But in our exclusive interview, Starmer wasn’t quite so enthusiastic about the prospect of getting US tariffs on UK steel down to zero (as previously agreed) during Trump’s state visit next week: bloomberg.com/news/articles/…

Jonny Reynolds says a wealth tax is daft and unserious Calls it populism and says it’s frustrating to see Labour colleagues call for it Dose of reality for the party from the business secretary Via Joe Mayes >>> bloomberg.com/news/articles/…

Special offer! For a limited time, Waterstones is offering 25% off on pre-orders of my new book, Can You Run The Economy? Use code SUMMER25☺️tinyurl.com/bdk6n6zt

NEW: Keir Starmer has suggested the UK will push ahead with recognising Palestine in September even if Hamas still hasn’t released the remaining hostages by then Highlights the messiness of his position leaving few happy Via Ellen Milligan Joe Mayes bloomberg.com/news/articles/…

Had the honour of writing Alex Wickham’s big Bloomberg UK politics read this week on the risks ahead for Keir Starmer over his conditional pledge for Palestine recognition: bloomberg.com/news/articles/…

Rachel Reeves faces a £51 billion fiscal hole to fill at the budget, think tank NIESR says “It’s becoming increasingly difficult to see how the government meets its fiscal targets, sticks to spending promises and avoids tax increases on working people” bloomberg.com/news/articles/…

The Chancellor Rachel Reeves has commissioned the Office for Budget Responsibility to prepare an economic and fiscal forecast to be presented to UK Parliament alongside the Budget on 26 November 2025.

Rachel Reeves’ message to markets as she announces Nov 26 budget *REEVES: MUST BRING INFLATION AND BORROWING COSTS DOWN *REEVES SAYS WILL KEEP TIGHT GRIP ON SPENDING *REEVES: FISCAL RULES 'NON-NEGOTIABLE'

Reeves announces budget date for Nov. 26 - Will be very tough, tax hikes needed to fill fiscal hole of £billions - Hole due to: U-turns (winter fuel, welfare), higher borrowing costs (tracking US moves & concerns on UK debt pile), and OBR downgrades tinyurl.com/v7wdwkup

Great piece by Philip Aldrick on the big budget problem facing Reeves. She's going to need tax hikes/spending cuts to meet her fiscal rules... but those moves will weaken the economic growth she's trying to create bloomberg.com/news/articles/…

The OBR’s anticipated productivity downgrade will be the defining feature of the budget. Reeves will fight back with growth counter measures. But the scale of tax rises will likely make it anti-growth bloomberg.com/news/articles/…

Your Bloomberg Saturday read:

Critical gaps in Europe’s defence capabilities show why it’s desperate for Donald Trump’s promised security guarantees. My dispatch from ⁦IISS News⁩ in Prague this week including interviews with ⁦Pål Jonson⁩ + ⁦Karel Řehka⁩ bloomberg.com/news/articles/…

Great scoop by Ailbhe Rea

Second scoop: The Home Office is drafting plans for Border Force to intercept small boats while they’re still in French waters and shipping migrants back to France. It would work alongside the one in-one out deal and would need French permission.

Brilliant scoop by Ellen Milligan

EXCLUSIVE: Bloomberg has obtained more than 100 previously undisclosed emails between UK Ambassador Peter Mandelson and Jeffrey Epstein from 2005 through 2010 that reveal Mandelson's steadfast support for Epstein after Epstein was charged with sex crimes bloomberg.com/features/2025-…

Incredible reporting by Harry Wilson, Jason Leopold, Jeff Kao, Ava Benny-Morrison, Surya Mattu, Max Abelson, Dhruv Mehrotra on the Epstein e-mails. UK Prime Minister Keir Starmer read this story and then decided to fire his US Ambassador, Peter Mandeslon bloomberg.com/features/2025-…

How Bloomberg Vetted the Epstein Emails Methods included cryptographic analysis, metadata analysis and corroboration with external sources. By the brilliant trio Jeff Kao Surya Mattu & Dhruv Mehrotra bloomberg.com/news/features/…

New: The UK economy stagnated in July, as consumers and businesses face headwinds from tax rises and tariffs bloomberg.com/news/articles/… via Tom Rees Philip Aldrick Irina Anghel