Connect with us

Published

on

Budgets are all about numbers.

In the coming 24 hours, we’ll be engulfed with all sorts of figures – about the state of the economy, about the size of the deficit, about the fiscal rules the new chancellor is planning to introduce in the coming months.

But in fact most budgets, this one included, can really be boiled down to the difference between two big numbers.

Politics live blog: Budget 2024 latest developments

Total government spending and total government receipts.

Right now the UK government is spending just over £1.2trn a year and bringing in just over £1.1trn in taxes and receipts.

In other words, this country is spending more than it generates in tax receipts.

So it has to borrow the difference.

That borrowing, also known as the deficit, is (as you’ve already probably worked out from the above numbers) around £100bn a year.

And politicians, including the chancellor, spend rather a lot of time fretting about the deficit.

Graph graph

Indeed, the main objective of the various different fiscal rules they’ve imposed on themselves in recent decades has been to narrow the gap between those two big numbers.

Broadly speaking, the easiest way to do this is to cut something few people notice in the short run – government investment.

When he came into office in 2010, George Osborne cut a lot of parts of public spending, but he absolutely slashed the amount the public sector spent on buildings, infrastructure and machinery – capital spending.

Having lifted the total briefly after the pandemic, Jeremy Hunt was planning a similar fall in investment in the coming years.

Rachel Reeves has said repeatedly ahead of the budget that she plans to invest far more in the coming years.

This is a noble goal, given investment tends to benefit future generations, however, it will not be cheap in the short run.

pic pic graph

Indeed, keeping investment spending at current levels will cost roughly £30bn a year by the end of this decade.

So how does the chancellor square that with her fiscal rules?

Well, one part of the answer is that she’s planning to increase the revenues coming into the Exchequer, reportedly via higher national insurance charges for insurers.

But the other part of the answer is that she’s changing her fiscal rules as well.

Budget 2024: Rachel Reeves vs the fiscal rules

The long and the short of it is that Ms Reeves looks likely to choose a set of fiscal rules that ignore investment spending.

Both her updated debt rule and her current budget rule essentially omit capital spending – although they include debt interest costs, so she can’t just borrow willy-nilly.

Read more:
NHS will have billions of pounds of new funding
Supermarket giants face £200m hit from NI hike

Follow Sky News on WhatsApp
Follow Sky News on WhatsApp

Keep up with all the latest news from the UK and around the world by following Sky News

Tap here

That might sound like fiscal jiggery-pokery, and some in the market fret that investors will soon take fright as a result.

Indeed, some suggest they already are, and point to the fact the UK’s cost of government borrowing – as measured by the benchmark 10-year bond yield – has risen from under 4% to nearly 4.3% in the past month alone.

However, this is a slight misreading of this market, which is as affected by global economic factors and central bank action as much as by UK budgetary policy.

Indeed, compare the recent changes in the UK’s borrowing rates with those in Germany and the US and British government bond yields are close to where they usually trade in the run up to a budget.

And they are far, far below where they were in the run-up to Liz Truss’s mini-budget.

graph

Even so, there are bound to be a few unexpected surprises and some relevant new data points in this fiscal event.

It is a budget after all.

Continue Reading

UK

UK weather: Dozens of flood alerts in place across England and Wales amid warning of heavy rainfall

Published

on

By

UK weather: Dozens of flood alerts in place across England and Wales amid warning of heavy rainfall

Dozens of flood alerts have been issued across England and Wales amid a warning of heavy rainfall.

The Environment Agency has 35 flood alerts in place for rivers in England, while Natural Resources Wales has another 10 in force as of midday on Saturday. Alerts mean flooding is possible.

It comes as the Met Office has a yellow weather warning in place for rain in the East Midlands, North East England and Yorkshire and Humber on Saturday.

Up to 30mm could fall “fairly widely”, the agency predicted, with as much as 60mm possible over higher ground. A yellow warning for ice is also in place for large parts of northern England overnight into Sunday.

Check the weather forecast where you are

There is also a yellow warning for rain on Monday covering North West England, Hampshire, South West England and Wales.

Up to 40mm is likely to fall quite widely for Derbyshire, North West England, and Yorkshire and Humber, and there could be as much as 120mm in a few places over the Cumbrian fells, the Met Office said.

In South West England, there could be up to 50mm “across the higher parts of Exmoor, Dorset, the Mendips and Cotswolds”.

