Inheritance tax U-turn rumour prompts farming community to say 'too little too late'

The Institute for Fiscal Studies has issued a warning to UK Chancellor Rachel Reeves, advising her against a rushed approach to revenue generation in the upcoming budget. They argue that a hasty strategy could lead to significant economic damage, emphasizing the need to address longstanding inefficiencies and unfairness in the tax system. This matters because the decisions made in the budget could have lasting impacts on the UK economy and public services, making it crucial for Reeves to consider a more thoughtful approach.

France's President Emmanuel Macron has introduced a new government led by Prime Minister Sebastien Lecornu, which is tasked with presenting the draft budget for 2026 by Monday. This development is significant as it comes at a crucial time for the French government, highlighting the ongoing efforts to manage the country's financial planning and economic stability.

French Prime Minister Sebastien Lecornu has announced a new government following a meeting with President Emmanuel Macron, as the country faces a pressing budget deadline and ongoing political unrest. This reshuffle includes both familiar figures and new faces, but the stability of this team remains uncertain. The situation is significant as it highlights the challenges Lecornu must navigate to restore confidence and address the financial needs of France.

Lucy Powell, a leading candidate for Labour's deputy leadership, urges the party not to dismiss the upcoming May local elections as a lost cause. She believes that the upcoming budget could be a pivotal moment to regain voter interest and support. Meanwhile, her rival Bridget Phillipson is focusing on incorporating grassroots opinions into the party's strategy. This is significant as it highlights Labour's efforts to reconnect with voters and potentially turn the tide in future elections.

French Prime Minister Sebastien Lecornu is under pressure to finalize his government cabinet by the upcoming budget deadline on Monday. This situation is complicated by internal divisions within the conservative Les Republicains party regarding their willingness to accept ministerial roles. The outcome of this cabinet formation is crucial as it will impact the government's ability to implement its budget and policies effectively.

Rachel Reeves, the Chancellor, is seeking to reduce the influence of the Office for Budget Responsibility (OBR) as Labour grapples with challenging economic forecasts. This move is significant as it reflects Labour's attempt to navigate a tough financial landscape while aiming to bolster the UK economy against potential market volatility. The outcome of this strategy could have lasting implications for fiscal policy and public confidence in economic management.

The US Senate has taken a significant step by advancing a nearly $1 trillion Pentagon spending bill that not only boosts military funding but also extends aid to Ukraine through 2028. This move is crucial as it reflects the US commitment to supporting its allies and enhancing national security amidst ongoing global tensions. The bill's passage is expected to have a positive impact on defense capabilities and international relations.

Experts are raising concerns that the government might go back on its promise not to increase income tax, National Insurance, or VAT for working individuals. This potential shift could significantly impact the financial landscape for many, making it a crucial topic as the Budget approaches.

President Emmanuel Macron is gearing up to meet with leaders of France's main political parties as he faces a crucial deadline to appoint a new prime minister. With the country on its sixth PM in less than two years, Macron is looking for a unifying figure who can bridge the divide between the centre-right and centre-left to ensure the budget passes in a fragmented parliament. This meeting is significant as it comes at a time when the political crisis is impacting economic growth, making the choice of PM critical for France's future.

China has accused the United States of double standards regarding a potential 100% tariff on Chinese imports. This accusation comes as Beijing warns it may implement countermeasures in response to the US's trade threats. The situation is significant as it highlights ongoing tensions between the two economic giants and raises concerns about the impact on global trade.

In a troubling development, Victoria police are uncertain about the status of Dezi Freeman, raising concerns about his well-being. Meanwhile, the Australian Federal Police (AFP) is looking into comments made by Lidia Thorpe during a pro-Palestine rally, which could have implications for public discourse and political accountability. These events highlight ongoing tensions in Australia regarding social issues and the responsibilities of public figures, making it crucial for the community to stay informed and engaged.

In a significant policy reversal, Jim Chalmers has announced that the Labor government will scrap key elements of its controversial superannuation tax plan, which aimed to tax unrealised gains on super balances exceeding $3 million. This decision has drawn sharp criticism from the Greens, who label it a 'gift to the super-rich.' The move is crucial as it reflects the ongoing tensions in Australian politics regarding wealth distribution and taxation, raising questions about the government's commitment to addressing inequality.

In a significant development, families of Israeli hostages are gathering as Hamas prepares to release a list of detainees, with the expected release of 20 living hostages from Gaza. This event is crucial as it marks a hopeful step towards resolving tensions and reuniting families, especially with Donald Trump arriving in Israel to witness this moment. The release could pave the way for further discussions on peace and stability in the region.

Paramjit Singh, an Indian man who has been living in the US since 1994 on a green card, is facing a dire situation as he is reportedly being denied medical care for a tumor while in the custody of US immigration. This troubling case highlights the challenges faced by immigrants in accessing necessary healthcare, raising concerns about the treatment of individuals in detention and the implications for their health and well-being.

Sylvia Weir has been appointed as the new CEO of Interior Health, and she is focused on rebuilding trust with local communities. This is particularly important as the region faces significant challenges, including doctor shortages and emergency room closures. Her leadership comes at a crucial time, and her commitment to addressing these issues could lead to improved healthcare services for residents.