Investors respond after US supreme court rules that Donald Trump exceeded his authority in imposing sweeping tariffs under emergency powers

• US Politics live: US supreme court rules against Donald Trump’s sweeping global tariffs

• UK reports record-breaking budget surplus of £30.4bn in surprise boost for Rachel Reeves

• Art and antiques help lift retail sales in Great Britain to biggest monthly rise since 2024

The jump in tax receipts last month may show that UK government receipts are starting to get the boost from inflation and wage growth earlier in the year.

Nick Ridpath, research economist at the Institute for Fiscal Studies, says:

Today’s data on the public finances is particularly important, given the outsized impact of January’s self-assessment returns on revenues and borrowing for the year as a whole.

Income tax receipts had been a little disappointing over 2025, lagging behind forecasts even as inflation and wage growth exceeded expectations. But today’s data shows that self-assessment revenues in January were almost £2bn (6%) higher than forecast.

Mail order retailers, which are predominantly online, experienced a boost from retailers selling sports supplements, as well as continued strong sales volumes by online jewellers. Comments from jewellers reported that demand had hit unprecedented levels.

Continue reading...

© Photograph: Timothy A Clary/AFP/Getty Images

© Photograph: Timothy A Clary/AFP/Getty Images

© Photograph: Timothy A Clary/AFP/Getty Images

Trump has attacked judges and weakened global safeguards. Someone needs to stand up to the US and stop the erosion of democracy

In an era of overlapping crises, corruption is no longer a side issue – it is a structural threat to achieving international equality and even freedom itself. Each year, Transparency International’s Corruption Perceptions Index, a league table of 182 countries, is greeted with predictable theatrics: praise where it flatters power, condemnation where it can be weaponised, and hollow promises of reform that quietly expire once attention moves on. Instead of a moment of reckoning, it is ignored by those with the power to act.

As this newspaper reported, last week’s table showed a “worrying trend” of backsliding and a picture of “democratic institutions being eroded by political donations, cash for access and state targeting of campaigners and journalists”.

Continue reading...

© Photograph: SOPA Images/LightRocket/Getty Images

© Photograph: SOPA Images/LightRocket/Getty Images

© Photograph: SOPA Images/LightRocket/Getty Images

Exclusive: UK graduates in Germany, Belgium and possibly other countries informed of rises as salary threshold is cut

Britons living in some European countries face a huge rise in their student loan repayments later this year, the Guardian can reveal, in a move that threatens to trigger a fresh backlash for Rachel Reeves.

UK graduates working in Germany and Belgium – and possibly other countries – have been told that their monthly repayments will increase from April, the Guardian can reveal.

Continue reading...

© Photograph: Michael Nguyen/NurPhoto/Shutterstock

© Photograph: Michael Nguyen/NurPhoto/Shutterstock

© Photograph: Michael Nguyen/NurPhoto/Shutterstock

Acquisition by Premier Group Recruitment boss Andrew Woosnam appears to be example of ‘phoenixism’

A recruitment business that went bust owing the tax authorities and other creditors almost £3m has promised to send its staff on an all-expenses paid trip to Las Vegas after being repurchased by its former owner for an initial £10,000.

Premier Group Recruitment went into administration in September with debts of £2.9m – including £647,000 owed to HM Revenue and Customs (HMRC), which had commenced enforcement proceedings against the company.

Continue reading...

© Photograph: lucky-photographer/Alamy

© Photograph: lucky-photographer/Alamy

© Photograph: lucky-photographer/Alamy

Universities, builders and health trusts are feeling the squeeze, as thinktank says effect of zero net migration could be similar to Brexit

• ‘It’s been life-changing’: young Britons on why they left the UK

When Greenwich and Kent universities said this month they would merge to save money, the heart of their financial difficulties could be found in the UK government’s crackdown on immigration.

Tough restrictions on foreign students have sent the number of university applications from abroad plummeting, cutting lucrative tuition fees and leaving all universities facing the same squeeze.

Continue reading...

© Photograph: Fabrizio Bensch/Reuters

© Photograph: Fabrizio Bensch/Reuters

© Photograph: Fabrizio Bensch/Reuters

The national party, which is nearly $100 million behind its G.O.P. counterpart, bought the list for $6.5 million.

© Gabriela Bhaskar/The New York Times

Councillors vote for 3.99% council tax increase while mounting ‘attack on the vulnerable’, opposition says

Reform UK’s showcase council in Kent faces “extreme risk” and “instability”, opposition politicians have warned, after it passed its first budget.

The party’s councillors voted it through on Thursday night after their leaders announced a 3.99% council tax increase, one percentage point under the limit before a referendum is required, despite promising before their election win not to raise tax.

Continue reading...

© Photograph: Gareth Fuller/PA

© Photograph: Gareth Fuller/PA

© Photograph: Gareth Fuller/PA

A crypto-backed super PAC plans to spend $1.5 million against Mr. Green, a member of the House Financial Services Committee who has expressed concerns about cryptocurrency.

