Controversy around Fiscal Hole in Spending Plans and Tax Increase Claims

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This chapter delves into the disputed £38 billion fiscal gap in Kierstama's spending proposals, leading to accusations by Rishi Sunak of impending tax hikes for households. The flawed calculation, initially purported to be verified independently, was actually rooted in political assumptions, stirring debate and becoming a strategic advantage for some in the Tory party.

Nvidia’s market value briefly rose past $3tn to overtake Apple as the world’s second-most valuable company, South Africa’s African National Congress party is considering the formation of a national unity government with rival parties, and UK Prime Minister Rishi Sunak was accused on Wednesday by Sir Keir Starmer of “resorting to lies” over Labour’s tax plans. Plus, a US appeals court has tossed out new rules that would have forced private equity and hedge funds to be more transparent.

Mentioned in this podcast:

Nvidia’s market value powers past $3tn in AI-fuelled rally

Keir Starmer accuses Rishi Sunak of ‘lying’ over Labour £2,000 tax claim

ANC considers national unity government in South Africa

New SEC rules on private funds thrown out by US appeals court

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Read a transcript of this episode on FT.com

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