Stock markets rally and US dollar dips after supreme court rules against Trump’s sweeping tariffs; Hat-trick of good UK economic news – as it happened
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...
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...