changes.

Ms Reeves said: "I welcome the announcement made today that the Financial Ombudsman Service will reduce the interest rate it applies before a decision from 8% to base rate plus 1%."

Mr Lewis said: "Hopefully it will speed things up, that's good.

"Yet the plans seem to shift the dial more in companies favour over consumers in adjudications, as some of the Ombudsman's discretion to rule based on fairness is being reduced."

In another post he warned: "Consumers have been sold down the river today by @financialombuds changes, sacrificed on the alter of the 'competitiveness' agenda.

"It has radically slashed the interest rate consumers get when they're awarded compensation having been mis-sold or mistreated by firms."