© Eric Lee for The New York Times

Capitalism cares about our species’ prospects as much as a wolf cares about a lamb’s. But democratise our economy and a better world is within our grasp

We have an urgent responsibility. Our existing economic system is incapable of addressing the social and ecological crises we face in the 21st century. When we look around we see an extraordinary paradox. On the one hand, we have access to remarkable new technologies and a collective capacity to produce more food, more stuff than we need or that the planet can afford. Yet at the same time, millions of people suffer in conditions of severe deprivation.

What explains this paradox? Capitalism. By capitalism we do not mean markets, trade and entrepreneurship, which have been around for thousands of years before the rise of capitalism. By capitalism we mean something very odd and very specific: an economic system that boils down to a dictatorship run by the tiny minority who control capital – the big banks, the major corporations and the 1% who own the majority of investible assets. Even if we live in a democracy and have a choice in our political system, our choices never seem to change the economic system. Capitalists are the ones who determine what to produce, how to use our labour and who gets to benefit. The rest of us – the people who are actually doing the production – do not get a say.

Continue reading...

© Photograph: Minerva Studio/Alamy

© Photograph: Minerva Studio/Alamy

© Photograph: Minerva Studio/Alamy

“Donald Trump has 99 problems going into the midterms,” one Democratic strategist said. “But money ain’t one.”

© The New York Times

Exclusive: Campaigners say proposed cut from £11.9bn over past five years to £9bn over next five years will cost lives and livelihoods

The UK plans to slash its aid to poor countries stricken by the climate crisis by more than a fifth, the Guardian has learned, despite promises to increase assistance and warnings from campaigners that the move will cost lives and livelihoods.

Ministers plan to cut climate finance for the developing world from £11.6bn over the past five years to £9bn in the next five. In real terms, accounting for inflation, this would represent a cut of about 40% in spending power since 2021, when the £11.6bn budget was agreed.

Continue reading...

© Photograph: Joshua A Bickel/AP

© Photograph: Joshua A Bickel/AP

© Photograph: Joshua A Bickel/AP

Days after Labour’s 2010 defeat former cabinet minister began dogged pursuit of ‘highly paid’ jobs, emails show

Peter Mandelson began seeking advice from the convicted child sex offender Jeffrey Epstein on how to land “highly paid” senior roles with companies including BP and Glencore within days of Labour’s 2010 electoral defeat, emails show.

A flurry of messages, sent in the weeks and months following the collapse of the New Labour project, reveal how Epstein mentored Mandelson as the former cabinet minister touted himself for lucrative jobs at global businesses.

Continue reading...

© Photograph: US Department of Justice

© Photograph: US Department of Justice

© Photograph: US Department of Justice

Senator John Cornyn, once seen as a potential Republican leader in his chamber, is now depending on wealthy party donors to survive a right-wing challenge.

© Kenny Holston/The New York Times

Rights group says growing authoritarianism and abuses in US, Russia and China threaten global rules-based order

The world is in a “democratic recession” with almost three-quarters of the global population now living under autocratic rulers – levels not seen since the 1980s, according to a new report.

The system underpinning human rights was “in peril”, said Philippe Bolopion, executive director of Human Rights Watch (HRW), with a growing authoritarian wave becoming “the challenge of a generation”, he said.

Continue reading...

© Photograph: Gian Ehrenzeller/AP

© Photograph: Gian Ehrenzeller/AP

© Photograph: Gian Ehrenzeller/AP

MoneySavingExpert founder has said changes that will lead to some graduates in England and Wales paying more are ‘not moral’

• Graduates in England and Wales: share your views on student loan repayments

A fairly technical-sounding change to student loans tucked away in last November’s budget has become the catalyst for an increasingly bad-tempered row pitting the UK consumer champion Martin Lewis against the chancellor, Rachel Reeves.

In one interview, Lewis – the founder of MoneySavingExpert.com, who boasts a vast following – said he did not think the planned change to repayment terms “was a moral thing”.

Continue reading...

© Composite: PA

© Composite: PA

© Composite: PA

All have amassed enormous war chests, new filings show, making them the financial wild cards of this year’s midterm elections and feared political spenders.

© Kenny Holston/The New York Times

Democrats have struggled to raise money, as is often the case for the party out of power, but the depth of their financial hole against the Republican National Committee is noteworthy.

© Annie Mulligan for The New York Times

Chris Larsen and Tim Draper, two outspoken Silicon Valley leaders, are planning to spend tens of millions of dollars to elect moderate state lawmakers this year.

Sergey Brin donated $20 million to a new political drive aimed at solving California’s housing crisis, spurring other billionaires to pitch in. Their efforts may also help ward off a wealth tax.

© Michael Tran/Agence France-Presse — Getty Images

Two leaders of a political security group talked about what they’re seeing and hearing.

© Liam James Doyle for The New York Times