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The Latest Breaking News from Rachel Reeves

Borrowing surges to four-year high in blow to Chancellor

The Office for National Statistics said public sector net borrowing stood at £17.8 billion last month, up £10.1 billion on a year earlier.

Evening Standard

Government borrowing in December surges to £17.8 billion

Interest payments, higher public sector wages and an increase in the benefits bill all stoked the borrowing total for the month

Evening Standard

UK borrowing jumps unexpectedly, adding to pressure on Rachel Reeves

Increase to £17.8bn is well above City forecasts and is highest December figure for four years

The Guardian - UK

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Davos day two: Spain’s PM warns tech billionaires threaten democracy; Jamie Dimon says ‘get over’ Trump tariffs - as it happened

Rolling coverage of the second day of the World Economic Forum in Davos, as Pedro Sanchez blasts social media owners for harming democratic systems

The Guardian - UK

What the papers say – January 22

Revelations and reactions to the Southport killings lead Wednesday’s front pages.

Evening Standard

Trump has Starmer ‘over a barrel’ on trade deal with UK facing economic turmoil, insiders claim

Exclusive: Insiders say the UK has no choice but to accept Trump’s terms for on trade as neither the EU or China has produced significant deals

The Independent UK

Chair of competition watchdog steps down after Labour intervention

Marcus Bokkerink’s departure said to be part of effort to establish UK’s pro-growth agenda for leaders at Davos

The Guardian - UK

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Labour split over support for Heathrow expansion with Reeves set to give backing

Chancellor Rachel Reeves is expected to voice her support for a third runway at Heathrow despite opposition from cabinet collegue Ed Miliband and London mayor Sadiq Khan

The Independent UK

Gatwick still beats Heathrow hands-down if we must have another runway

Pollution aside, the problem with expanding Heathrow lies in the disruption and delay inevitable in such a complex project

The Guardian - UK

Departments which do not meet 5% cuts will not get new cash – Treasury minister

Chief Secretary to the Treasury Darren Jones signalled that Government spending is ‘long overdue a reckoning’.

The Independent UK

Competition watchdog chairman ‘ousted’ by Government

Marcus Bokkerink left his post as chairman of the Competition and Markets Authority, after criticism the watchdog was not focused enough on growth.

Evening Standard

Lloyds and Close Brothers shares surge after Reeves steps in on car finance case

The lenders are two of the biggest players in the car loans sector and could be saddled with billions in combined compensation costs.

Evening Standard

Labour Government to go ahead with £600m loan to Ineos for Belgium plant

RACHEL Reeves has been questioned why the UK Government is continuing to go ahead with a £600 million loan for an Ineos project in Belgium…

The National (Scotland)

Chancellor urged to use Ineos support as leverage to help save Scottish jobs

The issue of a £600 million loan guarantee for a Belgian petrochemical plant was raised during Treasury questions in the Commons.

Evening Standard

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The Independent UK

Three quarters of a million hospitality workers ‘dragged into higher tax regime’ following Budget

Chancellor Rachel Reeves said at the Budget last year that she will raise employers’ national insurance contributions in a bid to raise £22bn for the Treasury

Evening Standard

Keir Starmer and 16 ministers urged not to 'U-turn' on opposing Heathrow third runway

Environmental groups have warned of the climate change impact of hundreds of thousands more flights which could also blight parts of London with noise

The Independent UK

Chancellor to reveal Government’s departmental spending plans in June

Rachel Reeves said she would present the budgets to the Commons once the review had concluded on June 11.

The Guardian - UK

Reeves bids to intervene in car finance case that could cut lenders’ £30bn bill

Shares in Lloyds and Close Brothers rise as Treasury seeks to tell court that lawsuit could cause economic harm

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Evening Standard

Wage growth accelerates despite flagging jobs market

Official figures revealed that average regular pay surged again, to 5.6% in the three months to November.

Evening Standard

Climate group says Heathrow expansion would be ‘catastrophic’

Climate charity Possible said the ‘huge increase in emissions’ from a third runway ‘won’t help our economy’.

The Independent UK

Rachel Reeves to back Heathrow third runway in bid for economic growth

Government could back much-delayed plan for third runway at Heathrow, as well as expansion of Gatwick and Luton airports

The Guardian - UK

Heathrow third runway plan labelled ‘desperate’ amid Labour divisions

Rachel Reeves hopes expansion will increase economic growth but Ed Miliband and Sadiq Khan oppose it

The Guardian - UK

Davos day one: German chancellor Scholz says Putin must not win Ukraine war, as Greenpeace protesters disrupt WEF – as it happened

Rolling coverage of the first full day of the World Economic Forum in Davos

The Guardian - UK

UK pay growth rises despite firms cutting jobs after budget

Labour market figures add to dilemma for Bank of England as it considers interest rate cuts

Evening Standard

Reeves heads to Davos in bid for more investment

The Chancellor said she ‘will not rest’ until the economy is growing.

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