UK Budget day. Chancellor John Healey delivers his first Budget at 12:30 p.m. London time today, the first under Prime Minister Andy Burnham, alongside new Office for Budget Responsibility forecasts. Healey trailed the speech as delivering “breathing space for today and fresh hope for the future.” The one measure already announced, scrapping gas standing charges, saving households an average of 108 pounds a year, is covered in today’s commodities story on the abolition; expected items in pre-Budget reporting include a higher minimum wage for over 21s, doubled funding for rough sleepers and an end to the earnings cliff edge for unpaid carers. Reporting on whether the cash ISA allowance cut proceeds conflicted this morning and is not carried here. The politics of the day is the headroom: higher inflation and gilt yields have raised debt servicing costs, and the larger defence and welfare decisions are expected to be deferred to the 2027 Spending Review.
Israeli markets slide on the deadlock. Israel’s stock market dropped as exit polls and then the count showed no clear election winner, Al Jazeera and Bloomberg reported, with markets sliding across the board on stalemate concern. The market reaction is the priced version of today’s updated Israel story: a caretaker government and weeks of coalition bargaining are the base case the count now supports.
Victoria unions turn on Labor. Two key unions are running attack ads and pulling campaign funds from Victoria’s Labor government a month out from the state election, The Guardian reported, an unusual public break between the party and its union base that turns a state contest into a test of Labor’s industrial relations settlement in Australia.
Commonwealth summit. King Charles has confirmed he will discuss the legacy of slavery with Commonwealth leaders at the summit, The Guardian reported, putting the reparations and apology question on the heads of government agenda rather than leaving it to foreign ministers.
Egypt to host desertification summit. Egypt will host the UN’s COP18 desertification summit in 2028, Egypt Independent reported, adding a land and water conference to the climate calendar Cairo already uses to press its Nile and food security case.
Post election Congress clash queued. Trump and Congress are set to clash over Defense Secretary Hegseth, the Iran war and Ukraine funding after the midterms, The Hill reported, a reminder that the November 3 result decides the oversight agenda as much as the legislative one.