Labour is still in a muddle on North Sea oil and gas | Nils Pratley

Chancellor Rachel Reeves faced significant chaos leading up to her budget announcement, with the Office for Budget Responsibility's premature release of key measures contributing to market turmoil. This approach, intended to preemptively manage expectations, resulted in a pre-budget shambles that raised questions about her strategy and leadership.

Ed Miliband has confirmed a crackdown on new North Sea oil and gas exploration, as outlined in a recent strategy paper. However, new drilling projects will still be permitted if they are connected to existing fields, reflecting the government's attempt to balance environmental concerns with energy needs.

HP has announced plans to cut up to 6,000 jobs globally by 2028 as part of a significant restructuring effort aimed at accelerating product development through the adoption of artificial intelligence. This decision follows a lower-than-expected profit outlook for the upcoming year, reflecting ongoing challenges within the company.

Ministers have granted planning permission for the £750 million Marlow Film Studios development in Buckinghamshire, a project that has garnered both support and opposition from local communities. This initiative is viewed as a significant test of the Labour government's commitment to economic growth and development in the creative sector.

Chancellor Rachel Reeves has announced a freeze on income tax thresholds until the 2030-31 tax year, a move aimed at addressing the deficit in public finances. This decision is expected to lead to 'fiscal drag,' where individuals may find themselves in higher tax brackets as their incomes rise, effectively increasing their tax bills without any changes to the tax rates themselves.

Chancellor Rachel Reeves has presented the UK Budget for 2025, which includes significant reforms aimed at addressing the ongoing cost of living crisis. Key announcements feature the scrapping of the two-child benefit cap and the introduction of a mansion tax, alongside various tax increases and welfare changes. This budget is seen as a pivotal moment for the Labour government as it seeks to navigate economic challenges.

The Chancellor of the Exchequer is set to announce a new North Sea Strategy during her upcoming Budget speech, which will allow for increased drilling in the North Sea. This initiative reflects the Labour government's approach to energy production and economic growth in the region.

Chancellor Rachel Reeves is set to announce a budget aimed at addressing the UK's cost of living crisis, a pivotal moment for the Labour government led by Keir Starmer. The budget, scheduled for November 26, is expected to include significant tax increases to cover a £20 billion spending gap and to stabilize the economy amidst lower growth forecasts.