The case for universities

UK government borrowing unexpectedly increased to £20.2 billion in April, putting pressure on Chancellor Rachel Reeves ahead of her June 11 spending review. This rise, attributed to higher public service and benefits spending, contrasts with economists' predictions of a decrease to £17.9 billion. With a current fiscal maneuvering room of £9.9 billion, Reeves faces challenges in adhering to her fiscal rule to balance day-to-day spending by 2029-30, while the government has also revised the total...

In Miami, Feeding South Florida is facing significant challenges due to a $1 billion cut in federal funding, which has reduced its budget by 40%, affecting its ability to serve 1.2 million people across four counties. The cuts, impacting programs that allowed food banks to purchase from local farmers, have led to increased desperation among families relying on food assistance, as reflected by longer lines for weekly distributions. Farmers also feel the strain, as partnerships...

Just a day after an executive announced that disruptions from a cyber attack would last until July, the Marks & Spencer (M&S) website is down again, displaying a message about updates. The site faced issues following a cyber attack around Easter that resulted in halted orders and potential exposure of customer data, costing the company approximately £300 million. Despite these setbacks, M&S reported a 22.2% increase in pre-tax profit for the year to March, highlighting...

Two Israeli embassy staffers were shot dead outside the Capital Jewish Museum in Washington by a gunman who shouted "free Palestine," prompting outrage from US and Israeli leaders, including President Trump, who condemned the antisemitism behind the attack. The victims, a young couple planning to get engaged, were shot during a social event for young professionals and diplomatic staff, with police stating the suspect, Elias Rodriguez, was arrested after the shooting. Israeli officials expressed devastation...

Romania's president-elect Nicușor Dan has pledged to support increased NATO defense spending goals while addressing the country's significant public deficit, which reached 9.3% of GDP last year. His election, following political turmoil and allegations of Russian interference, signals Romania's commitment to EU and NATO collaboration, particularly in supporting Ukraine. Dan aims to reduce the deficit to 7.5% of GDP this year, indicating a need for €6 billion in cuts, while stressing the importance of forming...

Moody's downgraded the US credit rating from Aaa to Aa1, citing concerns over its $36 trillion debt and rising costs, marking the first downgrade since 1949. This decision, following a similar downgrade by Fitch, reflects ongoing fiscal deficits and increased interest payments, with projections indicating the federal debt could reach 134% of GDP by 2035. The Trump administration criticized the downgrade as politically motivated while continuing efforts to pass tax cuts, despite the downgrade raising...