The Fed is poised to cut rates, even as officials split over the outlook under Trump. Softer jobs data and slowing pay for low earners support easing, but critics warn it risks fuelling prices and frothy assets. The White House is ready to defend the decision.
Christopher Harborne has given Reform £9m, a record donation that puts the party top of quarterly fundraising with more than £10m raised. The gift bolsters Nigel Farage’s campaign, leaving the Tories and Labour trailing on reported totals.
Bond investors cautioned the US Treasury that selecting Kevin Hassett to replace Powell as Fed chair could unsettle markets, citing worries over his perceived political ties and potential for sweeping rate cuts. Officials said the selection process continues, with alternatives under review.
Nigel Farage told Reform donors he expects an arrangement with the Tories before the next election, possibly a merger or pact to avoid splitting the vote. Citing the fall‑out from 2019, he said past dealings will shape any terms. With an outright Reform win seen unlikely, a tie‑up could increase leverage over policy and seats.
OBR chair Richard Hughes has quit after a review concluded a Budget leak resulted from failings in the watchdog’s leadership, with a similar error at the Spring Statement. The episode heightens tension with the Treasury as ministers consider tightening OBR protocols.
Nato leaders are weighing a tougher strategy against hybrid threats, with the UK backing a shift from reactive defence to proactive disruption. Priorities include safeguarding subsea cables, strengthening cyber resilience, and tightening coordination with US and European partners.
Ministers have softened the worker-rights plan after business pressure. Day-one protection against unfair dismissal is dropped, and curbs on zero-hours and fire-and-rehire will be looser. Employers hail a compromise; unions say Labour has diluted its pledge.
Reeves unveiled a tax-raising Budget: the freeze on personal thresholds is extended, salary sacrifice schemes will be capped, and higher earners and companies will pay more to fund expanded welfare and services. An accidental OBR leak pre-empted the plan. Markets liked the bigger fiscal buffer.
Reeves plans a tax‑heavy Budget to prove fiscal grip and plug a £50bn hole. Expect frozen thresholds, tighter reliefs and a higher minimum wage, with scant room for giveaways as priorities shift to stability, debt reduction and steady funding for public services.
Washington and a European partner voiced optimism over a revised 19‑point peace plan after Geneva talks, leaving major choices to the leaders. The draft takes the partner’s key points on board, while the other side has yet to review it. Further diplomacy is planned ahead of a possible leaders’ meeting.