Treasury earmarks billions in spending cutsThe UK Treasury plans substantial spending cuts due to limited financial flexibility amid changing economic conditions.
UK government debt highest since 1962UK's national debt at highest level since 1962, reaching 99.5% of the economy in June amid higher-than-expected borrowing, posing challenges for the new Chancellor in managing public finances.
IMF urges Rachel Reeves to raise taxes and rein in spending to stabilise UK public financesIMF urges tax increases and spending cuts for sustainable public finances in the UK. Immediate action is critical to prevent exacerbation of existing issues.
Reeves' fiscal rules non-negotiable in face of bond sell-off, deputy tells MPsRachel Reeves remains committed to borrowing only for investment despite rising gilt yields.
Government borrowing hits second highest since records began - London Business News | Londonlovesbusiness.comGovernment borrowing reached £17.4 billion in October, indicating limited financial flexibility amidst soaring debt interest and rising expenditure.
Rachel Reeves tells cabinet UK still faces 100bn black hole over next five yearsThe UK faces a £100 billion public finance black hole over five years, requiring tough budget choices.
Treasury earmarks billions in spending cutsThe UK Treasury plans substantial spending cuts due to limited financial flexibility amid changing economic conditions.
UK government debt highest since 1962UK's national debt at highest level since 1962, reaching 99.5% of the economy in June amid higher-than-expected borrowing, posing challenges for the new Chancellor in managing public finances.
IMF urges Rachel Reeves to raise taxes and rein in spending to stabilise UK public financesIMF urges tax increases and spending cuts for sustainable public finances in the UK. Immediate action is critical to prevent exacerbation of existing issues.
Reeves' fiscal rules non-negotiable in face of bond sell-off, deputy tells MPsRachel Reeves remains committed to borrowing only for investment despite rising gilt yields.
Government borrowing hits second highest since records began - London Business News | Londonlovesbusiness.comGovernment borrowing reached £17.4 billion in October, indicating limited financial flexibility amidst soaring debt interest and rising expenditure.
Rachel Reeves tells cabinet UK still faces 100bn black hole over next five yearsThe UK faces a £100 billion public finance black hole over five years, requiring tough budget choices.
Starmer unlikely to unveil plan for rise in defence spending this week, says ministerLabour aims for UK defense spending of 2.5% GDP but faces challenges due to financial constraints.
There's no honeymoon for new UK leader Keir Starmer after a summer of unrestKeir Starmer is confronting serious economic challenges as Prime Minister, resulting from the previous Conservative government's policies and economic management.
Rachel Reeves urges end to remote working in favour of office returnRachel Reeves advocates for in-person work, claiming it fosters collaboration and promotes better ideas, while also addressing long-term economic stability for Labour.
Watch live: OBR responds to Rachel Reeves' 40bn tax hikesThe UK government is set to implement significant tax hikes to address a £22 billion funding shortfall inherited from the previous administration.
Labour's economic success lies in reshaping the doom-laden Treasury mindset | Richard PartingtonLabour's government was confronted with alarming fiscal challenges which it initially used to justify a stance of fiscal restraint.
Is there a 22bn black hole' in the UK's public finances?The Labour government faces a £22 billion financial shortfall, prompting cuts in welfare and infrastructure, though some issues were anticipated.
Starmer unlikely to unveil plan for rise in defence spending this week, says ministerLabour aims for UK defense spending of 2.5% GDP but faces challenges due to financial constraints.
There's no honeymoon for new UK leader Keir Starmer after a summer of unrestKeir Starmer is confronting serious economic challenges as Prime Minister, resulting from the previous Conservative government's policies and economic management.
Rachel Reeves urges end to remote working in favour of office returnRachel Reeves advocates for in-person work, claiming it fosters collaboration and promotes better ideas, while also addressing long-term economic stability for Labour.
Watch live: OBR responds to Rachel Reeves' 40bn tax hikesThe UK government is set to implement significant tax hikes to address a £22 billion funding shortfall inherited from the previous administration.
Labour's economic success lies in reshaping the doom-laden Treasury mindset | Richard PartingtonLabour's government was confronted with alarming fiscal challenges which it initially used to justify a stance of fiscal restraint.
Is there a 22bn black hole' in the UK's public finances?The Labour government faces a £22 billion financial shortfall, prompting cuts in welfare and infrastructure, though some issues were anticipated.
