The UK Chancellor, Rachel Reeves, has unveiled plans to change how the government defines its assets, a move that would enable the government to borrow around £20bn more per year to fund investment. The announcement has been met with warnings from former chancellor Jeremy Hunt, who highlighted the potential risk of an increase in government borrowing leading to higher interest rates. Lord Blunkett, a former work and pensions secretary, has also shared concerns about the proposed changes, particularly in relation to national insurance on employers’ pension contributions, which he believes may see employers reduce their pension contributions, leading to damage to living standards in retirement.
The Daily Telegraph and Daily Mail both reported Hunt’s warnings, stating that traders are still reeling from the September 2022 mini-budget which sparked turmoil in financial markets. Hunt has warned that the markets are watching, and that if Reeves’ plans do push up interest rates, families with mortgages will be the ones to bear the brunt of the increased cost of borrowing.
Elsewhere, the Prime Minister, Sir Keir Starmer, has opened the door to the provision of non-financial reparations for Britain’s role in the slave trade. There has been growing pressure from some Caribbean countries for reparations to be discussed at the Commonwealth Heads of Government Meeting, which begins on Friday in Samoa. Downing Street has previously stated that the UK would not consider any form of non-financial reparative justice.
The Metro reports that shoplifting is now at its highest level since records for England and Wales began, with cases of shoplifting costing stores £1.8bn per year. Industry figures are warning that thieves are becoming bolder, more aggressive and more frequently armed with weapons.
The i has revealed that mental health therapists who have been banned for misconduct, including being drunk during sessions and engaging in sexual activity with patients, cannot be stopped from seeing clients as voluntary regulation governs the industry. The paper cites one instance where a psychotherapist previously found to pose a significant danger to the public is still practising.
Finally, the Daily Mirror has urged its readers to help eight-year-old Florrie Bark, one of the winners of its Pride of Britain award, raise £1m for her children’s cancer charity. This will be used to improve access to education for children living with cancer
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