'I personally cannot wait to continue moving in the right direction'
As Newport West and Islwyn was announced as a new constituency ahead of the 2024 election, I've been focusing my surgery sessions on the Islwyn side, holding extremely productive conversations in areas such as Argoed, Abercarn, and Blackwood.
As well as surgeries, however, I've also been out and about visiting vital community groups, charities, businesses and attending other local events. The most recent of which was Mount Pleasant Primary School in Rogerstone. It was wonderful to present awards to the children at the school, who had been recognised by the community council for their schoolwork surrounding British TV.
Reflecting on the past 12 months, I was thrilled to hear the news that around 100 new jobs for residents in Newport West and Islwyn are set to be created at British Airways seat manufacturer, Safran, during a visit to their base in Marshfield.
Job creation is something both UK Labour and Welsh Labour has at the forefront of its mind, highlighted during my visit to Newport's semiconductor plant with chancellor Rachel Reeves, and deputy First Minister of Wales, Huw Irranca-Davies.
It's predicted the world-class facility will directly support more than 500 highly skilled jobs thanks to a multi-million-pound investment from the UK Government.
With Parliament breaking for summer recess next week, this will give me a greater opportunity and more time to meet with people in the community, tackling important issues, and helping build on existing relationships.
A good example of that work came earlier this year in Peterstone, where I met with Newport City Council leader Dimitri Batrouni to discuss the amazing community action group who are looking to save the Six Bells Pub.
Looking towards the future for a moment, as well as hosting regular monthly surgeries throughout the summer, we have lots of hard work to do both locally and as nationally, and I personally can't wait to continue moving in the right direction under this Labour Government.
A year on from the election, and I cannot begin to express my gratitude to all the voters and the Labour members who supported me in the campaign and continue to support me now.
I've said it before and I'll say it again, the fact that an ordinary girl like me from Duffryn High School can represent the people of our community in Parliament is something that I will never take for granted.
If you'd like me to visit your group or business in Newport West and Islwyn, then please do get in touch via ruth.jones.mp@parliament.uk
Ruth Jones is MP for Newport West and Islwyn.
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The ring-fencing regime was brought in after the 2008 financial crisis to separate banks' retail and investment banking activities. 11:40 AM BST Scrapping bank ring-fencing 'not sensible', warns Bailey The Governor of the Bank of England said it 'would not be sensible' for the Government to scrap the bank ring-fencing regime, after Rachel Reeves announced plans to reform the system last week. Andrew Bailey also stressed that the UK cannot 'compromise' on financial stability amid the Treasury's plans to rip up red tape across the sector. 'I do think the ring-fencing regime is an important part of the structure of the banking system,' he told MPs on the Treasury Select Committee. 'It makes the resolution of banks if they're in trouble much easier, and it benefits, particularly in terms of the UK, consumers, business and households. 'I'm sure there are things that can be improved and we will work constructively to get through that process.' 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Britain's borrowing costs were rising faster than global rivals on bond markets. Germany's 10-year bund yield was up two basis points to 2.63pc while 10-year US treasury yields were up one basis point to 4.39pc. 09:11 AM BST Pound slips as Reeves expected to raise taxes The value of the pound declined as Rachel Reeves was expected to raise to raise taxes after the Treasury overshot borrowing forecasts last month. Sterling was down 0.1pc against the dollar to $1.348 and dropped by 0.1pc versus the euro at €1.153 as borrowing hit a record high in June, excluding the pandemic. Alex Kerr of Capital Economics warned that 'things will probably get worse for the Chancellor'. He said: 'The Government's U-turns on spending cuts and potential upward revisions to the OBR's borrowing forecasts means the Chancellor will probably need to raise £15-25bn at the Autumn Budget to maintain the £9.9bn of headroom against her fiscal mandate. 'And given that she is struggling to stick to existing spending plans and we doubt the gilt market will tolerate significant increases in borrowing, she will probably have to raise taxes instead.' 