Wednesday was Budget day in the UK. It’s always a special event in our London newsroom: reporters and editors huddle to listen to the chancellor’s speech before our economics editor gives a quick-fire analysis. We produce dozens of additional stories and dissect every aspect of the Budget and we publish 12 extra pages in print.

We always knew Rachel Reeves’ 2025 Budget would be messy, with U-turns and chaotic decision-making ahead of the event. But we had not anticipated an extra twist: the OBR published its report on the grim economic outlook early, by mistake. You can watch here what it felt like to be in our newsroom.

So, what was this Budget about? More taxes and more spending. In her last Budget, Reeves raised taxes by £40bn. This time, it’s £26bn. Combined, they will take the total tax burden to 38 per cent of GDP by 2030, an all-time high. The scale of Labour’s spending commitments on welfare was striking — a problem haunting governments across Europe. For the time-poor among us, here is what you absolutely need to know.

My choices this week

1. Trade depends on both sides wanting something the other sells. When China’s economists, technologists and business leaders are asked what they want to buy from the rest of the world, they struggle to answer. But if we have nothing that China wants, how can we trade with China? (Free to read)
2. Ireland’s location on Europe’s western fringe has made it pivotal to global communications. But with a small navy and limited intelligence sharing, some say the country is incapable of protecting itself or its infrastructure.
3. Crypto-hoarding companies are ditching their holdings in a bid to prop up their sinking share prices amid a $1tn cryptocurrency rout. Here is how the ‘digital asset treasury’ craze soured.
4. A new generation of Iranian political elites is seeking a reset of the country’s ties with the west and Arab states. Our Tehran correspondent speaks to some of them.
5. Donald Trump won the last US presidential election in part because he was able to convince enough Americans that inflation was Joe Biden’s fault. But affordability is Trump’s problem now. (Free to read)
6. With so many options to choose from, finding the right book can be tricky. My colleagues and I share our favourite book of the year to make it that bit easier.

Source: Financial Times