Prime Minister Keir Starmer is set to unveil a “Plan for Change” aimed at revitalizing the UK government, focusing on the economy, healthcare, and crime. This initiative will outline measurable milestones to ensure tangible improvements in the lives of working people, following Labour's recent return to power.
Farmers gathered in central London to protest the Labour government"s new inheritance tax on farms, the first in over 30 years. Clare Wise, a fifth-generation farmer, warned that the tax would "cripple" her business, emphasizing that farmers are "asset rich, but cash poor." The protest highlighted concerns over the future of farming in the wake of post-Brexit challenges.
India and the UK are set to relaunch free trade agreement talks in the new year, as Prime Minister Narendra Modi met with UK Prime Minister Keir Starmer during the G20 summit. Modi emphasized the need for the extradition of fugitive businessmen Vijay Mallya and Nirav Modi, highlighting the importance of addressing economic offenders in the UK. Additionally, Modi announced the opening of two new Indian consulates in Belfast and Manchester.
UK Chancellor Rachel Reeves is set to advocate for free trade in a keynote speech at the Mansion House, emphasizing its role in driving economic growth. As the Trump administration prepares to implement protectionist policies, Reeves will highlight how open trade enriches nations.
UK bonds experienced significant losses following the Labour government's budget announcement and plans for increased bond sales, leading to a wave of selling. The yield on 10-year notes rose to 4.48%, marking a weekly increase of over 20 basis points, the largest this year. Market expectations for interest-rate cuts have diminished as traders assess the implications of substantial additional spending on inflation and growth.
The UK’s wealthy are relieved that the new Labour government’s first budget did not impose as severe tax hikes as anticipated. Increases on capital gains and private equity deals were less drastic, and non-dom residents received extended time to repatriate funds, indicating Labour's sensitivity to concerns about potential emigration of affluent individuals.
Britain's new Labour government faces a significant challenge in its upcoming budget, aiming to balance increased public spending with fiscal discipline without raising taxes. Prime Minister Keir Starmer has ruled out rejoining the EU's single market, seeking instead to reset UK-EU relations to stimulate growth, a task complicated by the ongoing repercussions of Brexit. The nation's economic situation is marked by unfortunate timing, adding to the complexity of these efforts.
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