FT News Briefing Winners and losers of UK spending review
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Jun 11, 2025 Dive into the UK’s budget landscape as the chancellor reveals clear winners and losers. Discover the unprecedented sanctions against Israeli ministers and their implications. Find out why Citigroup is bracing for potential loan troubles with a hefty provision increase. Explore the record pace of municipal bond sales as U.S. states scramble amid fears of tax break cuts. The episode sheds light on how these fiscal changes are weaving into the broader economic narrative.
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Winners and Losers in UK Spending Review
- UK's spending review allocates the government's spending envelope as prioritized by the chancellor.
- Defence and National Health Service are winners; Home Office and local governments face cuts.
UK's Tight Fiscal Constraints
- UK government inherited heavy debt from COVID and energy crises, plus rising borrowing costs.
- Day-to-day spending must be matched by tax receipts by end of parliament as fiscal rule.
Labour Party's Spending Dilemma
- Labour party is uneasy about cuts to public services and welfare.
- Funding is shifted to infrastructure projects like new roads, railways, and green energy to boost economic growth and voter morale.