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Reeves announces spending cuts to address budget shortfall

UK Finance Minister Rachel Reeves announces spending cuts to address budget shortfall, while prioritising growth and working people’s needs.

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UK Finance Minister Rachel Reeves announces spending cuts to address budget shortfall, while prioritising growth and working people’s needs.

In Short

Britain’s Finance Minister Rachel Reeves announced spending cuts to address a budget deficit, emphasising the need to reduce debt and boost employment through welfare savings. She committed to fiscal rules aiming to match daily spending with tax revenues while increasing defence spending and promoting housebuilding for economic growth.

Britain’s Finance Minister Rachel Reeves announced significant spending cuts on Wednesday to address a budget shortfall due to stalling growth and increased borrowing costs.

She stated that reducing debt and borrowing is essential to prioritise spending for working people.

Reeves highlighted welfare cuts expected to save £4.8 billion and promote employment. She proposed advancing investment spending and tackling tax avoidance to enhance Treasury revenues.

Tax revenue

Acknowledging global uncertainties, she revealed plans to raise defence spending to 2.5% of GDP, funded by cuts in overseas aid. Reeves also mentioned that Labour government’s planning reforms would boost housebuilding, facilitating economic growth.

She reaffirmed her commitment to her fiscal rules established in the Autumn Budget, aiming to match day-to-day spending with tax revenues and decrease public debt by 2029-30.

On Wednesday, Reeves insisted her new policies would allow her to meet stability and investment rules two years early.

The Spring Statement coincided with the Office for Budget Responsibility’s (OBR) economic forecasts, which downgraded the U.K.’s growth forecast for 2025 from 2% previously.

Reeves expressed dissatisfaction with the revised figures but noted an upgrade in growth forecasts for 2026 onwards, projecting GDP growth of 1.9% in 2026 and 1.8% in subsequent years.

She concluded by recognising the need for a government responsive to changes and focused on the interests of working people.

Ahron Young is an award winning journalist who has covered major news events around the world. Ahron is the Managing Editor and Founder of TICKER NEWS.

Politics

Supreme Court tariffs and Albanese approval drop: What you need to know

Supreme Court’s tariff decision could reshape U.S. trade, while Albanese faces approval drop amid rising One Nation support.

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Supreme Court’s tariff decision could reshape U.S. trade, while Albanese faces approval drop amid rising One Nation support.


The political and economic landscape is shifting on two fronts. In the United States, the Supreme Court is set to deliver a pivotal decision on tariffs that could reshape global trade, affect inflation, and influence U.S. economic growth. Chris Berg from RMIT University joins us to explain the stakes, from the political impact at home to the long-term implications for international relations and business strategy.

Meanwhile, in Australia, Prime Minister Anthony Albanese faces a steep drop in approval ratings as support for Pauline Hanson and her One Nation party surges. Recent events, including the Bondi massacre, have influenced voter sentiment, driving Labor’s primary vote down to 30 percent. Chris Berg breaks down what this means for Labor, the Coalition, and the upcoming elections, offering insight into broader public opinion trends and potential strategies moving forward.

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#USTariffs #GlobalTrade #Inflation #Albanese #OneNation #AustralianPolitics #EconomicImpact #ChrisBerg


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Politics

Global tensions unpacked: Venezuela, Iran, China & Australia’s Bondi Commission

Professor Tim Harcourt analyzes Venezuela’s geopolitical shifts post-U.S. military operation, affecting oil markets and global alliances.

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Professor Tim Harcourt analyzes Venezuela’s geopolitical shifts post-U.S. military operation, affecting oil markets and global alliances.


Professor Tim Harcourt from UTS breaks down the rapidly shifting geopolitical landscape in 2026, focusing on the dramatic situation in Venezuela and its ripple effects across global power plays. We explore how the United States’ recent military operation and capture of Nicolás Maduro have reshaped Venezuelan politics, oil markets, and strategic alliances, especially with China, Russia, and Iran.

With Venezuela sitting on nearly 20% of the world’s proven oil reserves, the stakes are enormous, and Harcourt helps unpack the economic and political drivers behind U.S. intervention and China’s response.

We also delve into how the U.S. actions in Venezuela tie into broader geopolitical frictions — particularly Washington’s efforts to curb Chinese influence in Latin America, even as Beijing denounces the operation as a violation of sovereignty and frames its position in multilateral fora. The conversation peels back the layers of how energy, economics, and security intersect in one of the most consequential flashpoints this year.

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#Geopolitics #Venezuela #USForeignPolicy #ChinaRelations #OilPolitics #InternationalRelations #TimHarcourt


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Politics

Albanese announces royal commission into Bondi terror attack

PM Albanese announces royal commission into Bondi terror attack to promote healing and investigate anti-Semitism, amid public pressure.

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PM Albanese announces royal commission into Bondi terror attack to promote healing and investigate anti-Semitism, amid public pressure.


Prime Minister Anthony Albanese has announced a royal commission into the Bondi terror attack, responding to mounting public pressure. The inquiry aims to help the nation heal and learn from the tragedy that claimed 15 lives.

The royal commission will replace a state-led investigation and be chaired by former High Court judge Virginia Bell. Albanese confirmed the inquiry could examine government decision-making and promised full cooperation with requests for evidence.

While the announcement was welcomed by advocacy groups, some families of the victims expressed disappointment over the lack of prior consultation. The terms of reference will prioritise tackling anti-Semitism while also leaving space to investigate other forms of hate, including Islamophobia.

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#BondiAttack #RoyalCommission #AnthonyAlbanese #AustraliaNews #TerrorAttack #AntiSemitism #Islamophobia #TickerNews


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