UK

Your support helps us to tell the storyFind out moreCloseOur mission is to deliver unbiased, fact-based reporting that holds power to account and exposes the truth.Whether $5 or $50, every contribution counts.Support us to deliver journalism without an agenda.Louise ThomasEditorThe government has been warned that a potential change to borrowing rules could spook the markets and trigger a Liz Truss-style meltdown.While No 10 has insisted it will “absolutely deliver” on its pledge to restore economic stability, financial experts warned the plans could trigger investor backlash.This comes amid speculation chancellor Rachel Reeves is preparing to overhaul the fiscal regime to unlock £50bn of extra spending.Ms Truss sparked gilt market freefall and a run on sterling after introducing unfunded tax cuts in her 2022 mini-Budget.Nigel Green, chief executive of deVere group – one of the world’s largest independent financial advisory organisations – told The Independent: “In the weeks leading up to the Budget, UK gilt yields – widely seen as a barometer of investor confidence – have surged from 3.75 per cent to around 4.2 per cent. There is speculation chancellor Rachel Reeves is preparing to overhaul the fiscal regime to unlock £50bn of extra spending More

Your support helps us to tell the storyFind out moreCloseOur mission is to deliver unbiased, fact-based reporting that holds power to account and exposes the truth.Whether $5 or $50, every contribution counts.Support us to deliver journalism without an agenda.Louise ThomasEditorRachel Reeves is thought to be considering making a major change to Labour’s fiscal rules at the budget on 30 October by borrowing billions for infrastructure investment.The move has sparked fears of the potential of rising debt, but the chancellor is reported to have told the cabinet she wants the Treasury to change how it accounts for capital spending to also reflect the benefits of investment.The change to Labour’s fiscal rule – laid out in the party’s manifesto – could unlock up to £57 billion for infrastructure spending, some experts predict.Ahead of the general election, Labour pledged to follow two rules. The first was that in the current budget, costs are met by revenues such as tax. This has proven much more of a challenge for Ms Reeves than she anticipated after she unveiled Treasury analysis in late July which showed a £22 billion shortfall in public spending.The chancellor has acknowledged this herself, saying at a Labour Party Conference fringe event that the measure would be “incredibly hard” to meet and require “tough decisions” to be made.The second rule is that debt must be falling as a share of the economy by the fifth year of the economic forecast. This measure rules out excessive borrowing to fill Labour’s black hole, as debt would be driven up as a result.However, during her speech at the conference, Ms Reeves said: “It is time that the Treasury moved on from just counting the costs of investments to recognising the benefits too.” The comment caused experts to speculate that she may be looking to alter Labour’s fiscal rules at the budget to deal with what Labour calls its unexpected “inheritance”.Rachel Reeves and Keir Starmer at Labour’s 2024 conference More

Your support helps us to tell the storyFind out moreCloseOur mission is to deliver unbiased, fact-based reporting that holds power to account and exposes the truth.Whether $5 or $50, every contribution counts.Support us to deliver journalism without an agenda.Louise ThomasEditorSir Keir Starmer declared the Falkland Islands are British and will remain British after a row about his decision to hand the Chagos Islands to Mauritius.The prime minister last week refused to rule out ending British control of Gibraltar and the Falklands as he faced a backlash over a deal with Mauritius to cede control of the remote archipelago.Asked on Friday to guarantee no other British overseas territory would be signed away by the government, the PM dodged the question, pointing to a deal to secure the long-term future of a joint US-UK military base on Diego Garcia, the largest of the islands.But, asked during PMQs about measures to make it easier for British citizens fishing off the Falklands to sell fish into Europe, Sir Keir said: “My uncle nearly lost his life when his ship was torpedoed defending the Falklands.” Keir Starmer said the Falklands are British and will remain British More

