Why Rachel Reeves Should Resist a UK Wealth Tax
Welcome to the award-winning Money Distilled newsletter. I'm John Stepek. Every week day I look at the biggest stories in markets and economics, and explain what it all means for your money.
You might — just might — already be aware of this, but the UK's public finances are in a sorry state. New figures out today showed that public borrowing was higher than analysts surveyed by Bloomberg had expected in June.
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Trump meets with Ursula von der Leyen as US-EU trade deadline nears
President Donald Trump began talks Sunday in Turnberry, Scotland, with European Commission President Ursula von der Leyen, as Friday's deadline looms to reach a trade deal to avoid the 30% tariffs on European imports. 'We'll probably know in about an hour. Shouldn't take that long. It's, you know, it's complicated, but not really complicated when you get right down to it,' Trump said during the news conference. Trump reiterated that the likelihood of striking a deal with the EU is '50-50.' This is a developing story and will be updated.
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Yahoo
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Everything you need to know about DLR extension to Thamesmead
Transport for London (TfL) wants to extend the DLR to Thamesmead – here is everything you need to know. London Mayor Sadiq Khan has backed an extension of the line from Gallions Reach, which if built would stop at both Beckton Riverside and Thamesmead. Although full funding for the project is yet to be secured, TfL has revealed details about the potential route as part of an ongoing consultation. Here is everything you need to know about what might soon be London's biggest new infrastructure project. READ MORE - Where would the extension go? The line would branch off from the existing DLR route to Beckton after Gallions Reach, with trains travelling over a viaduct to Armada Way, where a new station at Beckton Riverside would be built. Trains would then descend into a tunnel under the River Thames before rising onto another viaduct in south London at Thamesmead. A DLR station for the town will be built at the site of Cannon Retail Park. Although only two new stops are currently planned, TfL has said there is the potential for a further extension towards Bexley in the future. Why is the extension needed? TfL says that the project supports the creation of up to 30,000 new homes. Greenwich Council has also said that building the extension is the 'key in unlocking land' earmarked for redevelopment in Thamesmead. This would allow around 15,000 new homes to be built on a 100-hectare site to the west of the town's existing retail park on the southern bank of the Thames. When will trains start running? Transport bosses say that they hope that a funding plan for the project can be agreed with the Government by autumn this year. If funding is secured, work could start on building the extension in spring 2028, allowing trains to start operating from late 2031 or early 2032. The project is expected to cost at least £1.5 billion. How often would trains come? According to TfL, trains would run on the new branch every eight to ten minutes, with a similar service pattern on the spur to Beckton. This would mean a train would come every four to five minutes on the core section of the route between Canning Town and Gallions Reach. How can I have my say? A TfL consultation on the proposals is currently under way – although there are only three weeks until it closes. You can give feedback until Sunday August 17.