08:38 AM BST Government borrowing costs jump as public finances 'exposed' The cost of government borrowing jumped higher today after the latest figures showing the Treasury borrowed more than expected last month. Investors sold bonds – which offer a benchmark for the cost of servicing the national debt – after official data indicated Britain's borrowing surged to a June record excluding the pandemic. The yield on 10-year gilts climbed nearly three basis points to 4.63pc, which was the sharpest rise across the world's major economies. Rising gilt yields mean the government has to pay higher returns to buyers of its debt. The ONS said Britain's debt interest costs nearly doubled in June, mainly as a result of so-called index-linked gilts, which are government bonds offering returns tied to the rate of inflation. Nabil Taleb, economist at PwC UK, said: 'Higher debt servicing costs as a share of total revenues leave the public finances more exposed to future economic shocks.' The rate of inflation has climbed in recent months, with the situation made worse by the fact bonds are linked to the retail prices index (RPI), a now discredited rate of inflation which is higher than the official designated consumer prices index (CPI). RPI was 4.4pc in June, compared to 3.4pc for CPI. 08:13 AM BST Reeves to impose 'sin taxes' and raid pensions to cover surging borrowing Rachel Reeves will raid pensions and impose 'sin taxes' to deal with a £20bn black hole in the public finances this autumn, economists have said. 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'The fiscal pain will, however, continue beyond the autumn. Defence spending will almost certainly have to rise faster than the government currently plans, for instance, necessitating further tax hikes or rule tweaks.' 08:02 AM BST UK stocks fall after as borrowing costs surge Stock markets in London made a lacklustre start to trading after official figures showed rising Treasury borrowing, which make tax rises almost certain later this year. The FTSE 100 declined 0.2pc to 8,999.11 while the mid-cap FTSE 250 slipped 0.1pc to 22,001.27. 07:49 AM BST Reeves 'spending money she doesn't have', say Tories The shadow chancellor said the higher-than-expected rise in Government borrowing proved Rachel Reeves is 'spending money she doesn't have'. Mel Stride said: 'Debt interest already costs taxpayers £100bn a year – almost double the defence budget – and it's forecast to rise to £130bn on Labour's watch. 'Labour's jobs tax and reckless borrowing is killing growth and fuelling inflation – paving the way for more tax hikes and more borrowing in the autumn. Make no mistake – working families will pay the price for Labour's failure and costly U-turns. 'Only the Conservatives, under new leadership, will break this cycle. Only the Conservatives believe in sound money and low taxes.' Shadow business secretary Andrew Griffith added: 'This level of borrowing is not remotely 'unexpected' given the out of her depth Chancellor. 'She is no more capable of balancing her books than a first year undergrad in freshers week.' 07:42 AM BST Rising debt costs outweigh National Insurance raid The jump in the cost of servicing the national debt outweighed the returns for the Chancellor from her National Insurance raid, the ONS said. Rachel Reeves's changes hikes to employer National Insurance contributions raked in an extra £3.1bn in June, taking the total 'compulsory social contributions' for the month to £17.4bn. However, this was dwarfed by an £8.4bn jump in the cost of central government debt to £16.4bn, mainly as a result of bonds linked to the rate of inflation. ONS acting chief economist Richard Heys said: 'Borrowing in the month of June was over £6bn higher than during the same month last year. 'The rising costs of providing public services and a large rise this month in the interest payable on index-linked gilts pushed up overall spending more than the increases in income from taxes and National Insurance contributions, causing borrowing to rise in June.' 07:32 AM BST Surging debt interest costs 'piles more pressure' on Reeves Government debt interest payments were the second highest for June since monthly records began in 1997, heaping more pressure on the Chancellor. The Treasury paid £16.4bn in debt interest costs, which was £2.4bn more than the OBR predicted would be the case back in March. Dennis Tatarkov, senior economist at KPMG UK, said higher borrowing 'piles more pressure on public finances'. He said: 'Higher than expected interest payments as well as weaker revenues have pushed borrowing above the OBR's projection for the second month in a row. 'Furthermore, the longer-term outlook for public finances remains difficult. Recent U-turns on welfare and persistent growth headwinds could open a gap against fiscal targets, which could require further tax rises or spending cuts in the autumn Budget. 