(Sharecast News) - Labour risks being forced to seek emergency assistance from the International Monetary Fund as Britain edges toward a debt crisis, leading economists have warned, according to The Telegraph. Former IMF chief economist Ken Rogoff told the paper that repeated shocks - including Covid, Russia's invasion of Ukraine and the Iran war - had left the UK facing a "more than 50:50 chance" of a major debt crisis by 2030. Rogoff said such a scenario could trigger steep tax rises or spending cuts, and warned that if the Bank of England were to lose control of inflation, Britain might require a larger rescue package with IMF "support". The comments were framed as a warning to Labour leadership contender Andy Burnham.
Almost 60% of British adults would be unwilling to give up rule‑making powers in exchange for greater access to the EU single market, new polling shows, reported The Telegraph. The survey by campaign group Britain Unbound found just 27% would accept reduced sovereignty for single‑market access, while 14% were unsure. The findings come despite government plans to deepen ties with the EU, potentially requiring elements of the Brexit deal to be revisited. Labour figures Wes Streeting and Andy Burnham have both said they would seek a mandate to rejoin the EU if elected - a stance the paper said contrasts with public sentiment.
Britain is preparing to launch a new wave of corporatism in which the state will "aggressively" take larger stakes in fast‑growing private companies to spur economic growth, according to The Sunday Times. Business secretary Peter Kyle told the paper he would use London Tech Week to outline plans to deploy billions of pounds of taxpayer support to back high‑potential firms. Kyle said the government would "take more risks" to support innovation and scale‑ups, adding: "I want us to be aggressively ambitious." He contrasted his approach with Nigel Farage, saying the Reform UK leader was "aggressive without a purpose".
Marks & Spencer will help 1,000 young people into work through a new nationwide training programme aimed at building confidence, management skills and pathways into full‑time roles, The Sunday Times reported. The "Not Just Any Career" scheme will offer 1,000 traineeships for 18‑ to 24‑year‑olds over the next 18 months, with no degree required. Successful applicants will receive six months of retail‑focused training and in‑store experience before progressing to further development and eventual full‑time positions. "This programme is about opening doors for the next generation," said retail director Thinus Keeve.
England's social housing waiting list would take more than a century to clear at current building rates, research by Shelter has found, reported The Guardian. More than 1.3m households are waiting for a social home, but just 12,198 were built last year - equivalent to 110 households for every new property delivered. Shelter chief executive Sarah Elliott warned that if the government "continued to deliver social homes at a snail's pace then none of us alive today will live to see the end of the housing emergency". She said the shortage was tearing communities apart and trapping families in homelessness for generations.
The EU and UK car industries are pressing the European Commission to suspend post‑Brexit electric vehicle tariffs for a second time, warning they cannot meet the rules of origin requirements due to take effect on 1 January 2027, according to The Guardian. Under the 2020 trade deal, 55% of a car's value and most of its battery components must be made in Europe to qualify for tariff‑free trade. The regime was intended to spur domestic battery production, but Covid disruptions and semiconductor shortages have left the industry far short of targets. The Commission previously suspended the rules for three years, but manufacturers have told Brussels they still cannot meet the "made in Europe" thresholds.
Keir Starmer will host Volodymyr Zelensky, Emmanuel Macron and Friedrich Merz in Downing Street on Sunday for talks on continued support for Ukraine, reported The Independent. The visit follows a large‑scale Ukrainian drone strike on St Petersburg, which the paper said highlighted Kyiv's growing ability to hit targets deep inside Russia.
The US military has shot down two Iranian drones threatening the Strait of Hormuz as Washington and Tehran continued to exchange strikes on Saturday, The Independent reported. US Central Command said the drones were intercepted to "defend against Iranian aggression". The paper said the incident followed the downing of six Iranian ballistic missiles aimed at US allies, with a seventh failing to reach its target. Tehran confirmed it had targeted a US airbase in Kuwait and the US Navy's 5th Fleet in Bahrain. In a preview of an NBC interview, Donald Trump claimed Iran's military had been "totally destroyed" after three months of conflict, adding he knew "exactly" how many missiles Tehran had left. Iran's foreign ministry warned the US would bear responsibility for any consequences arising from its "illegal actions".