Rachel Reeves news
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UK politics
After Starmer: The Battle to Be Andy Burnham’s Chancellor
Wes Streeting, Ed Miliband and Pat McFadden are among the names being discussed as Rachel Reeves’ future at Number 11 comes under scrutiny
Cost of living
VAT cut to lower some family days out this summer
Rachel Reeves said VAT will fall from 20% to 5% on selected attractions, children’s meals and entertainment, but businesses will decide whether to pass on the savings
Government debt
UK 30-year borrowing costs hit highest level since 1998
Yields rose as markets absorbed the impact of the Iran war, higher energy prices and political uncertainty before Thursday’s elections
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