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Tuesday’s news briefing

Chancellor Rachel Reeves continues to face pressure despite the pound and the UK government borrowing costs showing signs of stabilising after a turbulent few days. 

A man has been cleared of manslaughter after his partner’s suicide. Ryan Wellings was cleared of manslaughter but found guilty of assault and prolonged domestic violence.

British people who own homes in Spain (but don’t live there) could soon be facing taxes of up to 100% as part of plans being proposed in Spain to help tackle the country’s housing shortage.

January 13, 2025 11:33 am

Pound sterling continues to suffer as traders pare bets on Fed rate cuts

Sterling suffered again on Monday, falling to a 14-month low against the dollar amid a global sell-off prompted by concerns that the US Federal Reserve will only cut interest rates once this year.

The pound was trading as much as 0.7 per cent lower against the dollar this morning, dropping to $1.211. It was the worst performing currency against the dollar in the G-10.

“Sterling continues to trade on a soft footing and its losses could extend this week,” Chris Turner, an FX analyst at ING said, suggesting the pound could fall to as low as $1.20.

The sell-off comes after a bruising week for UK assets last week, with sterling falling over three per cent and gilt yields picking up to the highest levels in decades.

https://www.cityam.com/pound-sterling-continues-to-suffer-as-traders-pare-bets-on-fed-rate-cuts/

Tuesday’s front pages are heavily dominated by speculation over the future of the chancellor as well as the latest news from the economy.

Images of Kiena Dawes – the young woman who ended her own life after suffering abuse at the hands of her partner – make many of the splashes this morning.

The back pages are made up of Premier League gossip and the latest from the Australian Open.

Chancellor Rachel Reeves and Government Criticism

daily star logo

‘Should we be popping out for another lettuce?,” asks the Daily Star.

The Daily Star revisits its 2022 “lettuce” joke, questioning Reeves’ longevity in office and speculating on political instability within the government. “Should we be popping out for another lettuce?”, asks its front page.

the times logo

‘Reform UK soaring in polls as PM confirms Reeves will remain in post,’ The Times says.

The Times picked up on the prime minister’s refusal to confirm the chancellor would be staying in her post for the duration of this parliament during a news conference yesterday. The paper says the confirmation came from his spokesman “a few hours later.” The headline also notes that Reform UK are ‘soaring in the polls’.

telegraph logo

‘Labour backbencher says PM should consider sacking her,’ reports the Telegraph.

The Daily Telegraph leads with an image of Chancellor Rachel Reeves and reports on criticism of her handling of the economy. The falling pound and rising government borrowing costs have sparked controversy. Prime Minister Keir Starmer declined to confirm if Reeves will remain in her role next year but later reaffirmed his support. The paper goes on to quote an unnamed Labour backbencher saying the prime minister should consider sacking her if the situation doesn’t improve in the next few months.

daily mail logo

‘Treasury in turmoil as PM struggles to contain the situation,’ notes the Mail.

The Daily Mail notes the Treasury is described as being in “turmoil,” and suggests the prime minister is struggling to contain the situation. The paper notes Reeves and her deputy, Tulip Siddiq have been labelled “two lame ducks” by the Conservatives. Siddiq faces additional scrutiny over links to a political movement in Bangladesh but insists she has “done nothing wrong.”

the guardian logo

‘Ruthless public spending cuts on the way,’ says The Guardian.

The Guardian reports that “ruthless” public spending cuts may be implemented as the government seeks significant savings. Chief Secretary to the Treasury Darren Jones is expected to address potential “sweeping changes to public services” in an upcoming speech.

The i Logo

‘Disastrous consequences if public spending reductions continue,’ says the i.

The i adds that benefits spending may also face cuts, though campaigners warn of “disastrous consequences” if public spending reductions continue.

telegraph logo

The Daily Express leads with a farmer addressing the inheritance tax relief for farms.

The Daily Express focuses on the distress of a dairy farmer affected by a government decision to limit inheritance tax relief for farms to £1m. The farmer argues this policy endangers his family’s future and calls for a reversal.

The metro Newspaper HD logo

‘Ryan Wellings convicted of abuse but acquitted of manslaughter,’ says the Metro.

The Metro covers the verdict in the trial of Ryan Wellings who the paper labelled an “innocent monster” after being convicted of prolonged domestic abuse but acquitted of manslaughter. His partner, Kiena Dawes, left a note before her death, blaming Wellings.

the times logo

‘Dawe’s mother says sorry to her daughter after abuser gets away with manslaughter charge,’ reports the Mirror.

The Daily Mirror focuses on the emotional response from Kiena Dawes’s mother, Angela, who expressed anguish at the verdict and said, “I’m sorry your voice has not been fully heard.”

Football  – The FA Cup and the Australian Open dominate social media this morning. 
Black Panther@NwoyePedro
Out of FA cup ❌ Out of EFL cup ❌ Out of EPL race ❌ “We go again next season” 🕺💃 #ARSMUN
Aashish@Aashish_Shukla7
From being the most hated player in the world to recieving standing ovation... Harry Maguire has come a long way!!! Truly inspirational❤️ #ARSMUN

Pain is coming for emerging markets from a Trump trade war https://on.ft.com/4fVJJWM | opinion

FT.com Tweet

The UK must take urgent action to reverse its declining leadership in engineering biology to avoid ‘squandering the scientific opportunity of a lifetime’.

CITY AM Tweet
January 13, 2025 11:37 am

Extra bank holiday 2025: Hospitality industry slams Number 10 decision

Bank holidays 2025: Number 10 has announced the additional day off has been canned

It had been rumoured that an additional bank holiday would make its way onto the calendar for 2025 to earmark the end of WWII, but Number 10 has announced that the extra day off won’t be going ahead.

UK hospitality bodies have slammed the government’s decision to can the extra bank holiday. Restaurant and bar groups say that bank holidays provide an extra financial boost to the hospitality sector.

Their messages echo calls made in 2022 to make the additional bank holiday for the late Queen’s Platinum Jubilee a permanent new addition to the calendar (pleas that were ultimately not met).

https://www.cityam.com/extra-bank-holiday-2025-hospitality-industry-slams-number-10-decision/

January 13, 2025 11:33 am

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Do you have anything to add? Have your say tweet your comments @wtxnews and we will share the best ones on tomorrows briefing

Very sad to hear that Wendy Williams has been diagnosed with Frontotemporal dementia, the same condition Bruce Willis suffers from. Appeared on her show many times over the years and she’s a fabulous character & superb broadcaster. Wish her and her family all the best.
Tom
Palestinians are human beings who deserve to live in freedom and joy. That is why hundreds of thousands of us have exercised our right to protest. We will be here as long as it takes until there is an immediate ceasefire, an end to the occupation, and a just & lasting peace.
Jeremy IT Consultant
Keir Starmer and his allies, clutching a can of petrol in one hand and a box of matches in the other, tutting loudly at the flames. Starmer has no effin clue
MoSocialist
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