Also for Monday, there is a more serious amber warning for rain in South Wales all day, with 120mm possible in a few places.

Rain warnings are in place for Saturday and Monday (below). Pic: Met Office
Image:
Rain warnings are in place for Saturday and Monday (below). Pic: Met Office

Homes and businesses could be flooded, the agency said, and there may be travel disruption and difficult driving conditions.

England and Wales normally averages just over 100mm of rainfall for the entire month of November.

Jason Kelly, chief meteorologist at the Met Office, said: “There is a clear signal for strong winds and periods of heavy rain, which could lead to surface water flooding and delays to road and rail travel.

“Rain will also push into North East England during Saturday, some of which could fall as snow over higher ground when the system meets colder air coming down from the north.

“Sunday will be drier and brighter, albeit colder, for many areas with blustery winds lingering near some North Sea coasts. Expect widespread frost overnight into Monday before the next weather system approaches.”

Read more from Sky News:
National prostate cancer screening not recommended on NHS
British passenger missing after falling from cruise ship

Next week, the weather is expected to remain changeable, with occasional dry spells.

Homes across Scotland left without power

It comes after homes across Scotland were left without power following severe gales overnight.

The Met Office had issued a yellow weather warning for wind, covering Orkney, Shetland and western parts of the Highlands and Argyll and Bute, which expired at 11am on Friday.

Scottish and Southern Electricity Networks said gusts reached 83mph on the Western Isles and 75mph on the Isle of Mull.

A spokesperson said around 1,000 homes on the Isle of Mull were without power by mid-morning on Friday, but most have since been restored.

Continue Reading

UK

Software issue impacts thousands of Airbus planes – as UK passengers warned of potential disruption

Published

on

By

Software issue impacts thousands of Airbus planes - as UK passengers warned of potential disruption

Airline passengers have been warned of potential travel disruption after Airbus identified a “significant number” A320 planes impacted by a software issue.

In a statement, the plane maker said: “Analysis of a recent event involving an A320 Family aircraft has revealed that intense solar radiation may corrupt data critical to the functioning of flight controls.

“Airbus has consequently identified a significant number of A320 Family aircraft currently in-service which may be impacted.”

File pic: iStock
Image:
File pic: iStock

It is understood the incident that triggered an unexpected repair involved a JetBlue flight from Cancun, Mexico, to Newark, New Jersey, on 30 October, which suffered a sharp loss of altitude which injured several passengers.

An Airbus spokesperson told Sky News the necessary software change would affect up to 6,000 planes.

They added that for most of the affected aircraft, the required software update would take 2-3 hours. However, some aircrafts would need new hardware to be able to adopt the required software and that those aircraft would be affected for longer.

Travel expert, Simon Calder, said the situation was “very concerning” but that he had full faith in the safety procedures of Airbus and airlines. He went on to say that “aviation remains extraordinarily safe.”

More from UK

However, he warned that customers may not be entitled to cash compensation if affected by delays, as the issue would be considered out of the control of airlines.

EasyJet, British Airways, Aer Lingus, Lufthansa, American Airlines, Delta and Wizz Air are all affected by the issue.

Airbus told Sky News that it had proactively asked the European Union Aviation Safety Agency (EASA) to issue an air worthiness directive for the affected aircraft.

The issue is affecting A319, A320 and the A321 models. The company said the issue is only affecting A320s that are in service, not aircraft that are due to be delivered.

The UK Civil Aviation Authority said it is likely to mean some disruption and cancellation to flights.

Airbus requested that EASA issue an air worthiness directive. Pic: Reuters
Image:
Airbus requested that EASA issue an air worthiness directive. Pic: Reuters

Some airlines will be more affected than others, Colombian airline Avianca has announced that it will close ticket sales for 10 days due to the issue.

In a statement, easyJet said: “As we are expecting this to result in some disruption, we will inform customers directly about any changes to our flying programme tomorrow and will do all possible to minimise the impact.”

American Airlines said the Airbus software issue would impact 340 aircraft and it expects some operational delays due to a major software change requirement.

The airline added that it expects the vast majority of the updates to be completed by “today or tomorrow”, and that they are “intently focused” on limiting cancellations.

Wizz Air said some of its flights over the weekend may be affected, while Air India said the issue could lead to delays.

Indigo, an Indian airline which operates over 150 A320s, said it was proactively completing mandated updates on the affected aircraft.

