With just days to go before Rachel Reeves delivers her first Spending Review, Labour is facing an uncomfortable squeeze. NATO wants defence spending ramped up to 3.5% of GDP, but Reeves is sticking to her strict fiscal rules. Can Starmer keep both Washington and voters at home on side - or will the sums simply stop adding up?

Meanwhile, Donald Trump is reigniting the trade war - with a 25% steel tariff sending markets wobbling. The UK may have a temporary exemption, but there are warning signs everywhere: surging bond yields, a weakening pound, and talk of a “crack” in the market from Wall Street’s biggest voices. What does it all mean for the UK - and could global turbulence derail Labour’s investment plans before they’ve begun?

And Boris Johnson’s back in the headlines. Could he really be planning a political comeback? With Reform UK on the rise and Conservative nerves showing, some see him as a vote-winner. But under Kemi Badenoch’s leadership, would his return solve more problems than it creates?

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My Head's Spinning - ESW #200