US national debt surpassed $40tn for the first time, reaching $40.047tn according to the US treasury department, following years of government spending under both Donald Trump and Joe Biden.
A GAO report found that billion-dollar savings claims by the Department of Government Efficiency (DOGE) were incorrect or lacked supporting evidence.
New UK Chancellor John Healey faces immediate spending pressures and calls from economists to increase public investment in infrastructure and housing without breaching Treasury fiscal rules ahead of his first budget.
Amazon founder Jeff Bezos commented on New York City Mayor Zohran Mamdani's proposed pied-à-terre tax, calling it 'a fine thing' but cautioning against aggressive taxation. He criticized Mamdani's 'villain strategy' targeting individuals like Ken Griffin and slammed the city's public school spending and economic inefficiencies.
Jeff Bezos criticized New York City Mayor Zohran Mamdani's proposed pied-à-terre tax, calling it a 'fine thing' but cautioning against aggressive implementation. Bezos also slammed Mamdani's 'villain strategy' of targeting individuals like Ken Griffin and highlighted government spending inefficiencies.
The UK government borrowed less than expected in June, reporting £16bn, £7.9bn less than forecast. This comes as new Prime Minister Andy Burnham announced plans to cut VAT on household electricity bills, funded by cancelling the digital ID program, signaling a new economic direction.
Refugees and asylum seekers on Nauru face severe food and water insecurity, with many skipping meals despite Australia spending over $9m per person last financial year. A new ASRC survey reveals the $260 fortnightly payment is insufficient for basic needs amid high import costs and poor conditions.
BJP state president Samik Bhattacharya has strongly condemned the act of throwing eggs, stating it is not the party's culture and urged members to refrain from such activities to protect the party's image.
Taiwan's KMT party rejected the government's drone program funding proposal, instead submitting its own NT$240 billion budget over six years through the regular annual budget, differing from the cabinet's NT$210 billion special budget plan.
Almost 9% of UK government spending on contractors (c. £24.4bn) went to private equity-controlled companies in 2025, raising concerns over profit-driven management of public services like healthcare, transport, and waste management
India is negotiating with the World Bank and ADB for approximately $2.5 billion in loans to fund urban infrastructure and job creation. This comes amid a wider budget gap due to increased subsidies for oil prices affected by Middle East conflict.
Defence Secretary John Healey has resigned, citing the government's defence spending plans as insufficient for current threats. He stated the investment plan falls short and backloads crucial support, risking force readiness and national safety.
A protest in Brussels against education spending cuts turned violent with fires, property damage, and clashes with police, despite the measures being approved by the French Community Parliament.
The OECD warns the UK faces diesel shortages, especially in rural areas, due to the Iran conflict. It forecasts modest UK growth but notes risks to energy supplies and higher food prices.
UK public sector net borrowing hit £24.3bn in April, £4.9bn higher than last year and £3.4bn above forecasts. High inflation increased pension and benefit costs, while political uncertainty and global market jitters raised debt interest payments to a record £10.3bn for April.
UK public sector net borrowing hit £24.3bn in April, £4.9bn higher than last year and £3.4bn above forecasts, driven by inflation-linked benefits and pensions. Rising debt interest payments and market jitters over the Iran war and political uncertainty are increasing borrowing costs.
Rolling coverage of the latest economic and financial newsUK goverment borrowing costs have risen at the start of trading, lifted by inflation concerns and uncertainty over Keir Starmer’s future.The yield, or interest rate, on UK 30-year bonds is up around six basis points (0.06 of a percentage point) at 5.63%.The triggering of a leadership election, and a subsequent change in Prime Minister, leaves the GBP [the pound] and Gilts [UK government bonds] not only grappling with a ratcheting up of political uncertainty, but also being forced to face up to a likely more left-wing successor to Starmer.Such an outcome would, in all likelihood, lead to a substantial loosening of the ‘fiscal rules’, along with considerably higher government spending, and even higher taxes, possibly even including a manifesto breach in raising NI, VAT, or income tax. Continue reading...
SNP leader wants to ensure voices of Scotland, Wales and Northern Ireland ‘are heard loud and clear’John Swinney has said he plans to work with the nationalist first ministers in Wales and Northern Ireland in a coordinated opposition to Labour’s policies on the cost of living and UK government spending.The Scottish National party leader said he had spoken to Michelle O’Neill, the Sinn Féin first minister of Northern Ireland, on Friday night after she had called to congratulate him on his party’s “emphatic” victory in the Holyrood elections. Continue reading...
Indonesia’s economy grew 5.6 per cent during the first quarter of 2026, its fastest pace in more than three years, but analysts warn that the coming months will pose significant tests for Southeast Asia’s biggest economy. Statistics body BPS attributed the growth to robust household consumption – which made up 54.36 per cent of gross domestic product and grew by 5.52 per cent year-on-year – and a surge in government spending. Amalia Adininggar Widyasanti, head of BPS and deputy minister for...
US GDP grew 2% in Q1 2026, driven by a 10% jump in government spending and 6.4% domestic investment in AI infrastructure. However, consumer spending is slowing as the war with Iran pushes oil to $126/barrel, raising inflation expectations from 3.8% to 4.7% in one month. The Fed's Powell warned of institutional independence pressures from the Trump administration while maintaining a hold strategy.
