A monetary gauge of a country’s total final goods and services over a period.
Markets are stabilising after a stretch of high activity in tech options, with traders shifting focus as implied volatility cools. Small caps are leading potential next moves, while global equities reflect a policy-led, carry-friendly regime.
A wave of policy proposals from Andy Burnham’s leadership bid foreground devolution, cheaper energy, and a major council-house programme, while economists warn of the political and fiscal hurdles ahead. The Mirror and BBC outline how these ideas could reshape local power and living standards, with scrutiny on timetables and the cost of promised reforms.
The Guardian, CNBC and other outlets report on post-election economic conditions. UK growth remains sluggish while policies under Labour’s administration meet mixed reception. Inflation has cooled but remains elevated; deficits persist as taxpayers recalibrate expectations and government priorities.
The incoming UK prime minister is urged to boost defence spending to 3.5% of GDP by 2035 as experts warn current plans are too bare to deter threats from Moscow. A Defence Investment Plan is due to be published before the NATO summit, with ministers negotiating funding amid resignations in the MoD.
Spain has launched a large-scale regularisation program offering a one-year, renewable residence permit to undocumented migrants who have spent at least five months in the country and have a clean criminal record. The measure aims to strengthen the economy and uphold human rights amid aging demographics. Initial applications exceed government expectations, with more than 900,000 received by mid-June and processing ongoing.
The government has announced a defence investment plan raising the defence budget by a total of 15 billion pounds over four years, with questions over funding gaps and how it will meet NATO targets. Burnham is tipped to take over as prime minister, while debates continue over how the funds will be sourced and allocated.
President Donald Trump has overridden the NATO agenda at a summit in Ankara by pressing allies to boost defence spending, threatening trade with Spain, and floating withdrawal of US troops from Europe. He has also signalled he will lift sanctions on Turkey and is considering selling F‑35 jets and engines to Ankara, prompting Israeli and European alarm.
The Timms review into Personal Independence Payment (PIP) is driving a sweeping overhaul of the disability benefit system as claims rise and costs surge. Government figures show four million claimants and a forecast to reach 341bn across welfare by 2030. Ministers say reform is necessary to restore fairness and sustain the system.
The UK is coordinating with European allies at the Ankara NATO summit to push a deep precision strike programme and boost defence funding. Keir Starmer is leading discussions, while Trump presses allies on spending. Ukraine seeks air defences amid a shifting security landscape.
Trump has ordered officials to prepare a potential sweeping embargo on Spain amid a dispute over defense spending, with lawmakers considering IEEPA- based options. Markets react to the tension as the U.S. and Spain navigate a fragile trade relationship amid NATO debates.
The UK has sealed a 5.2 billion-pound services trade deal with Switzerland, scrapping roaming charges and putting a 90-day services mobility provision on a permanent footing. E-gates will speed border checks for UK travellers, while pharmaceutical protections are maintained. The agreement is described as a landmark for UK services and follows a string of deals with key partners.
China has expanded 4.3% year on year in Q2, the slowest pace in over three years. Exports have helped but domestic consumption remains sluggish, with a trade surplus widening as global demand for AI-driven goods supports shipments. Analysts caution that sustained growth depends on domestic demand improving.
Andy Burnham has been confirmed as Labour leader at a special conference in London and will become prime minister on Monday after Keir Starmer formally resigns to the King. Burnham has secured overwhelming support from Labour MPs, pledged a "distinctively Labour" government, and promised to devolve power, tackle social care and focus on growth outside London.
Retail sales have risen 0.2% in June, with May revised up to 1%. Excluding gas stations, sales rise 0.7%, helped by lower fuel prices and online shopping. Auto and sporting goods show gains; clothing and gas receipts shift. Inflation cools, easing pressure on households while earnings remain stable.
Retailers face pressure as volume declines outpace inflation, prompting price cuts and promotions to spur unit growth. Bain data shows grocery units fell 1.8% year over year in June, while prices remain elevated. Major chains push value-focused strategies amid softer consumer demand.
