Winners and losers of UK spending review
FT News Briefing
Forhecz Topher
4.4 • 1.2K Ratings
🗓️ 11 June 2025
⏱️ 13 minutes
🧾️ Download transcript
Summary
The FT’s George Parker explains the winners and losers in UK chancellor Rachel Reeves’ spending review, the UK imposed the first western sanctions against Israeli government ministers,and Citigroup is poised to increase provisions for potential bad loans by hundreds of millions of dollars for the second quarter. Plus, US state and local governments are selling municipal bonds at a record pace on fears that Congress could partially pay for President Donald Trump’s “big, beautiful bill” by cutting a critical tax break.
Mentioned in this podcast:
What to expect in Rachel Reeves’ spending review
UK sanctions Israeli ministers Smotrich and Ben-Gvir
Muni bonds set for record sales on fears US Congress could scrap tax break
Citi to boost provision for potential bad loans on US economic worries
Today’s FT News Briefing was produced by Sonja Hutson, Mischa Frankl-Duval, Kasia Broussalian, and Marc Filippino. Additional help from Blake Maples, Michael Lello, David da Silva and Gavin Kallmann. Our intern is Michaela Seah. Topher Forhecz is the FT’s acting co-head of audio. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | We're Equinor, an energy company searching for better. Currently, we supply 27% of the UK's gas, |
| 0:07.0 | 15% of its oil, and we're playing our part in the UK's energy transition. In 2023, we invested |
| 0:14.1 | 20% of our global gross spend in renewables and lower carbon solutions. Today, our wind farms power |
| 0:20.0 | 750,000 homes, |
| 0:22.0 | and we expect this to grow to over 7 million UK households. |
| 0:25.7 | We're an energy company searching for better. |
| 0:28.2 | Equinore.co.uk. |
| 0:32.3 | Good morning from the Financial Times. |
| 0:34.2 | Today is Wednesday, June 11th, |
| 0:36.0 | and this is your FT News briefing. |
| 0:39.2 | The UK will lay out its spending plan for the next couple of years, and Citigroup is getting ready for some hard |
| 0:43.8 | times ahead. Plus, U.S. state and local governments are selling municipal bonds like they're |
| 0:49.1 | going out of style. We'll tell you why. I'm Mark Filipino, and here's the news you need to start |
| 0:54.1 | your day. |
| 1:00.8 | UK Chancellor Rachel Reeves sets out the labor government's budget for the next few years today. |
| 1:06.9 | Funds for the UK's public services have been squeezed hard recently, |
| 1:12.3 | and some government departments will face even more pressure after today's spending review. |
| 1:16.1 | Here to tell us what to look out for is the FTs political editor, George Parker. |
| 1:19.5 | Hey George. |
| 1:20.5 | Hi there. |
| 1:21.5 | All right, so for me and my non-British friends out there, can you tell me a little bit more |
| 1:25.1 | about what the spending review is? |
... |
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