All the latest analysis of the day's news and stories
Sabotage seems to be back with a bang – and if not with a bang, certainly with a lot of smoke. Incidents have come thick and fast since 2022 when someone – and it still is not clear who – sabotaged pipelines in the Baltic Sea to disable the flow of natural gas from Germany
Warring parties often strike deals. Exchanges of prisoners, ceasefires to deliver aid, covert talks between intelligence services – and eventually, hopefully, peace. But since Vladimir Putin ordered thousands of troops across the Russian border into Ukraine on 24 February 2022, there have been no peace negotiations and no sign of meaningful compromise from either Moscow
No sombre music accompanied Rachel Reeves’s Budget, nor was there a reading from Corinthians. Yet, those details aside, one point is surely clear: Labour’s first Budget in 14 years was a requiem for entrepreneurial Britain. The four decades from the Thatcher reforms of the early 1980s, that turned the UK into one of the best
As the post-Budget scrutiny gets underway, there is one group of obvious losers from today’s statement: farmers. The rural community is up in arms about Rachel Reeves’ changes to tax relief on farmland. From April 2026 this will be capped at 50 per cent for assets over £1 million – which works out at around
It has been a good day for investors in the Alternative Investment Market (Aim), with the index of the top 100 Aim shares up 4.3 per cent. But that merely serves to undermine the damage that Rachel Reeves had done to the market by previously suggesting that she might remove the exemption whereby Aim shares
Rachel Reeves’s fiscal statement has been and gone but the fallout from today’s Budget is still being assessed. One rather interesting element of the Chancellors’ speech this afternoon concerns the Labour government’s claim that the Conservatives left a £22bn blackhole in the economy after the party’s 14 years in government. Despite shadow chancellor Jeremy Hunt
‘Judge us by whether, in five years’ time, you have more money in your pocket,’ Keir Starmer told the Mirror earlier this week. This comment came ahead of his speech in the West Midlands, which was designed to prepare the country (and markets) for the Budget. ‘Everyone can wake up on Thursday and understand that a new
Rachel Reeves sounded triumphant as she delivered Labour’s first Budget in 14 years. ‘Invest, invest, invest,’ the Chancellor said. She claimed hers was a Budget for growth and prosperity and, that most of all, it was a Budget to help working people. But the Office for Budget Responsibility – the body set up 14 years
The Tories lied! That was the thrust of Rachel Reeves’s first Budget today. She was very specific about the falsehoods. At the time of the spring financial forecast, she said, ‘they hid the reality of their public spending plans.’ Parliament and the public were the victims of ‘a cover up’ about pressures on our economy.
The government came into office promising to prioritise economic growth. Now, after their first Budget, I suppose we have some idea of what that means: more borrowing to fund public sector capital projects, and higher tax and regulatory burdens on business. This does not seem very likely to prove a successful recipe, and furthers the
At long last, the Conservative leadership race is about to come to an end. After four months of hustings, debates and backroom deals, voting ends tomorrow in the Tory membership round. Yet despite the ballot closing at 5 p.m. Thursday, the result will then not be announced until late Saturday morning. It has got some
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Rachel Reeves has announced that taxes will rise by £40 billion in Labour’s first Budget for 14 years. The headlines include: an increase in employers’ National Insurance contributions from April to 15 per cent, raising £25 billion; that the freeze on income tax and National Insurance thresholds will not be extended past 2028; that the
Rishi Sunak’s final act in the Commons as leader of the opposition was one he clearly enjoyed. The outgoing Conservative leader had what is normally the unenviable task of responding to the Budget just minutes after it had been delivered, before the small print reveals the real story. Rachel Reeves had helped him quite a
Rachel Reeves didn’t want to surprise anyone with this Budget. She didn’t want to shock the markets, nor did she want any accusation that she had played fast and loose with the public finances. So by the time the Chancellor stood up in the Commons today, the bulk of her big decisions were already public
There were few silver linings in today’s Budget announcement – but one measure the Labour lot are rather keen to harp on about is the cut to draught duty by 1.7 per cent. What exactly does this work out at? Er, a rather measly one penny off the cost of a pint. How very generous…
All the political framing of the past three months has been around Rachel Reeves’ first Budget. Black holes have been ‘discovered’, public services have been found to be in a worse state than expected, and Liz Truss has been exhumed at every opportunity (or at least, when she hasn’t been inserting herself into the political
When Rishi Sunak was Prime Minister, he and Keir Starmer had some of the most repetitive and uninformative sessions at Prime Minister’s Questions. Today was his final stint as leader of the opposition in this forum, and the session was charming. It covered the coast-to-coast route, which travels through his Richmond constituency, the importance of
