Latest news with #BudgetBill
Scottish Sun
11-08-2025
- Politics
- Scottish Sun
Nicola Sturgeon ‘still friends' with disgraced text-pest Derek Mackay despite schoolboy scandal
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) NICOLA Sturgeon still counts shamed ex-Nats minister Derek Mackay as a 'friend' him being outed for pestering a schoolboy with creepy text messages. Disgraced Mackay was forced to quit after The Scottish Sun exclusively revealed he was pestering a 16-year-old schoolboy with creepy text messages. Sign up for Scottish Sun newsletter Sign up 4 EDINBURGH, SCOTLAND – FEBRUARY 21: Finance secretary Derek Mackay and First Minister of Scotland Nicola Sturgeon arrive at the Scottish Parliament during final stage of Scottish Budget on February 21, 2018 in Edinburgh, Scotland. The final debate on the Budget Bill took place ahead of the crucial vote at decision time later today. (Photo by […] Credit: Getty 4 270-online-messages-finance-secretary-917337482 Credit: Not known, clear with picture desk The former first minister said she went into 'a bit of denial' about the allegations and spared the then-finance chief the walk of shame past his colleagues. She also told how the disgraced Nat was 'chalk-white and almost totally uncommunicative' when she pressed him on the allegations. Ms Sturgeon wrote: 'I went into a bit of denial initially, thinking it couldn't possibly be true. Could it? 'Normally, if a minister got into bother, they'd be summoned to my office, but on this occasion, with some misplaced empathy perhaps, I felt I didn't want to put Derek through the ordeal of walking through my outer office, past staff who already had wind of what was afoot. 'So I went to find him instead. He was in his office, a copy of the budget speech he would never deliver sitting on the desk in front of him. He was chalk-white and almost totally uncommunicative.' But after our story went live, the ex-Nats chief said there was no doubt Mr Mackay had to quit his post. She wrote: 'I was back at Bute House when the Sun story went online, late that evening. I felt sick as I read it. 'The messages were published in full and were not open to benign interpretation. 'They would be seen by any objective reader as Derek trying to engineer reasons to meet with the boy and to strike up a relationship with him. 'Given the age difference and the power imbalance, it was impossible to describe the exchanges as anything other than inappropriate. I had received and accepted Derek's resignation within the hour.' Nicola Sturgeon admits mistake on gender ID battle in bombshell TV interview The former Finance Secretary was forced to quit in February 2020 when we revealed he told a 16-year-old lad he was 'cute' and invited him to dinner while bombarding him with 270 online messages. We told how Mackay pestered the lad in private on Instagram and Facebook over six months between August 2019 and February 2020 after contacting him out of the blue. At one point, powerful Mackay told the boy: 'And our chats are between us?' Opposition leaders at the time slammed Mackay's 'predatory' behaviour – though police ultimately did not take action – and now-ex SNP MP Joanna Cherry KC hit out at his 'totally unacceptable grooming behaviour'. Despite this, Ms Sturgeon claims she still considers Mr Mackay a 'friend' after he 'rightly paid the price' for his actions. She wrote: 'However, he had made a serious mistake and, rightly, paid the price. He eventually got his life back on track and, though it would be a few years before I spoke to him again, I still count him as a friend.' 4 08/08/2025 – SCOTLAND – The interview, conducted by Julie Etchingham, airs on Monday, 11 August at 7¿pm across ITV. This interview provides a rare chance to hear directly from Nicola Sturgeon following her resignation in March¿2023 and ahead of her memoir launch. It promises a blend of candor, introspection, and reflection on her political legacy, […] Credit: Unpixs
&w=3840&q=100)
Business Standard
07-07-2025
- Business
- Business Standard
Presidential promises: Donald Trump swiftly implements his budget agenda
Mr Musk, and other critics of the Budget Bill, are concerned in particular about the risk of rising debt levels in the US Business Standard Editorial Comment Mumbai Listen to This Article The United States (US) Congress stayed up late last Thursday passing President Donald Trump's signature new legislation, the 'Big Beautiful Bill', and on Friday Mr Trump signed it into law. The new Bill reworks taxes and expenditure and restructures the multi-trillion-dollar US federal Budget. While some of its implications are relatively minor implementations of Mr Trump's campaign promises — for example, it cancels taxes on tips — some are far more wide-ranging. Most importantly, however, it continues the tax cuts that Mr Trump had put in place in his first term as President. The $4.5 trillion tax-cut giveaway over 10
Yahoo
04-07-2025
- Business
- Yahoo
US debt is now $37trn – should we be worried?
