6 h. ago Canada’s Liberal party says budget of ‘sacrifice’ needed to avoid recession

Country set to unveil PM Mark Carney’s spending plan as it battles trade war with US and protracted cost of living crisisCanada’s ruling Liberal party has said a budget of “sacrifice” is required to confront both a trade war with the US and a protracted cost of living crisis that threatens to push the country into a recession. But with opposition parties signalling they won’t support the fiscal plans of the prime minister, Mark Carney, a failed parliamentary vote on the budget could plunge the country into another federal election in the coming weeks.The country’s finance minister, François-Philippe Champagne, will on Tuesday unveil a spending plan his government has signalled will include both steep deficits and spending cuts. Few details have leaked ahead of the announcement, which will mark the first substantive look at how Carney plans to avoid a recession while locked in a trade war with the US, Canada’s biggest economic partner. Continue reading...

Economics

4 d. ago Just 2% of councils think Labour funding plan for struggling households is enough

Exclusive: The government’s spending pledge to support local authorities in England amounts to a real-terms cut

Politics

4 d. ago Britain would do well to remember where its power over China lies | Simon Jenkins

It’s ridiculous for the government to splurge on defence while it slashes spending on its most valuable asset: cultureThe US has backed down in its tariff war with China. Thanks to Donald Trump’s egotistical diplomacy, rare earths can again flow one way, soya beans the other, and less of the chemicals used to make fentanyl in between. No matter that the war was Trump’s own idea and seems to have been a stunt. The stunt is over. Trump has played his favourite game of dealmaker, much to the discomfort of millions.Meanwhile Britain still cannot make up its mind if China is its enemy. In 2008 British officials visited the Beijing Olympics authorities to discuss the next games in London in 2012. The government told them to “raise” human rights issues, about which the British government was most concerned. I am told the Chinese reacted with sympathy at the Britons’ embarrassment at broaching the matter, and then everyone got down to business. Soon China was a friend, certainly to David Ca...

Politics

7 d. ago Rachel Reeves warns the rich will have to 'contribute' more taxes after Budget and can only say burden on squeezed middle earners will be kept as 'low as possible'

The Chancellor said the Government needed to ensure there is 'sufficient headroom' above its spending plans when she reveals her next fiscal package on 26 November.

Events

7 d. ago Rachel Reeves reveals tax rises and spending cuts ARE being considered at Budget as she scrambles for Gulf trade deal on Saudi Arabia visit

The Chancellor said the Government needed to ensure there is 'sufficient headroom' above its spending plans when she reveals her next fiscal package on 26 November.

Economics

8 d. ago Trump’s move to pay troops amid shutdown sets dangerous precedent, experts warn

Experts see move as Trump’s latest attempt to shift power of the purse away from Congress and into executive branchBy ordering that US military personnel receive paychecks even though the government is shut down, Donald Trump is seeing to the needs of a politically untouchable constituency that has been caught up in the congressional logjam over federal spending.But experts who spoke to the Guardian warn that he is doing so in a way that is almost certainly illegal and, if left unchecked, bodes ill for Congress’s constitutional authority to control government spending. Some fear it could set the stage for the president to unilaterally fund other contentious decisions in the future, such as the deployment of the military on US soil. Continue reading...

Events

1 week ago Work to link HS2 to west coast mainline to be delayed for four more years

Decision to extend pause on 18-mile stretch north of Birmingham part of ‘reset’ to troubled rail project• Business live – latest updatesWork to connect HS2 to the west coast mainline will be deferred for another four years as part of a “reset” of the troubled high-speed rail project.The work between Birmingham and Handsacre in Staffordshire was originally halted in early 2023 by the previous government to limit spending on HS2. Continue reading...

Politics

1 week ago City gives iPads to 911 supercallers to prevent them from bombarding emergency services

The pilot program aims to decrease government spending on emergency room trips and connect people to rapid care virtually

Events

2 w. ago Government spends £115,000 on ‘influencer marketing’ in less than a year

Minister said cash supported ‘multiple campaigns’, but Tories say it ‘makes a mockery’ of spending pledges

Economics

2 w. ago Revealed: Migrants make up one in every SIX universal credit recipients

It comes after the Tories last week unveiled bold plans to bar foreign nationals from claiming universal credit and other benefits, in a bid to slash billions of Government spending.

Events

3 w. ago Nigel Farage vows no tax cuts before public spending is curbed by a Reform government as he 'ditches election manifesto' on the economy

In its 2024 election manifesto Reform unveiled plans for its first 100 days that included cuts to stamp duty, fuel duty and energy taxes, the abolition of IHT and changes to income tax thresholds.

Politics

3 w. ago King Mohammed VI set to speak as Gen Z protesters demand reforms in Morocco

Morocco’s elusive King Mohammed VI is inaugurating parliament in a speech with far higher stakes than his annual addresses as anti-government protests have swept the nation’s cities and questioned the government’s spending priorities

Events

3 w. ago Governments are spending billions on their own ‘sovereign’ AI technologies – is it a big waste of money?

Many US-built AI systems fall short but competing against tech giants neither easy nor cheapIn Singapore, a government-funded artificial intelligence model can converse in 11 languages, from Bahasa Indonesia to Lao. In Malaysia, ILMUchat, built by a local construction conglomerate, boasts that it “knows which Georgetown you’re referring to” – that is, the capital of Penang and not the private university in the US. Meanwhile, Switzerland’s Apertus, unveiled in September, understands when to use the Swiss German “ss” and not the German-language character “ß”.Around the world, language models like these are part of an AI arms race worth hundreds of billions of dollars mostly driven by a few powerful companies in the US and China. As giants such as OpenAI, Meta and Alibaba plough vast sums into developing increasingly powerful models, middle powers and developing countries are watching the landscape carefully, and sometimes placing their own, expensive bets. Continue reading...

Economics

3 w. ago Irish Government increases spending and scales back planned tax measures

Ministers pledged to ‘secure jobs and stability at a time of global challenge’.

Politics

3 w. ago Asian markets mostly higher in quiet holiday trading after AI deals push Wall St to more records

Asian shares are mostly higher in quiet holiday trading, while Japan’s benchmark rose to new records on hope for more government spending and lower taxes under Japan’s first woman prime minister

Economics

4 w. ago US shutdown enters second week as Senate votes again on funding bill

Democrats and Republicans apparently no closer to deal to restart funding as Trump warns of imminent job cutsThe US government shutdown entered its second week on Monday, with Democratic and Republican lawmakers making no apparent progress towards reaching a deal to restart funding, while the Trump administration warned it was moving forward with plans to slash the federal workforce.Many agencies and departments closed their doors and told employees to stay home last Wednesday, after Congress failed to approve legislation to continue the government’s authority to spend money. Continue reading...

Economics

4 w. ago SNP confirms date for final Budget before 2026 Holyrood election

Shona Robison warned she faced "difficult choices" ahead of announcing the Government's spending plans for next year.

Politics

4 w. ago Tories to set out plans to cut £47bn from government spending

Shadow chancellor Sir Mel Stride will unveil proposals at the Tory party conference.

Economics