Donald Trump threatens to sue the BBC for more than $1bn, alleging an edited speech defamed him. The BBC has acknowledged a judgement error but denies intent. The dispute intensifies scrutiny of the broadcaster’s leadership, fuelling debate over governance, editorial standards and independence.
Tim Davie resigned as BBC DG amid a row over a Trump documentary and allegations of bias and reporting failures. News chief Deborah Turness also quit. The board has launched reviews of editorial controls as the broadcaster seeks to restore trust and stability.
Big tech shares linked to AI shed about $1.2tn as investors questioned lofty valuations amid signs of a US slowdown. The Nasdaq fell 4.6%, putting Wall St on course for its worst week since April. Declines were led by Nvidia, Microsoft and Apple, with sentiment turning against richly priced growth stocks.
The BoE kept Bank Rate at 4% after a narrow MPC split, citing easing inflation but sticky services costs. It hinted a cut as soon as next month if data allow, aiming to support a weak economy while keeping price growth on track to target. Markets priced in earlier easing.
Nvidia’s Jensen Huang says China is poised to overtake the US in AI, citing cheaper energy, quicker permitting and looser rules. He warns western cynicism and high power costs are slowing data centre expansion, urging major investment in computing to stay competitive.
Rachel Reeves signalled she may drop the pledge not to raise income tax, citing rising debt costs. She told MPs the “broadest shoulders” should pay more, preparing ground for Budget moves likely to target higher earners and reliefs to help stabilise the public finances.
The PM signalled a “tough but fair” Budget, favouring significant tax rises over austerity to repair the public finances. The NHS will be protected. No 10 has warned MPs to expect big increases as the government seeks to lower debt and reassure markets.
City leaders warn the rising minimum wage is converging with graduate starting pay, deterring applicants for junior office roles and pushing steeper “pyramid” pay structures that reward the top more. With Reeves eyeing a further uplift, firms fear higher costs and a weaker pipeline of young talent.
Rachel Reeves plans to introduce higher council tax bands for expensive homes, moving away from 1991 valuations. The change aims to raise billions and support Budget repair, with wealthier property owners paying more to address long‑standing imbalances.
Washington and Beijing agreed a limited trade détente after a leaders’ summit: a one-year pact on minerals and chips, halving tariffs linked to fentanyl precursors and fresh talks on supply chains. Export controls largely stay in place, and there was no discussion on Taiwan.