Your support helps us to tell the storyFind out moreCloseOur mission is to deliver unbiased, fact-based reporting that holds power to account and exposes the truth.Whether $5 or $50, every contribution counts.Support us to deliver journalism without an agenda.Louise ThomasEditorA wounded Israeli soldier urged the UK not to forget the mistake of Neville Chamberlain by being more like Churchill and standing up against “the evil of Iran”.Barak Deri, an Israeli Defence Force reservist, has been hailed as a hero in his country and is visiting London this week as part of a mission to win support for Israel’s struggle in the ongoing war on multiple fronts in the Middle East.The 32-year-old, who was wounded and is likely to be disabled for the rest of his life, arrived in the UK with a simple warning that “Israel’s war is the West’s war” and the demand: “We cannot be quiet, we must send a clear message that another Holocaust is not an option.”He said: “I think that for me, I grew up on [Winston] Churchill. Coming here to the UK, it amazes me how people forget all this [Neville] Chamberlain deal in 1938.“When you see so much evil from Iran to Syria, everything that they touch is just a black hole of tears, blood and suffering. I think to myself, didn’t we learn anything from history?”Barak Deri fought in the IDF special forces More

Your support helps us to tell the storyFind out moreCloseOur mission is to deliver unbiased, fact-based reporting that holds power to account and exposes the truth.Whether $5 or $50, every contribution counts.Support us to deliver journalism without an agenda.Louise ThomasEditorDowning Street was like a “crack den” when Boris Johnson arrived, the former prime minister has claimed as he defended his £200,000 refurbishment of the flat.Mr Johnson was embroiled in a scandal after it emerged a donor had initially paid for the lavish overhaul, which included 10 rolls of wallpaper costing £225 each and a £7,000 rug, revealed by The Independent at the time.After the Conservative Party initially settled the bill, including with a donation from Tory donor Lord Brownlow, Mr Johnson reimbursed them out of his own pocket.Boris Johnson said his Downing Street apartment resembled a ‘crack den’ More

Your support helps us to tell the storyFind out moreCloseOur mission is to deliver unbiased, fact-based reporting that holds power to account and exposes the truth.Whether $5 or $50, every contribution counts.Support us to deliver journalism without an agenda.Louise ThomasEditorRenters’ voices are “finally starting to be heard”, a charity has said as Angela Rayner prepares to table her bill to ban “cruel” no-fault evictions.Anti-homelessness charity Shelter said 11 million renters in England have been “ignored or shouted down” after sounding the alarm about the broken system for years.But, with the Renters’ Rights Bill set for its second reading in the Commons on Wednesday, chief executive Polly Neate said: “The Renters’ Rights Bill is proof that their voices are finally starting to be heard.”Angela Rayner said she is determined to deliver the change first promised by Theresa May in 2019 More

Your support helps us to tell the storyFind out moreCloseOur mission is to deliver unbiased, fact-based reporting that holds power to account and exposes the truth.Whether $5 or $50, every contribution counts.Support us to deliver journalism without an agenda.Louise ThomasEditorSir Keir Starmer has already squandered the biggest potential dividends of his post-Brexit reset with the EU by ruling out a return to the single market and customs union, a report has warned.The prime minister has repeatedly talked up his push to rebuild ties with the bloc after years of acrimony under successive Tory governments, promising that doing so will boost economic growth and living standards.But the Resolution Foundation has said Sir Keir’s red lines are limiting the government’s room for manoeuvre and keeping the biggest growth dividends off limits to the UK. It cited the government’s own analysis suggesting that rejoining the single market would boost GDP by around 3.5 per cent compared with the current EU trade deal.Sir Keir Starmer has promised a reset of relations between the UK and EU More

Your support helps us to tell the storyFind out moreCloseOur mission is to deliver unbiased, fact-based reporting that holds power to account and exposes the truth.Whether $5 or $50, every contribution counts.Support us to deliver journalism without an agenda.Louise ThomasEditorKeir Starmer has spoken of his own passion for the creative arts as he prepares to unveil a major new investment strategy for Britain’s film industry to put it at the heart of his plans to boost economic growth.The prime minister spoke exclusively to The Independent ahead of a new package of tax relief to help boost “British Hollywood” and see more films made in the UK with “many, many” more job opportunities.He told Independent TV: “This is a really important initiative, tax relief for filmmaking. Here in the United Kingdom, we are really good in the creative sector.The creative industries generate £125bn a year, and form a central part of the government’s plan to grow the economy More