32 h. ago Hot cross bun shortage threat as farmers escalate their protests against ‘tractor tax'

Food producers have pledged to halt the transport of milling wheat in their latest effort to pressure the Chancellor into scrapping inheritance tax rule changes

Events

40 h. ago Starmer and Reeves face grilling as Trump prepares ‘liberation day’ tariffs

Economists have warned US tariffs could wipe out the Chancellor’s ‘headroom’ against her debt rules, requiring more cuts or tax rises.

Politics

4 d. ago Who is running Britain’s economy – Rachel Reeves or Donald Trump?

The chancellor’s careful calculations for her spring statement are likely to be blown out of the water by a looming US trade war• From more tax to rewriting budget rules: six alternative ways Reeves could raise moneyAs Rachel Reeves powered through her spring statement on Wednesday, telling the country she was “restoring stability to the public finances” few in the House of Commons chamber seemed to know what to make of it all.Reeves’s message did not seem to resonate with the underlying mood of uncertainty and anxiety at home and abroad. Many Labour MP nodded loyally along with her, trying to impress the whips. Others on the government benches looked grave. Growth forecasts for this year had been halved. Money would have to be raised to meet the chancellor’s own fiscal rules, and the poorest would be the ones bearing the brunt. Continue reading...

Politics

7 d. ago The Chancellor is hopelessly boxed in and higher taxes are sadly inevitable

Big changes in the world order require big changes in fiscal policy - something is going to have to give

Politics

7 d. ago Spring statement 2025 live: Trump tariffs could wipe out Reeves’s thin margin of error on budget, OBR warns

Office for Budget Responsibility said the most “severe” scenario would ‘almost entirely eliminate’ the Chancellor’s £9.9 billion headroom against her fiscal rules

Events

8 d. ago Rachel Reeves has given John Swinney another boost in his bid to win the Holyrood election

Daily Record Political Editor Paul Hutcheon says the Chancellor's self-imposed fiscal rules are harming Scottish Labour's chances of winning next year.

Politics

8 d. ago Global rise in borrowing costs to blame for UK’s higher debt spending – Reeves

Rising borrowing costs are expected to eliminate the Chancellor’s headroom against her self-imposed fiscal rules.

Economics

1 week ago Rachel Reeves ‘confident’ the UK can avoid Donald Trump’s tariffs

Labour chancellor did not rule out reforming tax on tech companies, like those owned by US President’s ‘first buddy’ Elon Musk

Politics

1 week ago Rachel Reeves says Labour can’t ‘tax and spend our way to higher living standards’ before spring statement

Chancellor warned ‘that's not available in the world we live in today’ as she prepares to unveil cuts on Wednesday

Economics

1 week ago Rachel Reeves says 'we can't tax and spend our way to higher living standards' in Spring Statement as high government borrowing leaves her little room for manoeuvre

The Chancellor (pictured) is under pressure to increase taxes or cut spending to successfully carry out October's Budget as borrowing has been high and growth figures have been disappointing.

Politics

1 week ago Rachel Reeves rules out key Spring Statement policies after further blow

Government borrowing soared past forecasts in February

Events

1 week ago Chancellor rules out ‘tax and spend’ policies ahead of spring statement

Former Labour work and pensions secretary Lord Blunkett has urged the Chancellor to loosen her fiscal rules.

Economics

2 w. ago Bundestag prepares to vote on historic borrowing package in key test for Merz

Likely next chancellor needs two-thirds majority to back €500bn infrastructure fund and relaxation of debt rulesGermany’s likely next chancellor is to face a key vote on plans to unlock a record level of state borrowing, which he argues is necessary to boost the country’s military spending and inject growth into its ailing economy.Ahead of the crucial Bundestag vote on Tuesday, Friedrich Merz has faced a barrage of complaints from the opposition and from within his own ranks that he is not coupling the historic levels of spending planned – as much as €1tn (£840bn) – to demands for reform. Continue reading...

Politics

2 w. ago Chancellor should raise taxes not cut spending to meet fiscal rules – think tank

Rachel Reeves faces a challenge to meet her fiscal rules amid faltering growth and higher borrowing costs.

Economics

2 w. ago Merz presses Greens to name their terms for German defence spending rise

‘What more do you want from us?’ asks chancellor-in-waiting as he seeks urgent support for fiscal rule changesGermany’s chancellor-in-waiting has tried to win over the Greens to his ambitious but controversial plans to raise the country’s defence spending, promising to expand the scope of the plans and demanding of them: “What more do you actually want from us?”The outgoing parliament met on Thursday to debate the creation of a €500bn (£420bn) fund for infrastructure investment and radical changes in Germany’s borrowing limits in order to boost defence spending. Continue reading...

Politics

3 w. ago Merz makes offer to Greens as he seeks to increase German defence spending

Chancellor-in-waiting attempting to garner support for fiscal rule changes before new parliament convenesGermany’s would-be chancellor has attempted to win the support of the Greens for his proposed fiscal rule changes, offering to expand the scope of defence spending and demanding to know: “What more do you want from us?” The outgoing parliament is meeting to debate the creation of a €500bn (£420bn) fund for infrastructure investment and radical changes in Germany’s borrowing limits in order to boost defence spending. Continue reading...

Politics

4 w. ago ‘A risky bet’: Friedrich Merz criticised over plan to lift Germany’s debt rules

Chancellor-in-waiting accused of taking part in ‘debt orgy’ after proposing loosening rules to boost defenceGermany’s chancellor-in-waiting, Friedrich Merz, is facing a barrage of criticism from opposition politicians over his radical proposals to loosen rules on running up debt to allow for higher defence spending and boost the economy.The CDU/CSU leader’s proposals for a multibillion-euro package, agreed with his potential coalition partners the Social Democrats, have been described as everything from a “bazooka” to “an extremely risky bet” by economists. He himself has called them vital “in light of the threats to our freedom and peace on our continent”. Continue reading...

Events

last month Rachel Reeves scrambles to speed up Britain's buying of military kit in face of Russian threat as Chancellor vows to 'fire up' UK's defence industry

Speaking at a manufacturing industry conference in London, the Chancellor will demand an overhaul of defence procurement rules in the face of Russia's threat.

Events