German parties consider taking on more debt DW 02/14/2025Germany's lack of agreement on budget reflects broader financial challenges faced by the new government.
Nama surplus to hit 5bn as agency enters its final phaseNama has generated €48bn since its establishment, despite significant losses from historic bank failures.
Labour used water industry analysis to argue against nationalisationLabour's opposition to water sector nationalisation is rooted in an economically flawed analysis funded by water companies, according to critics.
UK inflation falls to 2.5% in DecemberUK inflation slightly decreased in December, influenced by falling hotel and tobacco prices.
Labour used water industry analysis to argue against nationalisationLabour's opposition to water sector nationalisation is rooted in an economically flawed analysis funded by water companies, according to critics.
UK inflation falls to 2.5% in DecemberUK inflation slightly decreased in December, influenced by falling hotel and tobacco prices.
Rachel Reeves says she has iron grip' on finances as borrowing costs surgeRachel Reeves asserts control over public finances as bond market sell-off raises concerns about meeting fiscal rules.Increased government borrowing costs challenge fiscal discipline and economic growth plans.
UK government borrowing in October tops forecasts at 17.4bnThe UK government faces rising borrowing and debt interest, complicating efforts to manage public finances and stimulate economic growth.
Rachel Reeves says she has iron grip' on finances as borrowing costs surgeRachel Reeves asserts control over public finances as bond market sell-off raises concerns about meeting fiscal rules.Increased government borrowing costs challenge fiscal discipline and economic growth plans.
UK government borrowing in October tops forecasts at 17.4bnThe UK government faces rising borrowing and debt interest, complicating efforts to manage public finances and stimulate economic growth.
France's prime minister was ousted after losing a confidence vote - here's what happens nowMichel Barnier's government lost a no-confidence vote, marking France's first successful vote of this kind in over 60 years.
France has the highest cannabis consumption in Europe. It's high time to tax it | Alexander HurstFrance's public finances are challenged by high debt, significant interest payments, and a budget deficit above EU limits, prompting potential policy changes.
Budget 2024: What was missing from Labour's historic event?Rachel Reeves became the first woman to present a government Budget amid significant public financial challenges.
Pubs could charge 25 for fish and chips due to Reeves' budget, industry boss warnsThe hospitality industry is facing potential tax hikes, risking significant price increases for consumers and operational challenges for pubs and restaurants.
Borrowing higher since pandemic which could lead to tax rises in the Autumn Budget - London Business News | Londonlovesbusiness.comGovernment borrowing rose to £51.3 billion in July, the highest since 2021, spurring speculation about potential tax increases in the Autumn Budget.
Government borrowing in August highest since CovidGovernment borrowing reached its highest level for August since the Covid pandemic, driven by increased spending outpacing tax revenue.
UK debt must be steered off unsustainable course, warns Lords committeeBritain faces tough choices between higher taxes or reduced state services due to unsustainable national debt.
France has the highest cannabis consumption in Europe. It's high time to tax it | Alexander HurstFrance's public finances are challenged by high debt, significant interest payments, and a budget deficit above EU limits, prompting potential policy changes.
Budget 2024: What was missing from Labour's historic event?Rachel Reeves became the first woman to present a government Budget amid significant public financial challenges.
Pubs could charge 25 for fish and chips due to Reeves' budget, industry boss warnsThe hospitality industry is facing potential tax hikes, risking significant price increases for consumers and operational challenges for pubs and restaurants.
Borrowing higher since pandemic which could lead to tax rises in the Autumn Budget - London Business News | Londonlovesbusiness.comGovernment borrowing rose to £51.3 billion in July, the highest since 2021, spurring speculation about potential tax increases in the Autumn Budget.
Government borrowing in August highest since CovidGovernment borrowing reached its highest level for August since the Covid pandemic, driven by increased spending outpacing tax revenue.
UK debt must be steered off unsustainable course, warns Lords committeeBritain faces tough choices between higher taxes or reduced state services due to unsustainable national debt.
Public sector pay deals help drive up UK borrowingGovernment borrowing increased significantly in October due to record debt interest payments and rising public sector pay, indicating fiscal challenges ahead.
Labour cuts Winter Fuel Payments for pensioners, leaving thousands in the coldMany pensioners will no longer be able to claim Winter Fuel Payments due to government restrictions, leaving them to struggle with heating expenses.
