Is there a £22bn ‘black hole’ in the UK’s public finances

Is there a £22bn ‘black hole’ in the UK’s public finances?

Economists say the state of public finances should not have come as a complete surprise to the new government.

Treasury failed to disclose ‘material’ spending pressures under Hunt, says OBR

Watchdog says it cannot tell how big ‘black hole’ inherited by Rachel Reeves would have been with full transparency

World - Financial Times - October 30

Budget poses new challenge for UK public finances, Moody’s warns

Assessment from rating agency comes as gilts steady after sell-off sparked by scale of extra borrowing

Business - Financial Times - November 1

Starmer touts UK climate leadership but resists call for more public finance

UK’s prime minister is one of only two G7 leaders at UN COP29

Business - Financial Times - November 12

Jeremy Hunt attempts to block watchdog report on £22bn ‘fiscal hole’

Former chancellor argues publication on Budget day will be used by Labour as ‘political weapon’

Business - Financial Times - October 29

Trump tariffs could cost UK £22bn of exports

The UK could face a £22bn hit to its exports if Donald Trump carries out his tariff threats, researchers say.

Peering inside a (fiscal) black hole

Come for the snark, stay for the Soundgarden puns

World - Financial Times - November 1

Two Black Holes are Giving the Cosmos a Fright

The ghosts of stars are up to their usual mischief.

World - The New York Times - October 30

The unfair hole in next week’s UK Budget

Why will council tax remain decades out of date?

Business - Financial Times - October 25

UK chancellor to unlock financing for critical minerals supply

Measures will benefit manufacturers, particularly in defence, aerospace and EV battery makers, says Treasury

Business - Financial Times - October 24

Did Labour mislead UK public ahead of Budget?

Rachel Reeves’ tax-raising measures come after she pledged not to be a levy-hiking chancellor

World - Financial Times - October 31

It’s hard to fill a budget black hole if you’ve ruled out raising income tax | William Keegan

Keir Starmer and Rachel Reeves were so desperate to win the election that they deprived themselves of the best tools for fixing their bleak ‘inheritance’. It saddens those of us who waited so long ...

World - The Guardian - October 27

Santander delays full UK results as it weighs impact of car finance ruling

Profits drop in British business as one of Spanish bank’s biggest markets emerges as a trouble spot

Business - Financial Times - October 29

UK motor finance in disarray after court rules against hidden commissions

Major providers have stopped lending or paused commissions as they race to assess implications

World - Financial Times - November 6

The NHS and education are big winners in Reeves’ spending plan

But some Whitehall departments including the Home Office face real terms cuts to their budgets

World - Financial Times - October 30

Meta ‘hackathon’ devises ways to use AI system in UK public services

Meta asked over 200 programmers in Europe to devise ways of using Llama AI system. Meta’s push to deploy its artificial intelligence system inside Britain’s public sector took a step forward on ...

World - The Guardian - 4 days ago

Public sector pay deals help drive up UK borrowing

Borrowing was £17.4bn last month, the second highest October figure since monthly records began in 1993.

Banks warn UK Treasury of risk of sector turmoil after car finance ruling

Lenders meet government officials and regulators over fallout from court judgment on ‘secret’ auto loan commissions

Business - Financial Times - October 29

Twice homeless millionaire tops UK black power list

The now multimillionaire began his career in a call centre after failing to become a professional footballer.

Push for black and Asian soldiers’ input in world wars to be taught in UK schools

Exclusive: Awareness of contribution of black and Asian soldiers could help tackle racism, say leading minority ethnic voices. Politicians and community leaders are calling for the history of ...

World - The Guardian - October 30

Project reveals UK sites where black Americans fought to end slavery

Missing Pieces Project maps buildings in 189 locations where African American abolitionists spoke against slavery. Historic England is commemorating the American abolitionist Frederick Douglass ’s ...

World - The Guardian - November 1

Bangladesh’s leader says ‘no place’ for Sheikh Hasina’s ‘fascist’ party

Muhammad Yunus says will not seek exiled leader’s extradition from India before domestic tribunal’s verdict

World - Financial Times - October 30

Hospitals in firing line of forgotten war

Sudan’s brutal civil war is taking a devastating toll on the country’s health facilities

World - Financial Times - October 30

Why EU defence and security policy will stay in the hands of capitals

Also in this newsletter: wading into France’s budget mess

World - Financial Times - October 30

Public sector pay rises and debt interest costs push up UK government borrowing; Bitcoin nearing $100,000 – business live

UK records the second highest October borrowing since 1993, while crypto-friendly Trump pushes bitcoin towards $100k. The jump in UK borrowing last month ( see opening post ) makes it hard for ...

World - The Guardian - 2 days ago