Rachel Reeves sick of people ‘mansplaining’ how to be chancellor

Moody's has reaffirmed the UK's Aa3 credit rating ahead of the upcoming budget announcement. This decision reflects the agency's assessment of the UK's economic stability and fiscal management, indicating confidence in the country's financial outlook.

US consumer confidence has declined as stock markets continue to fall and shop prices remain high. The FTSE 100 index dropped by over 1%, reaching a one-month low, while the S&P 500 also experienced a significant decline after initial gains. Concerns about an AI bubble are resurfacing, contributing to market volatility.

The UK government borrowed nearly £10 billion more than expected in the year leading up to October, with total borrowing reaching £17.4 billion last month, according to the Office for National Statistics. This data comes just ahead of Chancellor Rachel Reeves's upcoming budget statement, prompting calls for her to create more fiscal headroom against her fiscal rules.

Wetherspoon is set to open its first pub in Spain at Alicante airport, marking its first venture into mainland Europe. The pub will serve alcohol from 6am daily, catering to British travelers in the departure lounge. The opening is scheduled for January, with plans for further expansion into Europe in the future.

Energy bills in Great Britain are set to rise unexpectedly from January, with the energy price cap increasing to £1,758 per year for the average dual fuel bill. The regulator Ofgem announced a 0.2% increase, which translates to an additional £3 in annual costs for households during the coldest months of the year.

Asos, the online fashion retailer, has reported a 12% decline in sales for the year ending August 31. The company attributes this drop to its efforts to reduce discounts and deter frequent returners. In response, Asos is now employing AI stylists to attract customers back to its platform.

Chancellor Rachel Reeves is expected to announce an increase in duties for gambling firms, including bookies and casinos, during the upcoming budget. This decision follows months of speculation and lobbying efforts from the gambling industry aimed at influencing government policy. The proposed changes are anticipated to have significant financial implications for these companies.

UK retail sales have declined, and consumer morale has weakened ahead of the upcoming budget announcement. This downturn reflects growing concerns about the economic environment, as consumers appear to be tightening their spending in anticipation of fiscal changes. The negative sentiment is indicative of broader economic challenges facing the UK.