Public sector net borrowing in June has come in lower than forecast, driven by higher tax receipts and lower debt interest costs. The new Chancellor pledges fiscal discipline as the government aligns with its rules, while energy bills relief and a funding shift shape the autumn budget.
Andy Burnham has reshaped the UK government on day one, appointing a new cabinet and unveiling an energy-relief measure, while facing scrutiny over party funding and donations. The move appears aimed at consolidating support and delivering a decisive start after his leadership win.
The central bank has kept the policy rate steady, citing price stability and a steady growth outlook amid global risks. Domestic growth remains solid, while inflation remains within the target band despite recent upticks.
The latest U.S. inflation readings show persistence above the Fed’s 2% target while growth softens in Q2. Consumer spending remains resilient, but higher borrowing costs and energy prices complicate the outlook as policymakers weigh future moves.
The Guardian reports that UK leaders are confronting a persistent Neet crisis as youth unemployment remains high. A UK delegation visits Ireland to study its rapid decline in Neet rates, while Labour pledges reforms to boost technical education and apprenticeships. The piece highlights austerity-era cuts and calls for preventive investment.
Goldman Sachs economists say AI investment will add modestly to GDP while crowding out some other tech and data-center activity; Moody’s cautions a potential stock-market bubble but expects slower long-run returns. Overall, AI expands investment with limited immediate macro disruption as hyperscalers drive capital and borrowing costs.
The Government Expenditure and Revenue Scotland (GERS) has shown a reduced deficit of 25.3 billion for 2025/26, with the deficit at -10.9% of GDP. Revenues rose by 6.9% to 98.3 billion, while spending reached 123.6 billion. Projections note North Sea revenue fell, and questions about independence’s long-term fiscal path persist.
GDP has expanded by 0.4% in Q2, driven by services and a hot-weather World Cup boost. Yet growth remains delicate amid high energy prices and geopolitical tensions, with Treasury modelling warning of a slower 2027 if Iran-hostilities persist.
A block of UK indicators shows services activity expanding and consumer confidence firming, while manufacturing remains modest. PMI readings point to continued growth in Q3, supported by tech investment and exports, though inflation and public finances remain a risk.
The United States debt has reached $40 trillion as long-term yields hit their highest since 2007, signaling rising borrowing costs. Analysts warn that higher rates could push up mortgage, auto, and consumer borrowing costs, while policymakers debate how to slow deficits and stabilize financing.
El Niño is strengthening and is likely the strongest in modern records. Forecasts foresee hotter global temperatures, worsened heatwaves, floods and droughts across regions as climate warming interacts with the natural cycle.
The US is reviewing a position on the Falkland Islands amid reports it could pressure allies to meet defence spending targets. Britain reiterates the islanders’ wish to remain British, while Argentina’s claim remains unresolved. The UK warns that sovereignty rests with the islanders and will defend their right to self-determination.
New prime minister Andy Burnham has set out a plan for deeper devolution, tackling the centralisation of power and sketching reforms to water, energy and housing. He stresses growth through regional autonomy while warning against a two-tier England and outlining a path to devolution deals with Cornwall and beyond.
Argentina has declared the Falkland Islands historically and legally Argentine and is moving to sanction oil firms operating there. The UK maintains its unwavering commitment to the islanders’ right to self‑determination, while the US signals it may reassess its stance on the territory amid high geopolitical tension.
The Temporary Protected Status for El Salvador is expiring this week, but no firm end date has been announced. DHS has indicated it will decide at the appropriate time, with protections remaining in place until then. Officials note that TPS extensions could affect about 200,000 Salvadorans and broader policy changes.
GDP has grown by 0.4% in July, led by services and computer programming. AI-related investment is helping boost sectors, though households face higher energy and living costs. Ministers face pressure as growth momentum tests fiscal room ahead of the Budget.