As Donald Trump cheered the passage of his self-styled, and officially named, Big Beautiful Budget Bill through Congress this week, long-sown seeds of doubt about the scale and sustainability of US borrowing from the rest of the world sprouted anew. Trump's tax-cutting budget bill is expected to add at least $3 trillion (£2.2 trillion) to the US's already eye-watering $37tn (£27tn) debt pile. There is no shortage of critics of the plan, not least Trump's former ally Elon Musk, who has called it a "disgusting abomination". The growing debt pile leaves some to wonder whether there is a limit to how much the rest of the world will lend Uncle Sam. Those doubts have been showing up recently in the weaker value of the dollar and the higher interest rate investors are demanding to lend money to America. It needs to borrow this money to make up the difference between what it earns and what it spends every year. Since the beginning of this year, the dollar has fallen 10% against the pound and 15% against the euro. Although US borrowing costs have been steady overall, the difference between the interest rates paid on longer-term loans versus shorter-term loans - what's known as the yield curve - has increased, or steepened, signalling increased doubts about the long-term sustainability of US borrowing. And that is despite the fact that the US has lowered interest rates more slowly than the EU and the UK, which would normally make the dollar stronger because investors can get higher interest rates on bank deposits. The founder of the world's biggest hedge fund, Ray Dalio, believes that US borrowing is at a crossroads. On its current trajectory he estimates the US will soon be spending $10tn a year in loan and interest repayments. "I am confident that the [US] government's financial condition is at an inflection point because, if this is not dealt with now, the debts will build up to levels where they can't be managed without great trauma," he says. Fact-checking three key claims about Trump's mega-bill US loses last perfect credit rating amid rising debt So what might that trauma look like? The first option is a drastic reduction in government spending, a big increase in taxes or both. Ray Dalio suggests that cutting the budget deficit from its current 6% to 3% soon could head off trouble in the future. Trump's new budget bill did cut some spending, but it also cut taxes more, and so the current political trajectory is going the other way. Secondly, as in previous crises, the US central bank could print more money and use it to buy up government debt - as we saw after the great financial crisis of 2008. But that can end up fuelling inflation and inequality as the owners of assets like houses and shares do much better than those who rely on the value of labour. The third is a straightforward US default. Can't pay won't pay. Given that the "full faith and credit of the US Treasury" underpins the entire global financial system, that would make the great financial crisis look like a picnic. So how likely is any of this? Right now, mercifully, not very. But the reasons why are not actually that comforting. The fact is, whether we like it or not, the world has few alternatives to the dollar. Economist and former bond supremo Mohamed El-Erian told the BBC that many are trying to reduce dollar holdings, "the dollar is overweight and the world knows it, which is why we have seen a rise in gold, the euro and the pound, but it's hard to move at scale so there's really very few places to go". "The dollar is like your cleanest dirty shirt, you have to keep wearing it." Nevertheless, the future of the dollar and the world's benchmark asset - US government bonds - is being discussed at the highest levels. The governor of the Bank of England recently told the BBC that the levels of US debt and the status of the dollar is "very much on [US Treasury] Secretary Bessent's mind. I don't think the dollar is fundamentally under threat at the moment but he is very aware of these issues and I don't think it is something that he underestimates." Debt of $37tn is an unfathomable number. If you saved a million dollars every day, it would take you 100,000 years to save up that much. The sensible way to look at debt is as a percentage of a country's income. The US economy produces income of around $25tn a year. While its debt to income level is much higher than many, it's not as high as Japan or Italy, and it has the benefit of the world's most innovative and wealth creating economy behind it. At home I have a book called Death of the Dollar by William F Rickenbacker in which he warns of the risks to the dollar's status as the world's reserve currency. It was written in 1968. Mr Rickenbacker is no longer with us - the dollar is. But it doesn't mean that its status and value is a divine right. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
04-07-2025
- Business
- Yahoo
US debt is now $37trn – should we be worried?
