Inheritance tax U-turn rumour prompts farming community to say 'too little too late'

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.

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.

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.

Rachel Reeves, the Chancellor, is seeking to reduce the influence of the Office for Budget Responsibility (OBR) as Labour grapples with challenging economic forecasts. This move is significant as it reflects Labour's attempt to navigate a tough financial landscape while aiming to bolster the UK economy against potential market volatility. The outcome of this strategy could have lasting implications for fiscal policy and public confidence in economic management.

The US Senate has taken a significant step by advancing a nearly $1 trillion Pentagon spending bill that not only boosts military funding but also extends aid to Ukraine through 2028. This move is crucial as it reflects the US commitment to supporting its allies and enhancing national security amidst ongoing global tensions. The bill's passage is expected to have a positive impact on defense capabilities and international relations.

Experts are raising concerns that the government might go back on its promise not to increase income tax, National Insurance, or VAT for working individuals. This potential shift could significantly impact the financial landscape for many, making it a crucial topic as the Budget approaches.

President Emmanuel Macron is gearing up to meet with leaders of France's main political parties as he faces a crucial deadline to appoint a new prime minister. With the country on its sixth PM in less than two years, Macron is looking for a unifying figure who can bridge the divide between the centre-right and centre-left to ensure the budget passes in a fragmented parliament. This meeting is significant as it comes at a time when the political crisis is impacting economic growth, making the choice of PM critical for France's future.

In a significant shift, Treasurer Jim Chalmers has announced that the new superannuation tax changes will only affect realized capital gains, a move praised by former Prime Minister Paul Keating as a restoration of equity after previous tax policies. This development is crucial as it reflects the government's responsiveness to public concerns and aims to create a fairer tax system, especially in light of the controversial elements of the original superannuation tax plan that Labor recently backed down from.

In a significant development, US President Trump is set to arrive in Israel as 20 Israeli hostages are expected to be released by Hamas, coinciding with Israel's decision to free around 2,000 Palestinian detainees. This moment marks a hopeful turn in the ongoing conflict, suggesting a potential easing of tensions and a step towards peace in the region. The release of hostages is a crucial humanitarian gesture that could pave the way for further negotiations and stability.

This weekend, a memorial tournament was held to honor 12-year-old Xavier Rasul-Jankovics, who tragically lost his life after being struck by a vehicle in late August. The event not only celebrates his memory but also serves as a rallying point for the community to advocate for tougher driving laws, aiming to prevent similar tragedies in the future. It's a poignant reminder of the impact of road safety and the importance of legislative change.

A unique peace camp in Cyprus is fostering friendships between Palestinian and Israeli children affected by conflict. Organized by the Parents Circle Families Forum, this initiative not only provides a safe space for these kids to connect but also promotes understanding and healing in a region marked by division. The camp's significance lies in its potential to break down barriers and build a foundation for future peace, showing that even in challenging circumstances, hope and friendship can flourish.

In a significant policy shift, Jim Chalmers has announced that the Labor government will back down on its controversial plan to tax unrealised gains on superannuation accounts exceeding $3 million. This decision is crucial as it alleviates concerns among high-income earners and investors about potential financial impacts, fostering a more stable economic environment. The reversal reflects the government's responsiveness to public sentiment and could enhance trust in their fiscal policies.

Australia's cricket captain Pat Cummins has revealed that he is unlikely to participate in the first Ashes Test against England, scheduled for November 21 in Perth. He mentioned that he is 'less likely than likely' to be fit for the match, as he is still weeks away from returning to full bowling. This news is significant as Cummins' absence could impact Australia's chances in the prestigious series, highlighting the challenges teams face with player fitness.