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The Latest Breaking News from GDP

Blow for Rachel Reeves after UK economy shrinks by more than expected

The cut to GDP figures will be bad news for the chancellor in her mission to grow the UK economy

The Independent UK

UK economy shrinks by more than expected in April – ONS

Gross domestic product fell by 0.3% in April, compared with growth of 0.2% in March.

Evening Standard

UK’s FTSE 100 share index hits record closing high despite economy shrinking in April – as it happened

UK economy shrank by 0.3% in April, biggest fall since October 2023, as trade with the US slumped.. but FTSE 100 ends at new record close

The Guardian - UK

From analysis to the latest developments in health,
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Spending review delivers big boosts for health and defence – but Rachel Reeves is focused on investment

UK chancellor Rachel Reeves has delivered the government’s spending review, setting out its plans and priorities for the next three years. The aim of the review is of course to allocate spending over that time period – but this government is keen for economic growth and so has directed the…

The Conversation

UK yet to commit to Nato plan for rise in defence spending to 3.5% of GDP

Nato chief Mark Rutte wants members to agree to plan at summit this month but UK remains cautious

The Guardian - UK

2020s on course to be weakest decade for global economy since 1960s, says World Bank

Washington-based lender cuts its forecast for world GDP growth, blaming Donald Trump tariffs

The Guardian - UK

Canadian PM vows to boost defence spending and reduce dependency on US

Carney says Canada will hit Nato target of 2% of GDP five years ahead of schedule amid ‘dangerous and divided world’

The Guardian - US

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Britons ‘better learn to speak Russian’ without major defence spending hike, Nato chief warns

The Nato secretary general said there is no discrepancy between the UK's current defence spending goals and his own push for members to reach 5 per cent of GDP

The Independent UK

NATO must boost air and missile defences fourfold to counter Russia's threat, Rutte says

Mark Rutte has urged NATO members on Monday to increase air and missile defences by 400%, warning of a possible Russian attack within five years, advocating for higher military spending targets.

Euronews

Russia could be ready to attack Nato within five years, says secretary general

In speech in London Mark Rutte says he expects alliance members to agree to raise military spending to 5% of GDP

The Guardian - UK

Invest in defence now or start learning Russian later, NATO secretary general says

The US has appointed a new Supreme Allied Commander to Europe (SACEUR), much to the relief of NATO allies. Ahead of a major summit in The Hague later this month, allies have agreed to raise spending to 5% of GDP and invest in new capabilities designed to deter the threat…

Euronews

UK could face up to £30bn of tax rises to fund defence spending boost, economist says

Sir Keir Starmer has vowed to boost defence spending to 2.7 per cent of GDP by 2027, as Nato allies push for ‘dramatic increase’

The Independent UK

The fourth-largest economy hype: What the media didn’t tell you

The International Monetary Fund recently stated that India is set to surpass Japan to become the fourth-largest economy in the world in 2025. While the projection masked the underlying realities of the average Indian, it was enough for the mainstream Indian media to rush to celebrate.

Newslaundry

Best Countries To Live In 2025: What The Rankings Don’t Reveal

Best Countries To Live In 2025: Beyond The Rankings. Which country offers the best quality of life? Explore top destinations like Norway, Sweden and Denmark.

Bored Panda

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Euronews

Eurozone economy grows by 0.6%: Lagarde shuts door on July rate cut

The eurozone gross domestic product grew by 0.6% quarter-over-quarter in the first quarter of 2025, marking the strongest pace of growth since late 2022. ECB's President Christine Lagarde hinted that a July pause in rate cuts may be warranted.

Euronews

Most NATO members endorse Trump's demand to up defence spending to 5% of GDP, Mark Rutte says

US President Donald Trump insists that US allies should spend at least 5% so America can focus on security priorities elsewhere, mostly in the Indo-Pacific and on its own borders.

Barchart

Elon Musk Supports Warren Buffett’s Idea to Ban All Members of Congress from Re-election if the Deficit Exceeds 3% of U.S. GDP

Buffett and Musk back a proposal barring Congress from reelection if the deficit exceeds 3% of GDP, sparking bipartisan debate on spending.

Evening Standard

UK faces calls for 5% GDP defence spend, ahead of PM’s meeting with Nato chief

Mark Rutte, the secretary general of the alliance, said on Thursday he is proposing Nato members spend 5% of gross domestic product (GDP) on defence.

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The Guardian - UK

Hegseth says Nato allies ‘very close’ to raising defence spending target to 5%

US defence secretary says he expects goal of 5% of GDP in next decade to be agreed this month

The Independent UK

What is the spending review? Everything Rachel Reeves could announce to fix UK economy

The Independent looks at what the spending review is, why the government has launched one and what is expected to be in it

The Guardian - UK

Donald Trump says Russia and Ukraine like ‘children fighting in a park’ in White House meeting with Friedrich Merz – as it happened

US president adds ‘sometimes you’re better off letting them fight for a while’ as he and German chancellor also express unhappiness with Russian invasion

The Guardian - AU

Day of high drama in Tasmanian politics – as it happened

This blog is now closed

AAP

Productivity pickle a top priority for upbeat treasurer

Falling interest rates and Australia's competitive advantages are reasons for optimism, says the treasurer as he sets his sights on improving productivity.

The Guardian - AU

The good news? Household living standards are on the rise. The bad news? Just about everything else

Australia’s weak economic growth is not surprising when you factor in what’s going on with households, private investment, trade and government spending

Euronews

Russia developing multiples more ammunition than NATO, says Secretary General Mark Rutte

NATO allies must commit to spending 5% of GDP on defence, as Russian threat looms, says NATO Secretary General Mark Rutte. Within three months, Russia develops four times the amount of ammunition NATO countries produce in a year, he said.

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