As Donald Trump cheered the passage of his self-styled, and officially named, Big Beautiful Budget Bill through Congress this week, long-sown seeds of doubt about the scale and sustainability of US borrowing from the rest of the world sprouted anew. Trump's tax-cutting budget bill is expected to add at least $3 trillion (£2.2 trillion) to the US's already eye-watering $37tn (£27tn) debt pile. There is no shortage of critics of the plan, not least Trump's former ally Elon Musk, who has called it a "disgusting abomination". The growing debt pile leaves some to wonder whether there is a limit to how much the rest of the world will lend Uncle Sam. Those doubts have been showing up recently in the weaker value of the dollar and the higher interest rate investors are demanding to lend money to America. It needs to borrow this money to make up the difference between what it earns and what it spends every year. Since the beginning of this year, the dollar has fallen 10% against the pound and 15% against the euro. Although US borrowing costs have been steady overall, the difference between the interest rates paid on longer-term loans versus shorter-term loans - what's known as the yield curve - has increased, or steepened, signalling increased doubts about the long-term sustainability of US borrowing. And that is despite the fact that the US has lowered interest rates more slowly than the EU and the UK, which would normally make the dollar stronger because investors can get higher interest rates on bank deposits. The founder of the world's biggest hedge fund, Ray Dalio, believes that US borrowing is at a crossroads. On its current trajectory he estimates the US will soon be spending $10tn a year in loan and interest repayments. "I am confident that the [US] government's financial condition is at an inflection point because, if this is not dealt with now, the debts will build up to levels where they can't be managed without great trauma," he says. Fact-checking three key claims about Trump's mega-bill US loses last perfect credit rating amid rising debt So what might that trauma look like? The first option is a drastic reduction in government spending, a big increase in taxes or both. Ray Dalio suggests that cutting the budget deficit from its current 6% to 3% soon could head off trouble in the future. Trump's new budget bill did cut some spending, but it also cut taxes more, and so the current political trajectory is going the other way. Secondly, as in previous crises, the US central bank could print more money and use it to buy up government debt - as we saw after the great financial crisis of 2008. But that can end up fuelling inflation and inequality as the owners of assets like houses and shares do much better than those who rely on the value of labour. The third is a straightforward US default. Can't pay won't pay. Given that the "full faith and credit of the US Treasury" underpins the entire global financial system, that would make the great financial crisis look like a picnic. So how likely is any of this? Right now, mercifully, not very. But the reasons why are not actually that comforting. The fact is, whether we like it or not, the world has few alternatives to the dollar. Economist and former bond supremo Mohamed El-Erian told the BBC that many are trying to reduce dollar holdings, "the dollar is overweight and the world knows it, which is why we have seen a rise in gold, the euro and the pound, but it's hard to move at scale so there's really very few places to go". "The dollar is like your cleanest dirty shirt, you have to keep wearing it." Nevertheless, the future of the dollar and the world's benchmark asset - US government bonds - is being discussed at the highest levels. The governor of the Bank of England recently told the BBC that the levels of US debt and the status of the dollar is "very much on [US Treasury] Secretary Bessent's mind. I don't think the dollar is fundamentally under threat at the moment but he is very aware of these issues and I don't think it is something that he underestimates." Debt of $37tn is an unfathomable number. If you saved a million dollars every day, it would take you 100,000 years to save up that much. The sensible way to look at debt is as a percentage of a country's income. The US economy produces income of around $25tn a year. While its debt to income level is much higher than many, it's not as high as Japan or Italy, and it has the benefit of the world's most innovative and wealth creating economy behind it. At home I have a book called Death of the Dollar by William F Rickenbacker in which he warns of the risks to the dollar's status as the world's reserve currency. It was written in 1968. Mr Rickenbacker is no longer with us - the dollar is. But it doesn't mean that its status and value is a divine right. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
BBC News
04-07-2025
- Business
- BBC News
US debt is now $37trn – should we be worried?
