""harsh global headwinds""
""fit for an uncertain world,""
""In the last year the world has changed, and we are not immune to that change,""
""Whether it is wars in Europe and the Middle East, whether it is increased barriers to trade because of tariffs coming from the United States, whether it is the global cost of borrowing, we're not immune to any of those things.""
Harsh global headwinds from wars in Ukraine and the Middle East, U.S. tariffs and higher global borrowing costs have worsened the U.K. economic outlook since Labour took power in July 2024. Labour has struggled to deliver promised economic growth as inflation remains stubbornly high and the broader outlook stays subdued, complicating efforts to repair public services and ease the cost of living. The government increased levies on employers despite an election pledge not to raise taxes on working people, while indicating that key working-person taxes should remain unchanged though other measures are possible. The government is investing in defense, transport, energy and education and pledging guaranteed paid work for every person under 25 unemployed for 18 months. The party conference featured repeated standing ovations and a lone pro-Palestinian protester.
Read at Fortune
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