Philip Aldrick

Chancellor of the Exchequer Rachel Reeves promised that Labour’s first budget in more than a decade would end austerity and break the grip of economic stagnation. The plan she delivered will take so long to bear fruit the party will need to win another election to claim its reward.

The UK’s fiscal watchdog accused Treasury civil servants of breaking the law by withholding information before the March budget, raising the stakes in a blame game over who was responsible for hiding a multi-billion pound shortfall.

The increase in UK borrowing costs since last week’s budget has wiped out all of Chancellor of the Exchequer Rachel Reeves’ headroom against her main fiscal rule, raising the prospect of further tax rises or spending cuts unless the debt picture changes.

UK Chancellor of the Exchequer Rachel Reeves’ top official rejected the suggestion that Treasury civil servants broke the law by withholding information about a multi-billion-pound black hole in the public finances from the government’s fiscal watchdog, but conceded they did breach a code of conduct.

The Bank of England cut borrowing costs for the second time this year, but stopped short of signaling faster easing, warning that the budget could drive up inflation by as much as half a percentage point.

El Banco de Inglaterra recortó los costos de endeudamiento por segunda vez este año, pero no llegó a señalar una flexibilización más rápida ya que el plan de presupuesto del gobierno podría hacer subir la inflación hasta en medio punto porcentual.

Just 10 days after delivering her first UK budget, Chancellor of the Exchequer Rachel Reeves is already at risk of breaking Labour’s manifesto pledge to hold just one fiscal event a year.

UK wage growth cooled by less than expected, a reading that is likely to entrench caution at the Bank of England over cutting interest rates more quickly.

Chancellor of the Exchequer Rachel Reeves said the UK will introduce legislation next year to pool £1.3 trillion ($1.7 trillion) of pension savings into a series of “megafunds,” as the new Labour government tries to deliver on its pledge to boost private investment and economic growth.

It was announced as almost a footnote. But a change to the way the Bank of England’s bond portfolio is managed has freed up as much as £10 billion ($12.7 billion) for UK Chancellor Rachel Reeves in coming years, helping to keep a lid on borrowing.