'To the extent that ongoing deficits point to lingering budgetary pressures, we would expect the OBR to acknowledge these at the next fiscal event.' 07:22 AM BST Treasury committed to fiscal rules, says minister The Treasury remains committed to the 'tough fiscal rules' set by the Chancellor, a minister has said, making tax rises more likely in the Budget. Chief Secretary to the Treasury Darren Jones said: 'We are committed to tough fiscal rules, so we do not borrow for day-to-day spending and get debt down as a share of our economy. 'This commitment to economic stability means we can get on with investing in Britain's renewal, including fixing our NHS, strengthening our national defence and building hundreds of thousands of affordable homes through our Plan for Change.' 07:18 AM BST Treasury borrowing costs surge amid rising inflation The Treasury in June paid nearly double the level of interest payments on its debt than compared to the same month last year, official figures show. The interest payable on central government debt jumped from £8.4bn in June last year to £16.4bn last month, mainly as a result of rising inflation, which pushed up the returns it must pay on index-linked gilts. The Treasury has borrowed £57.8bn so far this financial year, the ONS said, which was £7.5bn more than the same period last year. 07:04 AM BST Good morning Thanks for joining me. The Treasury borrowed more than official forecasts last month, cementing the case for Rachel Reeves to raise taxes in the autumn. Public sector net borrowing rose by £20.7bn in June, according to the Office for National Statistics (ONS), which was the highest figure for the month on record excluding the pandemic. It meant the Treasury borrowed £3.5bn more than the £17.1bn that had been forecast for the month by the Office for Budget Responsibility (OBR). Borrowing was £6.6bn higher than the same month last year. So far this financial year, public sector borrowing hit £57.8bn, which was in line with the OBR forecast. The Treasury in June paid nearly double the level of interest payments on its debt compared to the same month last year, mainly as a result of bonds linked to the rate of inflation, which has climbed in recent months. It comes as economists warned the Chancellor she faces a potential £30bn black hole in the public finances when she comes to deliver her Budget later this year. Ms Reeves has said repeatedly that she is committed to her fiscal rules and would not reopen departmental spending budgets, leaving her with little option but to raise taxes to keep the nation's finances in order. She has faced pressure from backbenchers to impose a wealth tax, while Angela Rayner is pushing for councils to be given new powers to tax tourists. Here is what you need to know. 5 things to start your day Trump tariffs risk 'pushing up UK borrowing costs' | US policies threaten to pile pressure on price of servicing national debt Vauxhall owner slumps to £2bn loss after botched bet on hydrogen | Stellantis blames restructuring costs and US tariffs for slip into red Millions to be forced to work for longer under state pension reform | Labour opens door to later retirement age after launching review three years ahead of deadline BP accused of 'chronic underperformance' by hedge fund Elliott | Activist investor says oil giant needs 'decisive and effective leadership' as new chairman announced Lucy Burton: The MeToo movement has made men scared to mentor women at work | Useless managers afraid of big emotions are blindly ignoring half of their workforce What happened overnight Asian share markets drifted lower after scaling a near four-year peak ahead of an onslaught of corporate earnings. MSCI's broadest index of Asia-Pacific shares outside Japan hit its highest level since October 2021 in early Asian hours but was last down 0.4pc. The index is up nearly 16pc this year. The S&P 500 and the Nasdaq notched record-high closes on Monday. The Japanese markets returned to action after a holiday on Monday following the weekend's election where the ruling coalition suffered a defeat in upper house elections, although Prime Minister Shigeru Ishiba vowed to remain in his post. Japanese shares briefly jumped at the open but reversed course to trade lower by Tuesday afternoon, as the election results were largely priced in and were not as bad as investors had feared. The yen rallied 1pc on Monday, recouping some of the losses from past weeks and was last slightly weaker at 147.73 per dollar. On Wall Street, the Dow Jones Industrial Average fell less than 0.1pc, to 44,323.53, the S&P 500 rose 0.1pc, to 6,305.68, and the Nasdaq rose 0.4pc, to 20,974.18. In the bond market, the yield on benchmark 10-year US Treasury notes fell to 4.387pc from 4.423pc late on Sunday. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.


