Rachel Reeves acknowledges damage of 'too many' budget leaks

Sharron Davies, a former Olympic swimmer and women's rights activist, is among 34 individuals appointed to the House of Lords, as announced by Downing Street. This move aims to address perceived imbalances in the House, particularly favoring the Labour Party, of which Rachel Reeves is a prominent member.

Chancellor Rachel Reeves criticized unauthorized budget leaks ahead of her crucial budget announcement, stating that many were inaccurate. She revealed that her decision to reverse the income tax policy was made in partnership with Prime Minister Keir Starmer, emphasizing the collaborative nature of their fiscal strategy.

UK gilt yields have seen a slight decrease compared to other major economies, indicating a potential shift in the bond markets as Chancellor Rachel Reeves navigates fiscal challenges. Despite this drop, the UK still faces a significant premium on borrowing costs, with 10-year government gilt yields rising compared to US Treasury bonds and eurozone counterparts since the last general election.

The Institute for Public Policy Research has indicated that the UK may soon see a reduction in the premium it pays to borrow compared to other major countries, as confidence in the government's fiscal strategy grows following Chancellor Rachel Reeves's autumn budget announcement. This budget aims to increase the UK's financial headroom significantly by 2030.