Good morning from the Financial Times. Today is Thursday, November 27th, and this is your FT NEase

briefing. Crypto just can't catch a break this week, and India's booming steel production comes

with a pretty unfortunate side effect. Plus, if you haven't noticed, the UK budget is like

the FTs World Cup. We take it very seriously. So we're going to geek out

over all of yesterday's numbers. I'm Mark Filipino, and here's the news you need to start your day.

S&P Global is raising concerns about the world's biggest stable coin.

The ratings agency released a note on Wednesday downgrading its assessment of Tether's assets from constrained to weak.

It's the lowest measure that S&P doles out.

Tether operates a dollar-backed stable coin, often called USDT.

It's the biggest stable coin with about $184 billion in circulation. Now, this form of digital cash is usually backed by high-quality

assets like U.S. Treasuries, but S&P flagged an increase in tether's high-risk assets backing the

stable coin like Bitcoin, precious metals,

and corporate bonds. Those now account for 24% of total reserves. The ratings agency also

warned about Tether's, quote, limited transparency on reserve management. Tether responded saying

it strongly disagrees with the characterizations presented in the report.

UK Chancellor Rachel Reeves set out her budget yesterday.

It marked the most important day of the year for the government's fiscal policy.

The budget takes the UK's tax burden to an all-time high. It'll reach 38% of GDP by the end of the Parliament in 2029. Here to walk us through all the finer points of the budget is the FD's economics editor,

Sam Fleming. Hi, Sam. Hi, Mark. So, Sam, give us a rundown of the other key details announced in

yesterday's budget. Sure. So this was a tax

raising budget and it's a 26 billion pound increase by the end of the parliament, which runs to

fiscal year 2930. The reason for this is partly a downgrade to the productivity outlook by the

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