Daily Brief – UK Borrowing

UK Borrowing

Another one for the pub quiz in case it comes up: UK government borrowing stands at £2.8 trillion or £2800 billion. While you digest that number over the chicken in the basket if indeed you are already in the pub, it will have increased by the time you get to the end of this sentence. The UK government borrowed £152 billion in the year ending March 31 2025, and last but not least, to service the UK debt mountain cost £109 billion last year. And that in a nutshell is why we will all be hearing a lot more about UK government borrowing. Unless of course, Chancellor Reeves does indeed spur the UK economy into a strong and sustained growth spurt.

GBP/USD 1.3342.

Ryanair

Accustomed as we all are to the saga that is Ryanair’s fractious relationship with its stakeholder customers and staff, the latest chapter stands out as being up there: following a dispute with its Spanish staff’s union, Ryanair are claiming repayment of a pay deal agreed and paid which will be deducted at source from staff pay packets. Amounts awarded of between EUR 1500 and EUR 3000 will be clawed back.

EUR/GBP 0.8420.

UK: Switzerland

The mood music at Monday’s presser on the “transformational” UK/EU deal was less of closure and more of see you at the same time next year. This has been described as a Swiss style deal which is typified by regular bilaterals that will seek to close incremental deals that keep the two close and to become closer. Hence the criticism from ex PM Boris Johnson and a promise to tear such agreements up from Reform MP Richard Tice.

EUR/USD 1.1235.

Spanish Short Term Lets

In the ongoing battle between landlords and their neighbours, a new front has opened in Spain’s Andalucia, Catalonia, Valencia, Basque Region and the Balearics where there is a move to clamp down on AirBnB lets which deprives others from accommodation and also leads to bad behaviour from short term tenants. Spain is particularly hot under the collar about over tourism and it can only be a matter of time before other European cities take similar steps.

USD/JPY 144.91.

Mastermind

Finally, hats off to Sutton Coldfield teacher John Robinson and Winner of the 2025 Mastermind Competition on Monday night who having scored 12 points on his specialist subject the Empire State Building went on to pick up a further 18 points for General Knowledge. The speed and accuracy of his answers was nothing short of astonishing. And that was on top of winning £500,000 on Who Wants to be a Millionaire!

Rolling in the Deep

This day in 2011 Adele scored her first Number One off her album 21 on the Billboard 100 where it stuck to the top slot for 7 weeks and also won her a Grammy as well as going to number one in 20 countries including Brazil, South Korea, Germany and Canada. This power ballad also has the distinction of being the top selling digital song in the USA by a female artist ever.

There’s a fire starting in my heart
Reaching a fever pitch, it’s bringing me out the dark
Finally I can see you crystal clear
Go ahead and sell me out and I’ll lay your ship bare

See how I’ll leave with every piece of you
Don’t underestimate the things that I will do
There’s a fire starting in my heart
Reaching a fever pitch and it’s bringing me out the dark

The scars of your love remind me of us
They keep me thinking that we almost had it all
The scars of your love they leave me breathless
I can’t help feeling

We could’ve had it all (you’re gonna wish you)
(Never had met me)
Rolling in the deep (tears are gonna fall)
(Rolling in the deep)

You had my heart inside (you’re gonna wish you)
Of your hands (never had met me)
And you played it (tears are gonna fall)
To the beat (rolling in the deep)

Baby, I have no story to be told
But I’ve heard one on you, now I’m gonna make your head burn
Think of me in the depths of your despair
Make a home down there, as mine sure won’t be shared

Discussion and Analysis by Humphrey Percy, Chairman and Founder

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