New York Post
6 hours ago
- New York Post
Europe won't pay its NATO share, COVID tied to bioweapons work and other commentary
Defense beat: Europe Won't Pay Its NATO Share President Trump's call for Europe to pay 5% of GDP for its defense has been much 'ballyhooed,' notes Gerard Baker at The Wall Street Journal, but the 'math agreed to by all members except Spain is on closer inspection a little fuzzy.' While some Euro nations such as Poland and Finland are 'serious about their defense,' Germany, France and Britain 'face economic, demographic, political and cultural challenges' that will make real change unlikely because the 'fiscal positions of most European countries' are simply too ugly for them to pay more. 'Budget restraint' in Labour-run Britain is impossible to impose, and European 'climate policies are blowing even larger holes in budgets.' Only 'economic growth' can get these countries on the right footing to afford to pay more for their own defense. Foreign desk: COVID Tied to Bioweapons Work 'A bioweapons expert likely to head the Trump administration's top Pentagon post for countering weapons of mass destruction has charged in a new report that the Covid-19 pandemic was probably the result of a military-research-related accident in a Chinese laboratory, and that work at that lab may have been part of research China was conducting in possible violation of a treaty banning biological weapons,' reports City Journal's Judith Miller. The report, by Robert Kadlec, 'adds to the growing consensus' that COVID 'was the result of a leak at the Wuhan Institute of Virology and not a naturally occurring outbreak of a deadly virus originating in animals.' But the report is strong grounds for Team Trump to start 'prioritizing U.S. intelligence efforts aimed at Chinese bioweapons research.' Mideast journal: Iran's Long Road Back to Nukes The '19 senior Iranian nuclear scientists' Israel assassinated during the 12-Day War had 'nuclear knowledge spanning decades' — much 'centered on explosives, nuclear coding, and ballistic missiles,' cheers Adam Kredo at The Washington Free Beacon, citing a new intelligence assessment by a leading nonproliferation organization. The scientists' 'average age was 60,' suggesting 'Israel targeted the most experienced crop of engineers.' Plus, the Jewish state 'successfully destroyed' Iran's nuclear 'technological blueprints.' Indeed, the attacks 'evaporated decades of nuclear know-how, striking at the heart of Tehran's weapons program in a way kinetic attacks could not.' The result: 'Recovering may be far more difficult and take far longer.' From the right: Poll Flags Border Ignorance A new CBS poll suggests 'significant numbers of Americans, even now, are not fully informed' about immigration under President Trump, marvels the Washington Examiner's Byron York. The poll found 56% of respondents disapprove of Trump's immigration approach, but it also asked a factual question: whether Trump's policies are making the number of migrants crossing the border 'go up, go down, or not change.' Only 64% 'gave the obviously correct response — Trump has made the number of migrants crossing' go down. 'And 8% said crossings have actually gone up, which was crazy wrong.' This reveals a 'lack of knowledge' of basic facts and 'could tell us something about the answers to all the other immigration questions in the CBS poll, and perhaps in other polls as well.' Education beat: Don't Use AI To 'Teach' The Computer Lab 'was that magical room' where students could experience 'the wonders of the Oregon Trail, Number Munchers, and Mavis Beacon,' reminisces Understanding America's Oren Cass. Back then, computers 'did not teach, they were a subject to be taught.' Yet 'the irresistible logic of technophilia determined that every child needed a computer' to 'compete in the global economy of tomorrow.' Today, the same is being said of AI: 'All students need to know how to use AI,' and 'AI should be integrated throughout the educational experience.' Trouble is, AI 'will offer counterproductive shortcuts for not only unengaged students, but also their teachers.' Kids need to understand that 'learning is not a technological function' but 'a habit of mind.' — Compiled by The Post Editorial Board