In today’s newsletter: Against a backdrop of global turbulence, Rachel Reeve’s surprisingly upbeat tone failed to reassure when our supposed economic stability rests on forces mostly outside of the government’s control
Good morning. When she stood up in parliament yesterday to deliver the spring statement, Rachel Reeves insisted that “inflation is down, borrowing is down, living standards are up and the economy is growing” – and that Labour’s economic plan was the right one for a world that has become “yet more uncertain”.
In narrow fiscal terms, the chancellor achieved what she set out to do. Borrowing is forecast to fall, her headroom against the fiscal rules has edged up to £23.6bn, and the statement contained no policy surprises to unsettle investors. But the economic weather beyond Westminster has shifted sharply.
Iran | Israel and the US intensified their attacks on Iran as Donald Trump said he had rejected what he claimed was an attempt by Tehran to restart negotiations.
UK news | A doctor who gave crucial expert evidence for the prosecution of the nurse Lucy Letby was under investigation at the time due to serious concerns about his fitness to practise.
US politics | The US justice department has dropped legal proceedings against four law firms that stood up to retaliatory executive actions by Donald Trump for representing clients or causes the president did not like.
Reform UK | More than half of Reform UK members believe non-white British citizens born abroad should be deported or encouraged to leave, according to polling.
Baftas 2026 | Alan Cumming has joined the chorus of disapproval at the BBC’s failure to edit out a racial slur from their Baftas telecast, saying it turned the event “into a trauma-triggering shitshow”.
Continue reading…In today’s newsletter: Against a backdrop of global turbulence, Rachel Reeve’s surprisingly upbeat tone failed to reassure when our supposed economic stability rests on forces mostly outside of the government’s controlGood morning. When she stood up in parliament yesterday to deliver the spring statement, Rachel Reeves insisted that “inflation is down, borrowing is down, living standards are up and the economy is growing” – and that Labour’s economic plan was the right one for a world that has become “yet more uncertain”.In narrow fiscal terms, the chancellor achieved what she set out to do. Borrowing is forecast to fall, her headroom against the fiscal rules has edged up to £23.6bn, and the statement contained no policy surprises to unsettle investors. But the economic weather beyond Westminster has shifted sharply.Iran | Israel and the US intensified their attacks on Iran as Donald Trump said he had rejected what he claimed was an attempt by Tehran to restart negotiations.UK news | A doctor who gave crucial expert evidence for the prosecution of the nurse Lucy Letby was under investigation at the time due to serious concerns about his fitness to practise.US politics | The US justice department has dropped legal proceedings against four law firms that stood up to retaliatory executive actions by Donald Trump for representing clients or causes the president did not like.Reform UK | More than half of Reform UK members believe non-white British citizens born abroad should be deported or encouraged to leave, according to polling.Baftas 2026 | Alan Cumming has joined the chorus of disapproval at the BBC’s failure to edit out a racial slur from their Baftas telecast, saying it turned the event “into a trauma-triggering shitshow”. Continue reading…