British Airways told Sky News that only three of its aircraft where affected and that the required fixes will be carried out overnight and are not expected to disrupt its operations.

Aer Lingus is in a similar position, with a limited number of aircraft impacted. The Airline doesn’t expect there to be significant operational disruption, but is taking “immediate steps to complete the required software installations”.

In October, the Airbus A320 family broke a major milestone when it overtook Boeing’s 737 to become the most-delivered jetliner in history.

This breaking news story is being updated and more details will be published shortly.

Please refresh the page for the latest version.

You can receive breaking news alerts on a smartphone or tablet via the Sky News app. You can also follow us on WhatsApp and subscribe to our YouTube channel to keep up with the latest news.

Continue Reading

UK

Famous names affected by prostate cancer criticise NHS screening decision

Published

on

By

Famous names affected by prostate cancer criticise NHS screening decision

Famous names affected by prostate cancer have spoken of their disappointment after mass screening for the illness was not recommended for use on the NHS.

The National Screening Committee (NSC), comprised of doctors and economists, told the government that screening is “likely to cause more harm than good”.

Its decision means the NHS is unlikely to offer mass screening for men over the age of 45.

Six-time Olympic gold-medallist Sir Chris Hoy, former Prime Minister David Cameron, Sir Stephen Fry, actor and author Tony Robinson and journalist Dermot Murnaghan, who have all been diagnosed with the disease, spoke out after today’s decision.

David Cameron, Dermot Murnaghan and Sir Chris Hoy were among those who spoke out. Pic: PA/Shutterstock/AP
Image:
David Cameron, Dermot Murnaghan and Sir Chris Hoy were among those who spoke out. Pic: PA/Shutterstock/AP

In a draft recommendation, the committee said the reason it was “not recommending whole population screening using the prostate specific antigen (PSA) test was that it was likely to cause more harm than good”.

Instead, it proposes a targeted screening programme every two years for men with specific genetic mutations, known as BRCA-1 and BRCA-2, between the ages of 45 and 61.

But Sir Chris, who confirmed last year that his prostate cancer diagnosis was terminal, with doctors giving him two to four years to live, criticised the move.

The former Team GB cyclist, who confirmed in February 2024 that he was undergoing treatment, said: “I am extremely disappointed and saddened by the recommendation announced by the National Screening Committee today to rule against national screening for men at high risk of prostate cancer.

“More than 12,000 men are dying of prostate cancer every year; it is now the UK’s most common cancer in men, with black men at double the risk, along with men with a family history, like myself.

“While introducing regular checks for men carrying the BRCA genes is a very small step forward, it is not enough. I know, first hand, that by sharing my story following my own diagnosis two years ago, many, many lives have been saved.

“Early screening and diagnosis saves lives. I am determined to continue to use my platform to raise awareness, encourage open discussion, raise vital funds for further research and support, and to campaign for change.”

Sir Chris Hoy. Picture: PA
Image:
Sir Chris Hoy. Picture: PA

His views were echoed by Lord Cameron, who this month announced he was treated for prostate cancer last year.

Lord Cameron said in a post on X: “I am disappointed by today’s recommendation on prostate cancer screening from the National Committee.

“Targeted screening is a natural first step – but the recommendation today is far too targeted, not including black men or men with a family history, both high-risk groups.

“Prostate cancer is the most common cancer among British men. We are letting down too many men if we don’t push for a wider screening programme that includes all high-risk groups – and not just the men involved, but their families too, who risk losing a loved one unnecessarily. As I know all too well, prostate cancer can be symptomless early on.

“That’s why screening is so essential – catching the cancers early when they can be more effectively and successfully treated, like in my own case.”

Former British Prime Minister David Cameron said he was treated for prostate cancer last year. (AP Photo/Alex Brandon)
Image:
Former British Prime Minister David Cameron said he was treated for prostate cancer last year. (AP Photo/Alex Brandon)

Sir Tony, journalist Mr Murnaghan and retired footballer Les Ferdinand also voiced their disappointment after the decision.

Sir Tony, 79, who starred as Baldrick in Blackadder, said: “I’m bitterly disappointed. Getting an early diagnosis for prostate cancer could save your life, but we still have no screening programme for it in the UK.

“I was lucky I found my cancer early, but nearly 10,000 men a year are diagnosed too late for a cure, and that’s just not right.”