As Donald Trump cheered the passage of his self-styled, and officially named, Big Beautiful Budget Bill through Congress this week, long-sown seeds of doubt about the scale and sustainability of US borrowing from the rest of the world sprouted tax-cutting budget bill is expected to add at least $3 trillion (£2.2 trillion) to the US's already eye-watering $37tn (£27tn) debt pile. There is no shortage of critics of the plan, not least Trump's former ally Elon Musk, who has called it a "disgusting abomination".The growing debt pile leaves some to wonder whether there is a limit to how much the rest of the world will lend Uncle doubts have been showing up recently in the weaker value of the dollar and the higher interest rate investors are demanding to lend money to America. It needs to borrow this money to make up the difference between what it earns and what it spends every year. Since the beginning of this year, the dollar has fallen 10% against the pound and 15% against the US borrowing costs have been steady overall, the difference between the interest rates paid on longer-term loans versus shorter-term loans - what's known as the yield curve - has increased, or steepened, signalling increased doubts about the long-term sustainability of US that is despite the fact that the US has lowered interest rates more slowly than the EU and the UK, which would normally make the dollar stronger because investors can get higher interest rates on bank founder of the world's biggest hedge fund, Ray Dalio, believes that US borrowing is at a its current trajectory he estimates the US will soon be spending $10tn a year in loan and interest repayments."I am confident that the [US] government's financial condition is at an inflection point because, if this is not dealt with now, the debts will build up to levels where they can't be managed without great trauma," he says. So what might that trauma look like?The first option is a drastic reduction in government spending, a big increase in taxes or Dalio suggests that cutting the budget deficit from its current 6% to 3% soon could head off trouble in the new budget bill did cut some spending, but it also cut taxes more, and so the current political trajectory is going the other as in previous crises, the US central bank could print more money and use it to buy up government debt - as we saw after the great financial crisis of that can end up fuelling inflation and inequality as the owners of assets like houses and shares do much better than those who rely on the value of third is a straightforward US default. Can't pay won't pay. Given that the "full faith and credit of the US Treasury" underpins the entire global financial system, that would make the great financial crisis look like a picnic. 'Cleanest dirty shirt' So how likely is any of this?Right now, mercifully, not the reasons why are not actually that comforting. The fact is, whether we like it or not, the world has few alternatives to the and former bond supremo Mohamed El-Erian told the BBC that many are trying to reduce dollar holdings, "the dollar is overweight and the world knows it, which is why we have seen a rise in gold, the euro and the pound, but it's hard to move at scale so there's really very few places to go"."The dollar is like your cleanest dirty shirt, you have to keep wearing it."Nevertheless, the future of the dollar and the world's benchmark asset - US government bonds - is being discussed at the highest governor of the Bank of England recently told the BBC that the levels of US debt and the status of the dollar is "very much on [US Treasury] Secretary Bessent's mind. I don't think the dollar is fundamentally under threat at the moment but he is very aware of these issues and I don't think it is something that he underestimates."Debt of $37tn is an unfathomable number. If you saved a million dollars every day, it would take you 100,000 years to save up that sensible way to look at debt is as a percentage of a country's income. The US economy produces income of around $25tn a its debt to income level is much higher than many, it's not as high as Japan or Italy, and it has the benefit of the world's most innovative and wealth creating economy behind home I have a book called Death of the Dollar by William F Rickenbacker in which he warns of the risks to the dollar's status as the world's reserve currency. It was written in 1968. Mr Rickenbacker is no longer with us - the dollar it doesn't mean that its status and value is a divine right.