Axel Rudakubana, the alleged Southport killer, has been accused of possessing a terrorist document, yet the police still insist there is no evidence of a terrorist motive. How can both be the case? The document Rudakubana is accused of downloading is a version of the 180-page ‘al-Qaeda training manual’. It is also known as the
Taxes will rise by £40 billion following Labour’s first Budget for 14 years. The Chancellor announced: • An increase in employers’ National Insurance contributions from April to 15 per cent, raising £25 billion • That the freeze on income tax and National Insurance thresholds will not be extended past 2028 • That the lower rate
Hillary Clinton has a simple but bitter lesson to teach Donald Trump’s supporters in 2024: the best way to lose an election is to assume you’ve already won it a week before it happens. The MAGA movement – aiming to Make America Great Again, namely by Making Trump President Again – has never been more
If there’s one thing the SNP truly excels at, it’s maintaining double standards. The extraordinary case of the Scottish government and the missing legal advice makes clear just how hypocritical the SNP is when it comes to conduct in public life. Scottish nationalists are swift to condemn opponents at the slightest whiff of impropriety but,
To the subject of office decor, with Rachel Reeves now in the spotlight for matters other than her Budget. It now transpires that the Chancellor has made some rather controversial alterations to her workspace’s wall art — in replacing a portrait of Margaret Thatcher’s chancellor with a founder of the, er, British Communist party. Good
‘To get rich is glorious’ is perhaps the most over-used slogan attributed to Deng Xiaoping, the paramount leader who reformed China and opened its economy up to the world. There is no evidence that he actually said it, but regardless it seemed to capture the mood of that era. In the China of Xi Jinping,
It’s Budget day in Westminster. The question being asked by Labour MPs: can Rachel Reeves pull it off? This lunchtime, the Chancellor will stand at the despatch box and pitch Labour’s first Budget for 14 years as necessary tough choices to ‘fix the foundations’ while also ensuring ‘working people don’t face higher taxes in their
Most chancellors pull a rabbit out of a hat during their Budget statements – something to delight their own MPs and leave the opposition feeling outmanoeuvred. Such has been the atmosphere of doom and gloom generated by Rachel Reeves in advance of hers that there is a temptation to envisage her plonking a boiled bunny
The Israeli parliament resumed its work on Monday after a long recess, and one of the first items on the agenda was voting on a bill that enjoyed rare widespread popularity. The bill decreed that Israel will severe ties with the UN relied and work agency for Palestine refugees (UNRWA), which will heavily restrict the
It is tempting, confronted with the news that British Airways is to swap out lunch on long-haul flights leaving between 8.30am and 11.29am in favour of a ‘Great British Brunch’, to conclude that flying has simply gone to the dogs. The cost-cutting move, which applies to business and First Class passengers, has raised many an
It is tempting to think of this Budget as a triumph in expectation management. Rachel Reeves’s minions have briefed us on so many potential tax rises that surely the actual speech, when finally delivered, can’t be as bad as feared. Having been conditioned to expect the worst, we will all end up feeling pathetically grateful
The teenager accused of murdering three girls in Southport in July is now facing two further charges. Axel Rudakubana, 18, already faces three charges of murder, 10 charges of attempted murder and one charge of possession of a knife. But today the Crown Prosecution Service (CPS) announced that he has also been charged with the
When Russell Findlay stood to be Scottish Conservative leader, he talked the familiar language of ‘change’. I predicted that this would translate to a rightwards shift for the party and his first major speech in the job confirms it. Findlay is not entirely comfortable with the ‘right wing’ label – he is a Tory, after
So, the long-awaited Israeli strike on Iran is finally over, and if we trust the Israeli post-attack analysis, then it went well. Buckling under American pressure not to attack Iranian nuclear or oil facilities, which could have led to massive escalation and a spike in oil prices (both undesired outcomes on the eve of US
Having won 72 seats at the general election, political pundits have been asking what the Lib Dems are going to do with their vastly increased presence in the House of Commons. The answer so far: not much. It’s remarkable how quiet the party has been, both in parliament and in the media. However, the Budget
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Wes Streeting has been out on the airwaves this morning, giving us a better idea of what will be in the Budget when it comes to the NHS. In an attempt to resuscitate a ‘broken but not beaten’ NHS, he has announced a cash injection reported to be up to £7 billion – including £1.57
Well, well, well. Budget announcements are meant to be made in the House of Commons chamber – yet despite all Sir Keir Starmer’s talk of ‘grown up politics’, his Labour government has opted to trail a number of announcements in advance of Rachel Reeves’s big speech. As Mr S wrote on Monday, Speaker Lindsay Hoyle