On The Deals Shaping Our Economy
🇬🇧 UK's Historic Tax Hike
Chancellor Rachel Reeves has delivered a bruising Budget that lifts the UK’s tax burden to 38% of GDP—an all-time high—sparking immediate political backlash and market jitters.
The big picture: Despite Labour’s promises, the £26bn tax raid hits broadly.
The freeze on income tax thresholds will drag millions into higher brackets, while a new "mansion tax" targets homes over £2m.
Why it matters: Reeves is prioritizing fiscal "headroom"—now buffered to £21.7bn—to calm bond markets, which responded with a rally in gilts.
"I’m asking everyone to make a contribution... I won’t pretend otherwise."
The sting: The move explicitly breaks the "virtuous circle" of low taxes to fund a massive £10bn welfare spending boost.
The drama: The independent Office for Budget Responsibility (OBR) accidentally published the forecast 45 minutes before the speech—a "serious error" that left Reeves furious.
"Total humiliation... She has broken every single one of her promises."
The bottom line: The OBR has downgraded growth forecasts for 2026, predicting inflation will stick around longer than hoped.
🇺🇦 Leaked: The Price of Peace?
Leaked transcripts of a call between Donald Trump’s envoy Steve Witkoff and a top Kremlin aide suggest the US is pushing Ukraine toward significant territorial concessions.
Notable: Witkoff advised the Kremlin on how to stroke Trump's ego, suggesting they publicly call him a "man of peace."
"I know what it’s going to take to get a peace deal done: Donetsk and maybe a land swap somewhere."
The leak: In an October call with Putin aide Yuri Ushakov, Witkoff reportedly advised on how to "sell" a deal to Trump and explicitly crossed Kyiv's long-standing red lines.
The offer: The transcripts suggest acknowledging Russian control over Donetsk and potential "land swaps."
State of play:
Trump defended Witkoff, calling the leaked October call "standard negotiations."
The US president has dropped his November 27 deadline for a deal after pushback in Geneva.
Russia remains firm, signaling it will only accept peace on its own terms, specifically the surrender of Donbas.
"He’s got to sell this to Ukraine. He’s got to sell Ukraine to Russia. That’s what a dealmaker does."
The strategy: Russia is playing it cool. Moscow feels time (and the battlefield) is on its side and is unwilling to sign any deal that doesn't lock in its gains.
"It’s unlikely this is being done to improve relations."
Between the lines: While Trump’s team pushes for a quick win to present as a "peace achievement," the Kremlin views the US proposals merely as a starting point for further demands.
🇿🇦 Zuma Family Feud Over "Mercenary" Trafficking
A bitter dispute has erupted between the daughters of former South African President Jacob Zuma over allegations that 17 men were tricked into fighting for Russia in Ukraine.
Driving the news: Nkosazana Zuma-Mncube has filed a criminal complaint against her sister, MP Duduzile Zuma-Sambudla, accusing her of human trafficking.
"These men were... handed to a Russian mercenary group to fight in the Ukraine war without their knowledge or consent."
The details:
Recruits were allegedly promised lucrative bodyguard training jobs in Russia.
Upon arrival, they were reportedly coerced into signing Russian contracts and sent to the frontline.
President Cyril Ramaphosa confirmed receiving "distress calls" from South Africans trapped in the Donbas region.
The defense: Duduzile claims she was "manipulated" by a contact known as "Khoza" and has filed her own counter-complaint.
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