IFS warns Rachel Reeves against ‘half-baked dash for revenue’

Sébastien Lecornu has officially taken office as the French Prime Minister, stepping into a challenging role as his government faces urgent pressure to produce a budget amidst rising political turmoil. This situation is causing concern among businesses and investors, potentially impacting France's reputation. Lecornu's ability to navigate these challenges and seek compromises will be crucial to avoid a no-confidence vote in the National Assembly, making this a pivotal moment for his administration.

UK MPs are being urged to investigate TikTok's alarming decision to cut 439 jobs from its content moderation team in London. This move has raised serious concerns among trade unions and online safety experts, who warn that such job losses could leave children more vulnerable to harmful content online. The implications of these redundancies extend beyond just employment; they could significantly impact the safety of young users on the platform, making it a pressing issue for lawmakers to address.

In a significant step towards a greener future, energy companies in the UK have successfully injected a 2% blend of green hydrogen into the gas grid, marking the first trial of its kind. This innovative approach powers the Brigg power station in North Lincolnshire, showcasing the potential of low-carbon gas to contribute to the country's climate goals. This trial not only demonstrates the feasibility of hydrogen blending but also paves the way for more sustainable energy solutions in the UK, highlighting the commitment to reducing carbon emissions.

Katie Mitchell, who underwent a heart and lung transplant at just 15 years old due to Eisenmenger syndrome, has made history as the UK's longest survivor of this life-saving procedure at 53. Her remarkable journey not only highlights the advancements in medical science but also serves as an inspiring testament to resilience and hope for others facing similar health challenges.

France's President Emmanuel Macron has introduced a new government led by Prime Minister Sebastien Lecornu, which is tasked with presenting the draft budget for 2026 by Monday. This development is significant as it comes at a crucial time for the French government, highlighting the ongoing efforts to manage the country's financial planning and economic stability.

French Prime Minister Sebastien Lecornu has announced a new government following a meeting with President Emmanuel Macron, as the country faces a pressing budget deadline and ongoing political unrest. This reshuffle includes both familiar figures and new faces, but the stability of this team remains uncertain. The situation is significant as it highlights the challenges Lecornu must navigate to restore confidence and address the financial needs of France.

In a recent statement, senior cabinet minister Bridget Phillipson clarified that Jonathan Powell, the government's national security adviser, was not involved in the decision to drop the prosecution against two British men accused of spying for China. This clarification is significant as it addresses concerns about the integrity of the decision-making process in national security matters, ensuring transparency and accountability in government actions.

Lucy Powell, a leading candidate for Labour's deputy leadership, urges the party not to dismiss the upcoming May local elections as a lost cause. She believes that the upcoming budget could be a pivotal moment to regain voter interest and support. Meanwhile, her rival Bridget Phillipson is focusing on incorporating grassroots opinions into the party's strategy. This is significant as it highlights Labour's efforts to reconnect with voters and potentially turn the tide in future elections.

UK small businesses and charities are raising alarms over a new nuclear levy set to take effect next month, which they believe could significantly increase their energy costs by thousands of pounds annually. This levy, aimed at supporting the government's nuclear power initiatives, comes at a time when energy-intensive industries have been exempted, placing an unfair burden on smaller organizations. The potential rise in expenses could lead to cuts in community services and hinder economic growth, making it a pressing issue for many.

French Prime Minister Sebastien Lecornu is under pressure to finalize his government cabinet by the upcoming budget deadline on Monday. This situation is complicated by internal divisions within the conservative Les Republicains party regarding their willingness to accept ministerial roles. The outcome of this cabinet formation is crucial as it will impact the government's ability to implement its budget and policies effectively.

The owner of William Hill, Evoke, is contemplating the closure of up to 200 betting shops due to potential tax increases proposed by Rachel Reeves in the upcoming autumn budget. This decision could impact around 1,500 jobs, highlighting the significant challenges the gambling sector faces amid rising financial pressures. The situation underscores the delicate balance between government revenue needs and the sustainability of businesses in the gambling industry.

UK ministers have taken direct control of the £10bn Lower Thames Crossing project, removing oversight from the National Highways Agency. This move, driven by Keir Starmer's government, aims to ensure tighter management of crucial infrastructure projects to prevent cost overruns and delays. This decision is significant as it reflects a proactive approach to infrastructure development, which is essential for economic growth and improving transportation in the region.

Kemi Badenoch has called on the Prime Minister to address the ongoing concerns surrounding the unresolved China spy case. In a letter to Labour leader Keir Starmer, she criticized the government's inconsistent explanations regarding the collapsed case, highlighting the need for transparency and accountability. This matter is significant as it raises questions about national security and the government's handling of sensitive information, which could impact public trust and international relations.

The recent deal between Israel and Hamas marks a significant step towards peace in the region, focusing on the release of all living hostages held by Hamas. This agreement is crucial as it not only aims to alleviate the humanitarian crisis in Gaza but also opens the door for further negotiations, potentially leading to a more stable and peaceful coexistence. The implications of this deal could reshape the dynamics in the Middle East, making it a pivotal moment for both parties.

In a significant development, the first seven Israeli hostages have been released following a deal brokered by President Trump, who has just arrived in Israel. This marks a hopeful turn in a situation that has seen hostages held for over 780 days in Gaza. The release not only brings relief to the families of the hostages but also signals potential progress in negotiations between Israel and Hamas, making it a crucial moment for peace efforts in the region.

A think tank is urging the government to take advantage of the current situation to implement meaningful tax reforms in the upcoming budget. This is important because a well-structured tax system can lead to economic growth and fairness, benefiting everyone in society.

Asian stocks are facing a downturn due to renewed tensions in the US-China trade relationship, even as Chinese exports and imports exceeded expectations in September. This situation is significant as it highlights the fragility of global markets, where trade disputes can quickly overshadow positive economic indicators. Additionally, Lloyds Banking Group is grappling with a motor finance scandal, setting aside an extra £800 million for potential compensation claims, which raises concerns about the bank's financial health and its impact on investors.

The ongoing uncertainty surrounding Dezi Freeman's status has left the Victoria police in a difficult position, as they cannot confirm whether he is still alive. This situation is concerning not only for his family and friends but also highlights the challenges law enforcement faces in missing person cases. The community is rallying for answers, emphasizing the importance of support and resources for those affected by such tragedies.