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Labour’s tax increases are pushing workers and investors abroad.
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The Editorial Board
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U.S. adversaries are using President Trump’s eagerness to strike deals as a chance to drive a wedge between the U.S. and its allies and undermine the Washington-led security order that has for years held them in check.
In Europe, Russia is seeking to exploit Trump’s desire to halt the war in Ukraine and strike business deals with Moscow by shaping a peace plan that meets many of its strategic objectives, including winning chunks of Ukrainian territory and closing off any hope Kyiv had of joining NATO.
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Jason Douglas
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The German economy may be showing signs of a life after more than half a decade of stagnation.
Europe’s largest economy has suffered a series of recent blows, including a surge in energy costs after Russia’s full-scale invasion of Ukraine, higher tariffs on its exports to the U.S and fierce competition from China in key sectors such as automobiles.
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Don Nico Forbes
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The Brazilian president is in a stronger position to win in elections next year following his defiant stance on President Trump’s tariffs.
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Samantha Pearson
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Moody’s boosted Italy’s sovereign-credit rating on expectations for a decline in government debt.
The ratings agency on Friday upgraded Italy’s rating one level to Baa2 from Baa3. The outlook was revised to stable from positive.
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Kelly Cloonan
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The U.K. government’s borrowing continued to run ahead of projections in October, a deterioration in its finances that it will aim to correct with tax rises and some spending cuts in its annual budget statement next week.
The Office for National Statistics on Friday said the government borrowed 17.4 billion pounds ($22.75 billion) in October, bringing the total for the first seven months of the fiscal year to 116.8 billion pounds, 9.9 billion pounds above the amount projected by the Office for Budget Responsibility in its March forecasts.
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Paul Hannon
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TOKYO—Japan’s cabinet has approved $135 billion of stimulus to help households cope with rising living costs and boost economic growth, launching the first fiscal salvo under new Prime Minister Sanae Takaichi.
The Takaichi administration on Friday signed off on the package totalling 21.3 trillion yen, equivalent to $135.27 billion.
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Megumi Fujikawa
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Britain’s stock and bond markets flopped Friday morning on new evidence that the country’s Labour Party leadership doesn’t have a clue what to do about the economy or budget. Add this to the list of welfare-state cautionary tales out of Europe.
At one point Friday morning, the yield on the benchmark 10-year government bond, or gilt, had risen 11 basis points to 4.55%. The main London stock index dipped nearly 2%, and the pound fell. This was in response to a Financial Times report Thursday night that Chancellor of the Exchequer Rachel Reeves is abandoning plans to increase income-tax rates in her budget plan this month.
This sounds like good news. but investors interpreted it as a sign that Ms. Reeves and her boss, Prime Minister Keir Starmer, have run out of politically viable ways to balance the government budget—which is true. Estimates of the budget “black hole” Ms. Reeves needs to fill range up to £30 billion per year—the gap between likely spending and revenue if current policies stay the same.
An attempt over the summer to cut some particularly generous welfare benefits collapsed amid a rebellion from Labour backbenchers in Parliament, putting welfare reform off the table. Mr. Starmer is rightly under pressure to increase defense spending. Labour’s promises of economic growth via public “investment” translate mainly to pay increases for government workers.
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The Editorial Board
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Regarding Quico Toro’s essay “ Another U.S. Attempt to Topple Maduro Would Be a Disaster” (Review, Nov. 8): Venezuela’s economic collapse and migratory crisis began in 2013, at least four years before the U.S. imposed broad U.S. sanctions. From 2013 onward, Venezuela experienced the highest inflation rate in the world and a precipitous decline in gross domestic product, driven directly by the devastating economic policies of Hugo Chávez and Nicolás Maduro, including widespread nationalizations, reckless monetary and fiscal policies and the implementation of universal price and currency controls.
Mr. Toro neglects the consequences of the Biden administration’s policy of accommodation. Far from improving conditions, diplomatic passivity has allowed the government to dig in its heels, intensifying repression and exacerbating the humanitarian crisis.
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SHANGHAI—Signs of weakness in China’s economy stretched into October, with one measure of investment notching the sharpest slowdown in years.
Momentum in retail sales and industrial production slowed, while investment and the property market continued to struggle, according to data released Friday by China’s National Bureau of Statistics.
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Hannah Miao
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The U.S. plans to eliminate tariffs on bananas, coffee, beef and certain apparel and textile products under framework agreements with four Latin American nations, a senior administration official told reporters Thursday.
The expected move—which would apply to some goods from Ecuador, Argentina, El Salvador and Guatemala—is part of a shift from the Trump administration to water down some of its so-called reciprocal tariffs in the midst of rising prices for consumers, as well as legal uncertainty after a Supreme Court hearing this month.
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Gavin Bade
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China’s economic growth momentum slowed in October, weighed down by a high base from the previous year when Beijing rolled out stimulus measures to support a cooling economy, according to official data released on Friday.
Industrial production rose 4.9% in October compared to a year earlier, a decline from the 6.5% increase in September, the National Bureau of Statistics said.
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GDP rose 0.1% in the third quarter, compared with 0.3% in the second, amid uncertainty about the government’s budget and the impact of a cyberattack on a major carmaker.
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Don Nico Forbes
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