Please use Chrome browser for a more accessible video player

Why prostate cancer screening not being expanded

Broadcaster Mr Murnaghan, 67, added: “With prostate cancer cases higher than they’ve ever been, and the disease dominating the national conversation, I really thought we were heading to an exciting moment here.

“I’m so disappointed that the committee has decided not to recommend screening – it felt about time progress was made for men.”

He added in a statement shared with Sky News: “An acceptable halfway house, would perhaps be to extend screening to black men – and those with a known history of cancer in their family. But clearly a full nationwide screening programme would be best.”

Sir Stephen, who is a Prostate Cancer Research ambassador who revealed in 2018 he had undergone surgery after being diagnosed with the disease, said: “I’m deeply disappointed by today’s news. Men in the UK deserve so much better. Prostate cancer remains the second biggest cancer killer of men in this country, with more than 12,000 dying every year.

“The only way we will make a dent in that appalling statistic is by catching prostate cancer early, before symptoms appear – and the best way to do that is through a screening programme. I hope the country sees sense.”

Retired footballer Les Ferdinand also voiced his concerns over the decision. Pic: Reuters
Image:
Retired footballer Les Ferdinand also voiced his concerns over the decision. Pic: Reuters

Mr Ferdinand, whose grandfather died from prostate cancer, added: “I’ve seen members of my family survive prostate cancer, because their cancer was found in time.

“Without a national screening programme, the responsibility to find prostate cancer early and in time for a cure rests entirely on men’s shoulders, and it shouldn’t be this way.

“Black men are at double the risk of prostate cancer and twice as likely to die, and something has to be done.”

Please use Chrome browser for a more accessible video player

Prostate cancer decision ‘a massive mistake’

Colin McFarlane, an actor who was diagnosed with prostate cancer in 2023, told Sky News presenter Jonathan Samuels the decision was a “massive mistake”.

“I’ve been diagnosed with prostate cancer, but I’m not having any treatment. I have something called active surveillance, so every three months I have a PSA blood test, and then once a year I have an MRI,” he said.

McFarlane said black men over the age of 45 are at high risk, and “should be invited for screening”. He added: “I personally think men over 50 should be invited for screening, because they’re also at risk. I’m concerned now for all the black men out there who are high risk.”

NSC added it did not recommend extensive screening for black men due to a current lack of evidence and data.

The committee also does not recommend targeted screening for men with a family history of the disease, who are also at a higher risk of prostate cancer.

The National Screening Committee is comprised of doctors and economists. File pic: iStock
Image:
The National Screening Committee is comprised of doctors and economists. File pic: iStock

Health Secretary Wes Streeting said he would consider the findings ahead of March’s final decision, adding that he wanted to see earlier diagnosis and quicker treatment, but that needed to be balanced against “the harms that wider screening could cause to men”.

Prostate cancer symptoms and treatment

  • According to the NHS, prostate cancer is most common in men over the age of 50 from a black African or Caribbean background.
  • Its severity is determined by whether it spreads to other parts of the body.
  • It does not usually have any signs or symptoms at first, but later signs can include back, hip or pelvis pain, or difficulty maintaining an erection.
  • Problems urinating can also be a sign of other prostate problems.
  • Treatments for prostate cancer include surgery, radiotherapy and hormone therapy.
  • However, the NHS says it does not always require treatment.

Professor Sir Mike Richards, a former national cancer director and chairman of the NSC, told a briefing that modelling on PSA shows “whole population screening may lead to a small reduction in prostate cancer deaths, but the very high levels of overdiagnoses” means the harms outweigh the benefits.

Experts are also waiting to see data from a large trial launched by Prostate Cancer UK last week into whether combining PSA with other tests, such as rapid MRI scans, may lead to recommending population-wide screening.

Read more from Sky News:
Why prostate cancer is expected to be left without national screening

Scotland to roll out ‘simple’ genetic test

The trial is looking at the most promising screening techniques available, including PSA blood tests, genetic tests and 10-minute MRI scans, and whether they can be combined for a national screening programme.

The results will be ready within two years, it is hoped.

Mr Streeting added: “In the meantime, we will keep making progress on cutting cancer waiting times and investing in research into prostate cancer detection – in the last 12 months, 193,000 more patients received a diagnosis for suspected cancer on time.

“We are also providing funding to the £42m TRANSFORM trial, which has the potential to revolutionise prostate cancer screening, cutting out harmful side effects and making screening far more accurate.”

Continue Reading

Trending