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...But Macron has not broken with French bad habits on spending....
...among the highest levels of debt and budget deficits in Europe....
...Finance minister Bruno Le Maire said the hole in the budget was caused by lower tax revenues as inflation slowed, but insisted spending was not out of control and economic growth had been maintained....
...Joe Biden unveiled a $7.3tn budget plan that would push US debt over 100 per cent of gross domestic product in 2025, as the president laid out a fiscal agenda that boosts spending but plans to save $3tn...
...“For fifty years, France has not had balanced budgets . . . public spending is seen as the answer to every problem, when it is not,” Le Maire warned....
...Ben Zaranko, at the Institute for Fiscal Studies think-tank, said cuts to the civil service and a larger portion of the R&D budget “won’t be enough” to fund the defence spending pledge to 2030....
...Magnette, who was a minister in several past federal governments, also called for defence spending to be exempt from budget constraints....
...cuts do not suffice to bring the US budget back into surplus....
...The pledge would mean defence spending rising gradually from 2.32 per cent of GDP to 2.5 per cent by 2030, well above Nato’s 2 per cent defence spending target....
...of the asylum system on development spending....
...Labour is exploring legislation to stop “ongoing raids” on the UK’s overseas aid budget by Whitehall departments, as the main opposition party seeks to bolster its commitment to development spending ahead...
...This more than consumed increases in the aid budget, where spending went from a targeted 0.5 per cent to 0.58 per cent of gross national income in the 12 months to December....
...For instance, a promise to balance the current budget — the difference between day-to-day revenues and spending — could help to discourage borrowing or capital spending cuts to meet short-term needs....
...Few things — not even a budget deficit of 3 per cent of gross domestic product — will stand in the way of Beijing increasing defence spending. Many stand to benefit....
...Joe Biden unveiled a $7.3tn budget plan for 2025 which would push US debt over 100 per cent of gross domestic product, as the president laid out a fiscal agenda that boosts spending but plans to save $3tn...
...More spending on Australia’s naval surface fleet, long-range missile capability and boosting the size of its military will increase the defence budget to 2.4 per cent of gross domestic product from about...
...An ageing population will intensify the spending demands on health, social care and pensions, and geopolitical instability will put pressure on defence spending....
...The spending on the Australia-UK-US security pact known as Aukus, the country’s naval surface fleet, long-range missile capability and an enlarged military force will increase the defence budget as a proportion...
...year’s Budget and Autumn Statement....
...The Budget will assume very low growth of public services spending. Public debt is still rising. Tax cuts announced today will probably be followed by post-election tax rises....
...Le Maire outlined the need for deeper spending cuts of at least €12bn in the next budget for 2025 — beyond the €10bn already earmarked for this year that he described as “an emergency brake” — to put French...
..., instead of asking the question of whether we were spending the existing departmental budgets,” Balls recalls....
...Jeremy Hunt is considering slashing billions of pounds from public spending plans to fund pre-election tax cuts if he is penned in by tight finances in his March 6 Budget....
...Jeremy Hunt lacks the fiscal firepower to prevent Britain’s taxes climbing to a record high as a share of national income no matter what he announces in next week’s Budget, new analysis has found....
...Hello, and welcome to the FT’s live coverage of the UK Budget....
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