‘It’s brutal, they feel very attacked’: budget uncertainty hits Southampton boat show

Experts are warning that Rachel Reeves's proposal to cut the 5% VAT on electricity bills could backfire, primarily benefiting wealthier homeowners while potentially increasing carbon emissions. This move raises concerns about its impact on the UK's climate commitments, as critics argue that it may not effectively address the needs of those most affected by rising energy costs. The implications of this policy could undermine efforts to promote sustainability and equity in energy consumption.

Chancellor Rachel Reeves is considering a new 20% tax on the business assets of wealthy individuals leaving the UK, a move that could generate £2 billion for public funds. This 'settling-up charge' aims to align the UK with tax policies in most G7 countries, making it a significant step towards fairer taxation. By implementing this policy, the government hopes to retain more wealth within the country and ensure that those who benefit from its resources contribute fairly, which is crucial for funding public services.

The City of London is facing a significant productivity crisis, with a £20 billion budget gap attributed to the effects of Brexit. Rachel Reeves has been tasked with addressing this financial shortfall, while Rob Rooney, former head of Morgan Stanley in London, highlights that cities like Frankfurt, Madrid, Milan, and Paris are thriving at London's expense. This situation is crucial as it underscores the ongoing economic challenges the UK faces post-Brexit, raising concerns about the long-term viability of London as a financial hub.

As the pre-budget lobbying intensifies, Rachel Reeves faces pressure to consider tax increases despite the unpopularity of such measures. Demonstrators recently gathered on Westminster Bridge, highlighting the demands from various organizations like Positive Money and Tax Justice UK for higher taxes on banks. This situation is crucial as it reflects the ongoing debate about fiscal responsibility and social equity, especially with Labour's current standing in the polls.

Rachel Reeves has faced significant criticism during her tenure as chancellor, with many deeming her performance as dreadful. As her time in office continues, there are growing calls for her to step down, suggesting that it might be better for her to leave with some dignity rather than face further scrutiny. This situation is important as it reflects the challenges leaders face in maintaining public trust and the impact of their decisions on their political legacy.

The Transportation Secretary has stated that he does not intend to dismiss air traffic controllers who fail to report for work during the ongoing shutdown. This decision comes as the FAA grapples with a significant shortage of approximately 3,000 controllers, which has been a persistent issue. The situation is critical as it highlights the challenges faced by the aviation industry and the potential impact on air travel safety and efficiency.

The Reserve Bank of New Zealand (RBNZ) has conducted a stress test revealing that the country's major banks are well-prepared to handle potential geopolitical risks. This is significant as it highlights the resilience of the banking sector in New Zealand, ensuring stability for consumers and investors alike. With global uncertainties on the rise, the findings provide reassurance that the financial system can withstand external shocks.

Asian stocks are expected to open cautiously as investors look for new catalysts following a strong performance in global equities, which have seen a winning streak for seven consecutive months. This pause in OPEC+ hikes adds an interesting dynamic to the market, as traders assess the implications for oil prices and overall economic stability.

Despite Target's stock being close to its 52-week low, experts suggest it's not a good buy right now. While buying near lows can be tempting, Target's current struggles indicate it may not be a solid investment. This matters because it highlights the importance of evaluating a company's overall health rather than just its stock price.

Bank of America has raised concerns about Tesla's future, signaling potential challenges ahead for the company's stock. This matters because Tesla has been a major player in the electric vehicle market, and any negative outlook could impact investor confidence and market dynamics.

The U.S. energy secretary has clarified that upcoming nuclear weapons tests will include noncritical explosions rather than atomic blasts. This testing aims to ensure that all components of nuclear weapons function correctly, which is crucial for maintaining national security and the effectiveness of the nuclear arsenal. While the tests are not intended to simulate actual nuclear detonations, they play a vital role in verifying the reliability of the weapons system.