Chancellor Rachel Reeves announced a change in fiscal rules in her Autumn Budget speech, raising taxes by £40bn and committing to investing in the UK economy for long-term growth. Despite initial market calm, concerns arose over the need for increased borrowing of £32bn annually to fund the £70bn spending increase, leading to a rise in gilt yields and a slight dip in UK equities. The Bank of England’s potential response to the larger-than-expected fiscal event is being closely monitored by investors, impacting rate-sensitive sectors while benefiting banks.
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Trump nominates ex-Florida attorney-general Bondi after Gaetz exit
President-elect Donald Trump nominated Pam Bondi as attorney-general following Matt Gaetz's withdrawal from consideration. Trump stated that the Department of Justice has been weaponized against Republicans and that Bondi will refocus it on fighting crime. He described Bondi as smart, tough, and an advocate for America First, believing she will do an excellent job as Attorney General. Full Article
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