Reeves is in a fiscal trap and spending cuts are the only way out January 14, 2025 Rachel Reeves’ Budget created a vicious circle whereby higher taxes increased borrowing costs, squeezing the public purse and further and tempting the Chancellor into further tax rises to meet fiscal targets. There is another way, says Darwin Friend Rachel Reeves is trapped in a vicious fiscal circle of her own making. Her high-tax budget, billed [...]
Labour is squandering Britain’s lead on the AI revolution January 14, 2025 The UK is well positioned to lead the coming AI revolution, but the Labour government is doing everything it can to undermine this country’s strength in tech, says Alan Mak The UK is on the cusp of a technological revolution. AI offers a wealth of growth opportunities and Britain can be a world leader in [...]
‘Nothing off the table’: Public spending cuts to be ‘ruthless’, cabinet warned January 13, 2025 Public spending cuts are set to be “ruthless”, the Treasury has reportedly warned cabinet ministers. Departments will have to make “difficult” decisions on their budget priorities, according to an internal letter from No11 about the spending review, the Telegraph reported. While the Prime Minister’s official spokesman confirmed “there’s nothing off the table when it comes [...]
Starmer declines to confirm Reeves will be Chancellor at next election January 13, 2025 Sir Keir Starmer has declined to confirm that Rachel Reeves will be Chancellor at the next general election. The Prime Minister was asked about Reeves’ role following a speech in London on artificial intelligence (AI) and insisted he was “completely confident” in her. However, he declined to guarantee she would still be in post at [...]
Industry slams Labour government plans for ticket reform January 11, 2025 Leading industry voices have slammed government plans to change the secondary ticketing market in sport, describing proposals as “draconian”. The government on Friday announced plans to tackle touts and potentially further regulate the secondary market following instances of extreme dynamic pricing relating to the sale of Oasis tickets. Measures could include a cap and a [...]
Rachel Reeves to raise Ukraine and Hong Kong human rights on China trip January 11, 2025 Rachel Reeves is expected to raise Russia’s war in Ukraine and issues of human rights in Hong Kong during her trip to China. The Chancellor is visiting Beijing for the first UK-China economic and financial dialogue since 2019, with Bank of England Governor Andrew Bailey and top financial services figures. Ministers are insisting the trip [...]
Rachel Reeves eyeing spending cuts in spring January 10, 2025 Rachel Reeves is considering cutting departmental spending as UK borrowing costs soar, despite risks it could “dampen” activity and “further dent anaemic” growth. The Chancellor is said to be eyeing further reductions to unprotected government departments’ budgets after she ruled out additional tax rises or more borrowing to avoid breaking her fiscal rules following the [...]
‘Trump is right’: Lammy says defence spending must rise January 9, 2025 With Russia on the march and the end of post-Cold War peace, David Lammy has argued that Europe’s defence spending must rise. The foreign secretary said for the UK to be “taken seriously… we must put our money where our mouth is” in his first major speech of 2025. Lammy told an audience of diplomats [...]
‘Where is the Chancellor?’: Rachel Reeves urged to cancel China trip amid gilt turmoil January 9, 2025 Mel Stride has criticised Rachel Reeves for her absence in parliament as the UK government’s borrowing costs soar, asking the commons: “Where is the Chancellor?” The Conservative shadow Chancellor hit out at Reeves, who is coming under pressure to cancel a long-planned trip to China and Davos, during an urgent question in the Commons. It [...]
What is a gilt? And why should you care? January 9, 2025 Investors have been drawing comparisons to the bond market meltdown following Liz Truss's mini-Budget as well as the IMF bailout way back in 1976.