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The Latest Breaking News from G7

Reeves admits she’s looking at tax rises and spending cuts in Budget

The chancellor blamed Brexit for the move, saying it has had a ‘severe’ impact on the public finances

The Independent UK

UK government borrowing costs fall as Reeves hints at tax rises – as it happened

Rolling coverage of the latest economic and financial news

The Guardian - UK

Reeves eyes tax hikes as economy suffers ‘severe and long-lasting’ Brexit impact

Rachel Reeves said ‘austerity, Brexit, and the ongoing impact of Liz Truss’s mini-budget’ had weighed heavily on the UK economy.

Evening Standard

From analysis to the latest developments in health,
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Reeves to touch down in Washington after IMF warns of rising UK inflation

The Chancellor is to champion Britain as a place where investors and businesses can count on economic stability during meetings in Washington DC.

Evening Standard

The government cannot afford to limp on without an economic strategy

THE INDEPENDENT VIEW: Editorial: As the IMF downgrades its UK growth projection for next year, it also predicts we will have the highest inflation of any G7 country. Ahead of a Budget that will doubtless raise taxes, it is time the prime minister made the case for what his administration…

The Independent UK

UK faces highest inflation in G7 this year and next, IMF warns

According to fund’s World Economic Outlook, Britain is on course to average 3.4% this year and 2.5% in 2026

The Guardian - UK

UK inflation to rise to highest in G7, warns IMF as food costs surge

It came as the IMF increased its UK growth forecast for this year but reduced its prediction for 2026 amid concerns over the labour market.

Evening Standard

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World economy resilient amid Trump tariffs but outlook looks ‘dim’, says IMF

UK and global GDP growth forecasts upgraded for this year but immigration controls could have negative impact

The Guardian - UK

UK facing highest inflation in G7 in yet another pre-Budget blow for Reeves

IMF also trims growth forecast for 2026 in ‘grim’ news for chancellor weeks before Commons statement

The Independent UK

Trade is shaping new global power relations: what this means for Africa

Over the past two decades, economic strength, trade flows, technological leadership and even consumer demand have been moving steadily from west to east. This transformation is redrawing economic maps. It is also raising urgent questions about co-operation, competition and inclusion in a multipolar world. Lecturer in economics and finance Arno…

The Conversation

Goldman Sachs, Citi, Bank Of America To Walk Through The Door Opened By Trump-Backed GENIUS Act

A consortium of major banks including Goldman Sachs Group Inc. (NYSE:GS), Citigroup Inc. (NYSE:C), UBS Group AG (NYSE:UBS), Deutsche Bank AG (NYSE:DB), and Bank of America Corp. (NYSE:BAC) announced plans to explore blockchain-based assets pegged to G7 currencies, according to Reuters.

Benzinga

Voices: The Tories are making a fatal mistake in push to cut UK foreign aid to a new low

COMMENT: Britain cannot afford to ignore the politics of aid, or we will suffer the consequences, writes Stefan Dercon

The Independent UK

By supporting Argentina, the U.S. government hopes to start a domino effect of preventing ‘failed states’ across South America, says Bessent

Treasury Secretary Scott Bessent hails Javier Milei’s Argentina as a “beacon” for South America, backing it with swap lines while ruling out U.S. cash aid.

Fortune

'Can we eat the chicken?' Belgian PM demands answers on Russian frozen assets

"I want the maximum of legal certainty. I want solidarity," Belgium Prime Minister Bart De Wever said about the proposal to use Russian frozen assets.

Euronews

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International Business Times UK

UK Economic Growth Stalls at 0.3% — Tough Choices Loom for November Budget

UK GDP grew just 0.3% in Q2 2025, raising pressure on Chancellor Reeves ahead of the November Budget as tough tax and spending choices loom.

The Independent UK

Bank of England rate-setter says inflation not a ‘particularly British problem’

Swati Dhingra, a member of the Bank’s rate-setting committee, argued there was no need to be ‘overly cautious’ about lowering borrowing costs.

Euronews

Brussels pitches €140 billion loan for Ukraine using Russia's frozen assets

Brussels believes it can issue a €140 billion loan to Ukraine using Russia's frozen assets without engaging in outright confiscation.

International Business Times UK

Britain Is Now The 'Sick Man Of G7' As Anxiety Levels Among Brits Soar – Here Are The Alarming Numbers

Britain faces record disability claims for anxiety and depression, with nearly 650,000 on PIP and rising costs fueling concerns over the economy.

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The Independent UK

Reeves must abandon manifesto tax pledges, think tank says amid £30bn Budget black hole

The chancellor is facing mounting pressure to hike income tax amid an expectation that £30bn worth of tax rises will be needed in the Budget

The Independent UK

As growth hopes fade, shrinking Reeves has a mountain to climb

THE INDEPENDENT VIEW: Editorial: A dour economic forecast has left the beleaguered chancellor grasping for fiscal breathing space in her make-or-break Budget

Evening Standard

UK inflation to be highest in G7 this year ...The Standard podcast

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The Independent UK

High inflation, soaring food prices and dwindling growth: How Britain’s economy ranks compared to other nations

OECD report comes as Reeves is preparing November’s Budget, in which she is expected to put up taxes or cut spending in order to adhere to her own fiscal rules

Evening Standard

UK inflation to be highest in G7 this year in huge cost of living blow

OECD predicts UK inflation to reach 3.5% in 2025, 0.4 percentage points higher than its previous forecast

The Independent UK

Inflation to surge and growth to drop in fresh economic blow to Reeves

With a difficult Labour conference to come next week followed by the autumn Budget, the OECD’s conclusions have come at a bad time for Rachel Reeves

The Guardian - UK

UK to suffer highest inflation in G7 this year, says OECD

International body warns British rate will be higher than that in US, despite effects of Trump tariffs

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