The UK can’t go on borrowing money to fill the blackhole. Whichever way they raise taxes will have a fiscal drag (look up fiscal drag), so if not in the next budget but further down the line, the Labour Government will have no choice but to cut front-line service or education. Things are going to get a lot more difficult from November 26th 2025. Unless they pull a Rabbit out of the hat.

Homework: What is the debt to GDP (Gross Domestic Product) in the G7 and how much debt has each country got per person.

Our hearts go out to King Charles. We love you, Your Majesty! I was told by a Chelsea Pensioner that they were going to get rid of them. I do hope that’s not the case, it is part of the country’s history and heritage.

WARNING: Trading can seriously damage your wealth. Always read the terms and conditions of your broker!