And a space has opened up in British politics. Labour seems locked into a tax and spend doom loop. Nigel Farage, leader of Reform UK, has jettisoned his old libertarianism and made a decisive leftward ...

Also in today’s newsletter, Reeves puts reform of UK cash ISAs on hold and Google is to agree cloud discount with US ...

Presented by Alan Beattie. Produced by Mischa Frankl-Duval. Flo Phillips is the executive producer. Manuela Saragosa is the FT’s acting co-head of audio. Original music and sound design by Breen ...