Labour facing legal challenge over winter fuel payments cutThe Independent champions unrestricted access to quality journalism while actively reporting on significant social issues and government policies.
Rachel Reeves warned winter fuel payment cuts won't save as much money as expectedControversial cuts to winter fuel payments for pensioners may not provide the expected savings due to a surge in pension credit claims.
No winter fuel payments cut impact assessment was done, Starmer admitsThe government is under scrutiny for failing to assess the impact of winter fuel payment cuts on pensioners' health and well-being.
Liz Kendall says there is no tension' in government over winter fuel paymentsKendall advocates for pension credit accessibility for all eligible pensioners, undeterred by financial constraints.The government aims to save £1.5bn annually by restricting winter fuel payments, raising concerns about its impact on vulnerable pensioners.
Labour cuts Winter Fuel Payments for pensioners, leaving thousands in the coldMany pensioners will no longer be able to claim Winter Fuel Payments due to government restrictions, leaving them to struggle with heating expenses.
Labour facing legal challenge over winter fuel payments cutThe Independent champions unrestricted access to quality journalism while actively reporting on significant social issues and government policies.
Rachel Reeves warned winter fuel payment cuts won't save as much money as expectedControversial cuts to winter fuel payments for pensioners may not provide the expected savings due to a surge in pension credit claims.
No winter fuel payments cut impact assessment was done, Starmer admitsThe government is under scrutiny for failing to assess the impact of winter fuel payment cuts on pensioners' health and well-being.
Liz Kendall says there is no tension' in government over winter fuel paymentsKendall advocates for pension credit accessibility for all eligible pensioners, undeterred by financial constraints.The government aims to save £1.5bn annually by restricting winter fuel payments, raising concerns about its impact on vulnerable pensioners.
Treasury accused of hiding 9.5bn 'black hole' in budget, says OBR chiefThe UK Treasury possibly violated the law by not sharing £9.5 billion in spending data needed for accurate public financial forecasts.
Jeremy Hunt's Treasury may have broken law by hiding Budget black hole, says OBRThe Independent focuses on delivering transparent journalism during critical issues such as reproductive rights, climate change, and public financial accountability.
Treasury asking ministers to draw up billions of pounds of infrastructure cutsGovernment ministers are grappling with significant infrastructure cuts to address a £22 billion financial gap, despite prior commitments to increase investment for economic growth.
Live: Reeves outlines tough decisions' Labour face in major party conference speechRachel Reeves aims to balance tough financial decisions with assurances that austerity will not return.
As the Prophetess of Doom, Rachel Reeves takes on the role she's waited for all her life | John CraceRachel Reeves thrives in exposing economic failures during Treasury questions, channeling a sense of satisfaction from presenting fiscal despair.
Reeves 'not immune' to criticism over NI hikeReeves insists on raising National Insurance for employers to stabilize public finances despite substantial business criticism.
Treasury asking ministers to draw up billions of pounds of infrastructure cutsGovernment ministers are grappling with significant infrastructure cuts to address a £22 billion financial gap, despite prior commitments to increase investment for economic growth.
Live: Reeves outlines tough decisions' Labour face in major party conference speechRachel Reeves aims to balance tough financial decisions with assurances that austerity will not return.
As the Prophetess of Doom, Rachel Reeves takes on the role she's waited for all her life | John CraceRachel Reeves thrives in exposing economic failures during Treasury questions, channeling a sense of satisfaction from presenting fiscal despair.
Reeves 'not immune' to criticism over NI hikeReeves insists on raising National Insurance for employers to stabilize public finances despite substantial business criticism.
Starmer warns of really painful' Budget to fix the rot' left by ToriesThe upcoming October Budget will be painful due to a discovered 22bn black hole in public finances, prompting spending cuts and tax increases.
UK employer national insurance hike threatens jobs and pay rises, firms warnA rise in employer national insurance contributions may hinder hiring and pay increases, especially in impact-sensitive sectors like hospitality.
Keir Starmer confirms 2 bus fare cap will be hiked to 3Bus fare cap will increase from £2 to £3 until the end of 2025, reflecting government efforts to address public financial pressures.
Starmer warns of really painful' Budget to fix the rot' left by ToriesThe upcoming October Budget will be painful due to a discovered 22bn black hole in public finances, prompting spending cuts and tax increases.
