The Chancellor has introduced a £40 billion increase in taxes to address financial challenges and public service issues, with the majority of the fiscal responsibility falling on businesses and the wealthy, while also significantly increasing borrowing to fund £100 billion in capital expenditure.

The United Kingdom’s borrowing costs have reached a post-election record high as the government prepares for reevaluation of its fiscal strategies, coinciding with the announcement of the upcoming budget by the new Chancellor.

Volkswagen is planning to close three factories in Germany, prompting strong opposition from unions and raising concerns over potential job losses.

The rise in trade barriers is causing concern among policymakers about the potential impact on global economic recovery, with political risks and tariff plans creating uncertainty.