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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