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The Latest Breaking News from Rachel Reeves

The UK government’s £18bn borrowing costs are higher than expected - how did we get here?

The deficit was the highest for any December since 2020, when the government was forced to prop up closed businesses and spend billions of pounds on medical equipment because of the covid lockdowns

The Independent UK

Will taxes be raised by Labour Chancellor Rachel Reeves in 2025?

She is facing more difficult decisions on the dire state of public finances

Evening Standard

Competition watchdog role for ex-boss of Amazon UK ‘a slap in face’, say unions

Business minister denies government ‘in pocket of big tech’ after hiring Doug Gurr to chair CMA

The Guardian - UK

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Reeves’s tractor tax plan in disarray as supermarket giants hit out at chancellor

Three of Britain’s biggest retailers, Tesco, Lidl and the Co-Op, join calls for halt to inheritance tax raid as Labour chancellor tries to drum up business investment in the UK at World Economic Forum in Davos

The Independent UK

Rachel Reeves clashes with Sadiq Khan over third Heathrow runway as she hits out at people who 'always say no' to growth

Chancellor says if Britain wants a strong economy the answer ‘can't always be 'no'’ to projects that will create growth

Evening Standard

Rachel Reeves under pressure as Government borrowing spikes

RACHEL Reeves has been dealt another blow by the financial markets as Government borrowing spiked – heaping yet more pressure on the Treasury.

The National (Scotland)

Watchdog boss stepped down over ‘different approach’, says Chancellor

Marcus Bokkerink left his role as chairman of the Competition and Markets Authority earlier this week.

Evening Standard

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Reeves defends Budget as she searches for growth in Davos

Chancellor Rachel Reeves said she wanted the tax burden to come down but that would depend on the economy and public finances improving.

Evening Standard

Rachel Reeves seeks to win over business chiefs in Davos with Thatcherite defence of Budget

Chancellor adopted one of Margaret Thatcher’s famous phrases to argue that ‘there is no alternative’

Evening Standard

Reeves risks Cabinet row as she says growth must trump green concerns over Heathrow third runway

Chancellor is gearing up for a potential row with cabinet colleagues over major expansion of London’s airports

The Independent UK

Reeves says need for growth trumps opposition amid Heathrow speculation

The Chancellor said opposition to measures that will boost growth have been a problem for too long in the UK.

Evening Standard

Labour strips environmental watchdogs’ powers to block building projects

In the government’s latest push to grow the economy, regulators will no longer be able to demand developers mitigate the environmental impact of new buildings before they can be constructed

The Independent UK

UK to review visas to entice more AI and science workers, says Reeves

Chancellor says she ‘absolutely’ supports wealth creation at World Economic Forum in Davos

The Guardian - UK

£18bn borrowing costs at four-year high as Reeves’s Budget headache worsens

The Office for National Statistics says public sector net borrowing in December was up £10.1bn on a year earlier

The Independent UK

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Evening Standard

Borrowing surges to four-year high in blow to Chancellor

The Office for National Statistics said public sector net borrowing stood at £17.8 billion last month, up £10.1 billion on a year earlier.

Evening Standard

Government borrowing in December surges to £17.8 billion

Interest payments, higher public sector wages and an increase in the benefits bill all stoked the borrowing total for the month

The Guardian - UK

UK borrowing jumps unexpectedly, adding to pressure on Rachel Reeves

Increase to £17.8bn is well above City forecasts and is highest December figure for four years

The Guardian - UK

Davos day two: Spain’s PM warns tech billionaires threaten democracy; Jamie Dimon says ‘get over’ Trump tariffs - as it happened

Rolling coverage of the second day of the World Economic Forum in Davos, as Pedro Sanchez blasts social media owners for harming democratic systems

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Evening Standard

What the papers say – January 22

Revelations and reactions to the Southport killings lead Wednesday’s front pages.

The Independent UK

Trump has Starmer ‘over a barrel’ on trade deal with UK facing economic turmoil, insiders claim

Exclusive: Insiders say the UK has no choice but to accept Trump’s terms for on trade as neither the EU or China has produced significant deals

The Guardian - UK

Chair of competition watchdog steps down after Labour intervention

Marcus Bokkerink’s departure said to be part of effort to establish UK’s pro-growth agenda for leaders at Davos

The Independent UK

Labour split over support for Heathrow expansion with Reeves set to give backing

Chancellor Rachel Reeves is expected to voice her support for a third runway at Heathrow despite opposition from cabinet collegue Ed Miliband and London mayor Sadiq Khan

The Guardian - UK

Gatwick still beats Heathrow hands-down if we must have another runway

Pollution aside, the problem with expanding Heathrow lies in the disruption and delay inevitable in such a complex project

The Independent UK

Departments which do not meet 5% cuts will not get new cash – Treasury minister

Chief Secretary to the Treasury Darren Jones signalled that Government spending is ‘long overdue a reckoning’.

Evening Standard

Competition watchdog chairman ‘ousted’ by Government

Marcus Bokkerink left his post as chairman of the Competition and Markets Authority, after criticism the watchdog was not focused enough on growth.

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