Downing Street delivered a rare rebuke to a senior member of Donald Trump’s administration

Asked why the Lib Dems were opposed to a third runway at Heathrow when they professed to be in favour of growth, Cooper said she did not accept that a third runway would produce all the benefits its supporters claimed.

She explained:

On Heathrow, it is clear from looking at all of the economic analysis of airport growth over the last few years that many of the promises made by all sorts of different airport companies simply haven’t come to bear.

The promise of higher wage jobs hasn’t been substantiated. Often it’s lower paid jobs, and often not as many as they’ve claimed.

Consultancy says companies quoted on London stock market issued 65 in three months to end of September

The number of profit warnings from UK-listed companies has risen to the highest level in two years, as the war in the Middle East triggers a surge in costs for businesses before the budget.

With less than a fortnight before John Healey’s tax and spending statement to the Commons, the consultants EY-Parthenon said companies quoted on the London stock market had issued 65 warnings in the three months to the end of September.

Financiers owe their windfalls and bonuses to higher interest rates. Britain should reclaim more for the public and resist City lobbying

John Healey is planning to tax British banks, the Guardian revealed, in the forthcoming budget. It’s about time for the chancellor to act. Banks have been raking it in. The campaign group Positive Money reported this summer that Britain’s four biggest banks made £29bn in the first half of this year, up a fifth on 2025. These windfalls owe more to higher interest rates than better products or services. Households and businesses pay more to borrow. Meanwhile, the Bank of England pays the banks tens of billions in interest on their reserves, with the Treasury footing the bill.

The chancellor is said to favour restoring the bank surcharge from 3% to 8%, which could raise around £2bn a year. This would recover a very modest share of the sector’s bonanza. Louis XIV’s finance minister, Jean-Baptiste Colbert, said that “the art of taxation consists in so plucking the goose as to obtain the largest possible amount of feathers with the smallest possible amount of hissing”. Britain’s banks have plenty of feathers. That hasn’t stopped them hissing. The banks say that they already face higher taxes than other companies, that they won’t be able to lend as much, and that their profits won’t last.

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Speaking at IMF meeting, chancellor says he will stick to fiscal rules while recognising business and living costs

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John Healey has promised to use his first budget in a fortnight’s time to offer consumers and businesses a “breathing space” while sticking to Labour’s fiscal rules.

Speaking to journalists in Bangkok, where he has been attending the International Monetary Fund annual meetings, the chancellor said he was conscious of rising costs.

Latest data showing surprise 0.1% growth is boost to John Healey a fortnight before his first budget

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The UK economy unexpectedly continued to grow in August despite a fall in consumer spending before John Healey’s first budget as chancellor.

Figures from the Office for National Statistics showed gross domestic product (GDP) rose by 0.1% last month, compared with 0.4% growth in July. That confounded a forecast by City economists of a 0.1% contraction.

Thinktank’s influential pre-budget report urges key decisions to be made now and not put off until next year

John Healey has been warned by Britain’s leading tax and spending experts that his budget risks being a “work of fiction” unless he sets out plans to cover £35bn in spending pressures.

As the war in the Middle East rattles the public finances, the Institute for Fiscal Studies (IFS) said the damage from higher inflation meant the chancellor would need to either top up funds for his current government spending plans or impose deep real-terms cuts by the end of the decade.

Some say party risks ‘looking twee’ by focusing on small fixes amid growing nervousness that budget lacks ambition

In the days since Labour’s annual conference, party insiders have been sharing a word cloud produced by the pollsters More in Common, which shows the phrases voters most associate with Andy Burnham.

Such polling is rarely flattering for politicians, and the prime minister’s version had its fair share of negatives. But one of the most prominent words in the cloud – and the one that has caught the imagination of Labour strategists – was “trying”.

Ahead of the budget later this month, we’d like to hear from people in the UK about what measures they feel might help – or not help – financially

We want to find out more about any financial concerns people in the UK have ahead of the budget on 28 October 2026. What measures would you like to see in the budget and what issues would you like to see addressed?

For instance, do you have particular concerns around energy bills, petrol, childcare, fiscal drag, pensions – or something else? Let us know below.

Exclusive: Chancellor urged to reverse Jeremy Hunt’s tax surcharge cuts to claw back billions in lost revenue

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Tax cuts for big banks have deprived the UK government of £6bn in revenues, according to campaigners, who are calling on the chancellor, John Healey, to increase taxes and force lenders to pay their “fair share” in the budget.

Calculations by the Trades Union Congress (TUC), which represents unions with more than 5.3 million members across England and Wales, shows that the public purse is billions of pounds worse off as a result of tax cuts introduced under the Tory chancellor Jeremy Hunt in 2023.

Exclusive: Abena Oppong-Asare urges chancellor to unlock billions of pounds, as housing associations say they could build 41,000 homes in 10 years

The Labour chair of the Commons housing committee is urging John Healey to bring forward billions of pounds of planned spending on social and affordable homes in England, after housing associations said they were ready to build tens of thousands more.

Abena Oppong-Asare called for the chancellor to allocate money from the £39bn Social and Affordable Homes Programme (SAHP) as soon as possible, rather than after the election as planned.

Readers respond to an article in which Larry Elliott argues that Andy Burnham must challenge neoliberal nostrums

Larry Elliott’s column on the rightwing economic myths constraining Andy Burnham’s government should be required reading before John Healey’s budget (Rightwing economic myths could derail Burnham’s project – to destroy them, look to Keynes, 1 October).

I spent 20 years trading bonds, and agree that the household budget analogy bears no relation to how the UK state finances itself. Parliament votes on the spending, the Treasury instructs the Bank of England, and the Bank credits accounts in the private sector. Taxes withdraw money afterwards.

Energy and housing costs threaten biggest decline in modern times unless bold action taken, says thinktank

Soaring energy and housing costs mean Labour is on course to preside over the worst parliament for living standards in modern times, a stark analysis warns.

Three weeks ahead of John Healey’s budget, the Joseph Rowntree Foundation said Britain faces a “dire” outlook unless the government takes “bold policy action”.