UK employer national insurance hike threatens jobs and pay rises, firms warnA rise in employer national insurance contributions may hinder hiring and pay increases, especially in impact-sensitive sectors like hospitality.
Keir Starmer confirms 2 bus fare cap will be hiked to 3Bus fare cap will increase from £2 to £3 until the end of 2025, reflecting government efforts to address public financial pressures.
Mayor halves transport funding request from BudgetSadiq Khan has significantly reduced his funding request for transport projects amid a financial crisis, signaling pragmatic budgeting and negotiation with the government.
Chancellor has 'no option to put fuel duty back up to 58p a litre in October's Budget' - London Business News | Londonlovesbusiness.comThe government may need to raise fuel duty to address significant financial shortfalls in the upcoming budget.
Keir Starmer issues stark warning: Things will get worse before they get better'Sir Keir Starmer emphasizes that the government must confront inherited challenges with honesty and prepare for tough choices in the coming budget.
Mayor halves transport funding request from BudgetSadiq Khan has significantly reduced his funding request for transport projects amid a financial crisis, signaling pragmatic budgeting and negotiation with the government.
Chancellor has 'no option to put fuel duty back up to 58p a litre in October's Budget' - London Business News | Londonlovesbusiness.comThe government may need to raise fuel duty to address significant financial shortfalls in the upcoming budget.
Keir Starmer issues stark warning: Things will get worse before they get better'Sir Keir Starmer emphasizes that the government must confront inherited challenges with honesty and prepare for tough choices in the coming budget.
The pensioner denied winter fuel payment because she's just 3 over thresholdPensioners face significant hardships due to cuts in winter fuel payments linked to Pension Credit eligibility thresholds.
UK's biggest union boss issues no austerity mark II' warning to StarmerUnite leader Sharon Graham warns Labour against austerity, advocating for investment and real change to address Britain's economic challenges.
Tax wealth and value public assets: how Reeves can solve her biggest budget challenges | James SmithChancellor Rachel Reeves faces a critical challenge to balance budgetary constraints with the goal of avoiding austerity.
UK's biggest union boss issues no austerity mark II' warning to StarmerUnite leader Sharon Graham warns Labour against austerity, advocating for investment and real change to address Britain's economic challenges.
Tax wealth and value public assets: how Reeves can solve her biggest budget challenges | James SmithChancellor Rachel Reeves faces a critical challenge to balance budgetary constraints with the goal of avoiding austerity.
Live and let fly: James Bond helicopter firm awaits UK decision on 1bn dealThe Yeovil helicopter factory's future hinges on a £1bn contract for new military helicopters, crucial for local employment and national defense.
Jet fuel tax could raise 6bn a year in the UK, says thinktankTaxing jet fuel could significantly boost public finances by up to £6 billion annually, providing a fair tax system across various transport sectors.
Starmer defends cutting winter fuel paymentsSir Keir Starmer defended scrapping winter fuel payments, attributing it to necessary economic stabilization decisions amid a fiscal shortfall.
Starmer hints at tax rises as he warns of painful' budgetKeir Starmer warns of imminent tax rises and painful decisions due to a 22bn financial shortfall discovered in the public finances.
Watch live: Chancellor Rachel Reeves questioned on Budget by MPsThe government faces backlash over the controversial cut to winter fuel payments for pensioners, as it seeks to address a significant budget shortfall.
Starmer hints at tax rises as he warns of painful' budgetKeir Starmer warns of imminent tax rises and painful decisions due to a 22bn financial shortfall discovered in the public finances.
Watch live: Chancellor Rachel Reeves questioned on Budget by MPsThe government faces backlash over the controversial cut to winter fuel payments for pensioners, as it seeks to address a significant budget shortfall.
These were not the choices I wanted to make, but they are the right choices for Britain | Rachel ReevesEconomic stability is crucial for families, businesses, and public services, and the new government inherits a significant fiscal challenge.
Reeves to reveal 19bn financial gap amid tax hike plansChancellor Rachel Reeves is planning to reveal a £19bn shortfall in public finances, signaling a probable autumn tax raise.
Beware risks of voter giveaways to public finances, countries facing elections toldThe IMF warns against pre-election voter giveaways to avoid risks to public finances.