By The Telegraph (World News) | Created at 2024-10-22 06:25:35 | Updated at 2024-10-22 08:49:18
2 hours ago
Thanks for joining me. Public sector borrowing has surged higher than official forecasts as Rachel Reeves prepares to plug a £40bn “black hole” in the Treasury’s finances in her Budget.
The Government has borrowed £6.7bn more so far this financial year than had been forecase by the Office for Budget Responsibility, according to the Office for National Statistics.
5 things to start your day
1) Reeves tax raid risks £84bn black hole in public finances, say Truss-backed economists | The Growth Commission says higher duties would weigh on growth and leave the average person poorer
2) Rayner’s workers’ rights overhaul to cost employers up to £5bn a year | Government’s own impact assessment predicts businesses may be forced to raise prices and cut wages
3) Paddington producer targets £6.7bn listing in boost for London stock market | Floating of Canal+ would make it largest debut of year and meet threshold for FTSE 100
4) The little-known rail project giving Reeves a £500m headache | Transport bosses fear dire consequences if a crucial upgrade to Ely Junction fails to win funding
5) Ben Marlow: Self-driving cars are just another Silicon Valley obsession that no one needs | The problem with robotaxis isn’t just their safety concerns, but whether there is a market for them in the first place
What happened overnight
Asian shares outside of China declined in cautious trading ahead of earnings reports both in the region and overseas, after Wall Street’s long, record-breaking rally ran out of steam.
Japan’s benchmark Nikkei 225 fell 1.1pc to 38,496.44. Australia’s S&P/ASX 200 dropped 1.6pc to 8,213.00, while South Korea’s Kospi slipped nearly 1pc to 2,579.56.
Hong Kong’s Hang Seng added 0.5pc to 20,576.07 while the Shanghai Composite rose 0.5pc to 3,285.49 following a cut to interest rates that took effect on Monday.
On Wall Street, the benchmark S&P 500 declined 0.2pc to 5,853.98. The Dow Jones Industrial Average of 30 leading US companies finished down 0.8pc percent at 42,931.60, while the tech-rich Nasdaq Composite index added 0.3pc to reach 18,540.01.
In the bond market, the yield on 10-year US Treasury notes rose to 4.206pc from 4.086pc late on Sunday.
