FT News Briefing UK Budget boosts taxes to all-time high
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Nov 27, 2025 
In this insightful discussion, Sam Fleming, FT economics editor, analyzes the UK's new budget, revealing a significant £26bn tax increase and its implications for public finances. He explores how the budget is positioned to appeal to Labour MPs and the potential impact on households. Meanwhile, Chris Kaye, FT Mumbai Bureau Chief, delves into India's booming steel production, highlighting its economic benefits versus environmental costs and trade tensions, while addressing the urgent need for sustainable practices amidst rising pollution.
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S&P Flags Risks In Tether Reserves
- S&P downgraded Tether's reserve assessment from 'constrained' to 'weak'.
- The agency flagged 24% of reserves in higher-risk assets and limited transparency on reserve management.
Budget Raises Taxes To Build Fiscal Headroom
- The UK Budget raises taxes by £26bn and pushes the tax burden to 38% of GDP by 2029.
- Sam Fleming says the rise funds higher spending and builds fiscal headroom amid weaker productivity forecasts.
Productivity Downgrade Forced Tough Choices
- The Office for Budget Responsibility downgraded productivity, reducing expected revenues.
- Sam Fleming says that lower productivity and higher spending drove the Chancellor to raise taxes.