(Sharecast News) - Rachel Reeves was fighting to save her job on Saturday after the Office for Budget Responsibility published a detailed account of its pre‑Budget discussions with the Treasury, according to the Telegraph. The watchdog revealed that statements from the Chancellor and her officials had overstated the fiscal shortfall, paving the way for tax rises and higher welfare spending.
The paper said the disclosures marked the first time Reeves's position had looked in genuine peril, with Downing Street continuing to offer her full backing but aware of the risks. The Telegraph added that Keir Starmer had known the true state of the OBR's figures and supported Reeves's pre‑Budget speech, directly linking the Prime Minister to what critics described as a betrayal of voter trust. Westminster insiders told the paper that the fates of Starmer and Reeves were now closely intertwined, with any collapse in her position likely to drag the premier down with her.
Elsewhere, Ukraine said it had used naval drones to attack two tankers linked to Russia's so‑called shadow fleet, the Telegraph reported. The vessels, named Kairos and Virat, caught fire on Friday off Turkey's Black Sea coast.
Turkish officials initially suggested airborne drones or sea mines could have been responsible, but a source from Ukraine's Security Service told AFP that "modernised Sea Baby naval drones successfully targeted the vessels". The Telegraph noted that both ships were sanctioned and part of Russia's covert network used to transport oil despite restrictions.
Greggs has come under fire from activist investor Lauro Asset Management, which urged the bakery chain to cut tens of millions of pounds in annual costs amid fears it could otherwise fall victim to a cut‑price takeover, according to the Times.
David Mercurio of the Singapore‑based hedge fund criticised what he described as Greggs's "timid" management after the company's shares tumbled 44% this year, leaving it with a market value of £1.6bn. The intervention came just hours after influential investor Silchester quietly built a 5% stake in Greggs, making it the group's largest shareholder. The Times said the moves highlighted growing pressure on the chain's leadership as activist investors circle following the sharp decline in its valuation.
The Bank of England is preparing to simplify capital requirements for banks in a move that could free up billions of pounds for lending and support Rachel Reeves's growth agenda, the Times reported. The paper said the banking sector has built up three times the capital it held before the 2008 financial crisis, with lobby group UK Finance calculating £54bn of surplus capital since 2015.
On one measure, this equates to almost £2trn in lost mortgage lending capacity or nearly £1trn that could otherwise have gone to small businesses. The Bank's Financial Policy Committee has been reviewing the rules since July and will publish the outcome of its six‑month "refresh" on Tuesday. Any changes are expected to go to consultation before implementation.
Vladimir Putin has no intention of ending the war in Ukraine and knows how to manipulate Donald Trump, according to Fiona Hill, a former White House national security adviser, speaking to the Independent. Hill, who served during Trump's first administration and is an expert on Russia, said she regularly witnessed meetings between the two men. In an interview with the paper's World of Trouble podcast, she claimed Putin has "got Trump's number" and even mocked him to his face, using the language barrier to disguise his teasing.
She explained that Putin flatters Trump to stroke his ego while continuing to pursue his own agenda in Ukraine. "It is extremely difficult to see how Putin gives this up," Hill said, adding that Russia's economy, politics and society are now bound up in sustaining the conflict.
Zarah Sultana has refused to be "pushed out" of Your Party after boycotting the opening day of its inaugural conference, accusing figures within the organisation of fostering a "toxic culture"" and conducting a "witch hunt", the Independent reported. The row erupted just hours after Jeremy Corbyn insisted the party's co‑leaders remained united. Sultana said she would not enter the main conference centre in Liverpool on Saturday after one of her supporters, Kingston councillor James Giles, was allegedly denied entry.
A spokeswoman for Sultana told the Independent: "Zarah met members outside the conference and condemned the recent expulsions. This witch hunt is indefensible. We must build a party that welcomes all socialists. She will not be entering the conference hall today." The paper said the dispute underscored deep divisions within the fledgling movement, with Sultana's boycott threatening to overshadow efforts to project unity at its first national gathering.
Public anger continued to mount in Hong Kong on Sunday after a deadly fire at a high‑rise apartment complex left more than 128 people dead, the Guardian reported. Beijing warned against attempts to use the disaster to disrupt the city, even as residents mourned the victims.
Police on Saturday detained a university student, Miles Kwan, who was part of a group that launched a petition demanding government accountability, an independent probe into possible corruption, proper resettlement for residents and a review of construction oversight. The Guardian said the petition had attracted more than 10,000 signatures before being closed. Kwan was arrested on suspicion of inciting sedition in relation to the blaze at the Wang Fuk Court complex in Tai Po, according to the South China Morning Post. Hong Kong police did not respond to requests for comment.
Israel has "a de facto state policy of organised and widespread torture", according to a UN report cited by the Guardian. The committee on torture expressed "deep concern" over allegations of repeated severe beatings, dog attacks, electrocution, waterboarding, sexual violence and prolonged stress positions. The report, covering the past two years, also said Palestinian detainees were humiliated, denied medical care and subjected to excessive restraints, in some cases leading to amputations.
The committee of ten independent experts raised concern about Israel's use of its unlawful combatants law to justify prolonged detention without trial. Figures from Israeli rights group B'Tselem showed that as of September the Israel Prison Service was holding 3,474 Palestinians in administrative detention. The Guardian said the UN findings highlighted fears of impunity for Israeli security forces accused of war crimes.