34 h. ago ‘Their credibility has been shot to pieces’: Labour MPs turn on Starmer and Reeves

Income tax U-turn adds to mood of despair among party’s backbenchers

Politics

39 h. ago Treasury won’t cut threshold for higher rate income tax, say sources – UK politics live

Fallout continues over budget income tax U-turn, with Treasury saying expected fiscal gap has dropped to £20bnThis is from Helen Miller, director of the Institute for Fiscal Studies thinktank, on the market reaction to the chancellor’s reported budget U-turn.Investors will have 2 broad concerns about news that Chancellor won’t increase income tax rates1. Does it signal less willingness to do politically difficult thingsBritain’s long-term borrowing costs were sent soaring as reports suggested the latest U-turn would leave Rachel Reeves scrambling to fill a gaping black hole in the nation’s finances just two weeks before the 26 November budget.Yields on 30-year UK government bonds, also known as gilts, jumped as much as 14 basis points in early trading, and the yield on 10-year gilts also shot up 12 basis points – rising the most since July. Continue reading...

Politics

39 h. ago Nightmare on Downing Street: 'Iron Chancellor' loses her mettle with Budget U

Commentary: Two startling own goals in a week have damaged Sir Keir Starmer and Rachel Reeves’ authority

Politics

40 h. ago Streeting says striking doctors ‘extremely irresponsible’ in angry phone

Health secretary unhappy as resident doctors in England have started a five-day strike todayThis is from Helen Miller, director of the Institute for Fiscal Studies thinktank, on the market reaction to the chancellor’s reported budget U-turn.Investors will have 2 broad concerns about news that Chancellor won’t increase income tax rates1. Does it signal less willingness to do politically difficult thingsBritain’s long-term borrowing costs were sent soaring as reports suggested the latest U-turn would leave Rachel Reeves scrambling to fill a gaping black hole in the nation’s finances just two weeks before the 26 November budget.Yields on 30-year UK government bonds, also known as gilts, jumped as much as 14 basis points in early trading, and the yield on 10-year gilts also shot up 12 basis points – rising the most since July. Continue reading...

Events

41 h. ago Anarchy in government as PM's 'nemesis' Wes Streeting celebrates Reeves' humiliating income tax U

Health Secretary Wes Streeting - seemingly emboldened by a botched Downing Street 'hit job' on his leadership ambitions this week - has publicly declared that he had not supported the move.

Politics

43 h. ago Starmer and Reeves drop proposal to increase income tax rates in Budget

U-turn on measures to raise revenue to fill fiscal hole sparks sell-off in gilt market

Economics

43 h. ago Markets get jitters after Reeves DROPS Budget plan to hike income tax amid panic that Labour MPs will oust Starmer but she could slash thresholds instead to fill £30bn black hole

The Pound has already taken a hit after the extraordinary U-turn emerged overnight, following weeks of signals that the move would go ahead.

Economics

44 h. ago Starmer and Reeves drop proposal to increase income tax rates in the Budget

U-turn on measures to raise revenue to fill fiscal hole sparks sell-off in gilt market

Economics

44 h. ago Markets hammer Reeves after she DROPS Budget plan to hike income tax amid panic that Labour MPs will oust Starmer but she could slash thresholds instead to fill £30bn black hole

The Pound has already taken a hit after the extraordinary U-turn emerged overnight, following weeks of signals that the move would go ahead.

Economics

54 h. ago Starmer and Reeves ditch Budget plan to increase income tax rates

Chancellor explores alternative ways to raise revenue to fill fiscal hole estimated at up to £30bn

Economics

54 h. ago Starmer and Reeves ditch plan to increase income tax rates in the Budget

Chancellor explores alternative ways to raise revenue to fill fiscal hole estimated at up to £30bn

Economics

60 h. ago Labour leadership live: Starmer denies No 10 aides to blame for attack on Streeting

Concerns around Labour Party leadership deepens ahead of Rachel Reeves’s upcoming Budget

Politics

61 h. ago Reeves’s actions would suggest she’s trying to slow economy down, says former NatWest chief

Labour chancellor under fire ahead of crunch Budget as new figures show GDP growth has slowed

Politics

62 h. ago Labour leadership live: Starmer’s aides insist none of them briefed against Streeting

Concerns around Labour Party leadership deepens ahead of Rachel Reeves’s upcoming Budget

Politics

63 h. ago Labour leadership live: Starmer warns aides ‘I’ll fire you’ for briefing against ministers amid Streeting saga

Concerns around Labour Party leadership deepens ahead of Rachel Reeves’s upcoming Budget

Events

65 h. ago Labour leadership latest: Streeting dismisses ‘silly Westminster soap opera’ coup briefings about Starmer ousting

Concerns around Labour Party leadership deepens ahead of Rachel Reeves’s upcoming Budget

Politics

65 h. ago Labour leadership latest: Streeting dismisses ‘silly Westminster soap opera’ coup briefings he wants to oust Starmer

Concerns around Labour Party leadership deepens ahead of Rachel Reeves’s upcoming Budget

Politics

66 h. ago Labour leadership latest: Starmer must find and ‘get rid’ of aide behind Streeting coup leaks, Miliband warns

Concern around the Labour leadership has deepened ahead of Rachel Reeves’s Budget on 26 November

Events

67 h. ago Labour leadership latest: Starmer will ‘get rid’ of aide responsible for Streeting coup leaks, Miliband warns

Concern around the Labour leadership has deepened ahead of Rachel Reeves’s Budget on 26 November

Events

3 d. ago There’s a missing link in British public life – and it underpins crises from the BBC to our prisons | Rafael Behr

A declining sense of collective identity is corroding trust in our institutions and undermining democratic politicsImagine you are given a pile of tokens, representing real money, and invited to donate to a common pot. There are other players but you can’t interact with them. The sum of collective contributions will be trebled, then shared equally among all players. What do you do?If everyone submits all their money, all get richer. But if everyone except you pays in, you can enjoy the collective payout while retaining your original stash. The flaw in the selfish strategy is that other people might have the same idea. If no one pays in, there is no bounty to share.Rafael Behr is a Guardian columnist Continue reading...

Events