UK at risk of ‘sudden confidence crisis’ if markets lose faith in budget – as it happened

UK government borrowing costs have inched down today, as the bond markets continue to welcome the budget.The yield (or interest rate) on 10-year gilts has dipped by 1.5 basis points to 4.44%, while 30-year gilt yields are down 3.5bps

Asda hits out at government for ‘killing confidence’ among consumers

Asda has criticised the government for “killing confidence” among consumers but blamed “self-inflicted” problems that left gaps on shelves for a big reverse in sales.Total sales at the UK’s third-largest supermarket fell 3.8% to £5.1bn in the three months to the end of September compared with the same period a year before – diving back from 0.2% growth in the previous quarter

OBR challenges claims Reeves dropped income tax rise due to rosier forecasts

The Office for Budget Responsibility (OBR) has cast doubt on claims Rachel Reeves dropped plans to raise income tax in this week’s budget because of rosier forecasts, pointing out she knew about these well before the change of heart.In a move likely to exacerbate tensions with the Treasury, the OBR chair, Richard Hughes, has taken what he acknowledged was the “unusual step” of writing to the Treasury select committee to explain how its forecast evolved, “given the circumstances in this case”.Reeves’s budget was preceded by a flurry of speculation and briefing, even before the OBR accidentally made its documents available online earlier than intended on Wednesday.The chancellor took the rare step of delivering an early morning “scene setter” speech, on 4 November. This was widely interpreted as an attempt to clear the way for breaching the letter of Labour’s manifesto pledge on income tax by raising rates

Germany to urge EU to soften 2035 ban on sale of new petrol and diesel cars

The German chancellor, Friedrich Merz, is to urge the EU to soften the 2035 cutoff date for the sale of combustion-engine cars.Merz said he would send a letter to the European Commission president, Ursula von der Leyen, on Friday urging Brussels to keep technological options open for carmakers. The sale of new petrol and diesel cars in the EU is scheduled to be banned in a decade’s time.Merz’s letter hardens the battle lines emerging between Germany’s powerhouse car industry and those pleading with Brussels to stick to its flagship green policy, which is designed to help the EU meet its 2050 carbon-neutral target.“We’re sending the right signal to the commission with this letter,” Merz said, adding that the German government wanted to protect the climate in “a technology-neutral way”

Ryanair closes frequent flyers club after members take advantage of discounts

Ryanair is shutting its frequent flyers members’ club after only eight months because customers exploited its benefits too much.The budget airline said on Friday it was closing the scheme, which offered benefits including flight discounts, free reserved seating on up to 12 flights a year and travel insurance.It said 55,000 passengers had signed up to Prime, generating €4.4m (£3.5m) in subscription fees but customers had received more than €6m in benefits, making it a lossmaker for the company

JP Morgan boss gave go-ahead for new £3bn tower in London after UK assurances

The boss of JPMorgan Chase approved plans for a new £3bn tower in London after a senior adviser to the UK prime minister travelled to New York to reassure the bank over the government’s pro-business stance, it has emerged.The Wall Street bank, which along with Goldman Sachs announced substantial investment plans in the UK hours after they were spared tax increases in Rachel Reeves’s autumn budget, only signed off on the plan for its new UK headquarters last Friday.This followed a trip to the US by Varun Chandra, Keir Starmer’s business envoy, to meet Jamie Dimon, the chair and chief executive of JPMorgan Chase, according to the Financial Times.The visit came days before the chancellor announced £26bn in tax rises in a budget that did not impose higher levies on banks, after furious lobbying by the sector.The Treasury had not decided whether or not to increase taxes on banks when Chandra flew to New York, according to the Financial Times

Pub chain Mitchells & Butlers faces £130m hit from rising wage and food costs

The All Bar One owner, Mitchells & Butlers, has warned that it is facing about £130m in extra costs over the next year because of a soaring wage bill and rising food prices.The group, which also owns brands including Toby Carvery, Harvester and Miller & Carter, said the cost increases were largely being driven by April’s increases to the minimum wage and employers’ national insurance contributions.The company also said it was facing increases in food costs, particularly for meat.The additional bill also includes a “preliminary assessment” of the impact of Wednesday’s budget, which included an above-inflation rise in the minimum wage from April. The national living wage will rise to £12

Amid ‘instability and fear’ in Trump’s economy, Americans are cutting holiday spending

In addition to rising prices and tariffs, readers cite growing unemployment as a reason not to exchange gifts this yearAmericans are feeling rattled about the state of the economy. Donald Trump has batted away question after question from reporters on concerns over higher prices, just a year after he won an election promising to bring down costs.While the White House has tried to reduce concern, floating tariff-funded $2,000 stimulus checks and removing import levies on certain agricultural imports, many consumers remain anxious.Preparing for the holiday season, and bracing for the spending it often demands, Guardian readers across the US expressed apprehension – and explained how they plan to spend – in this economy. Many said the higher cost of necessities, like groceries, was imposing on their ability to buy gifts for family and friends

US regulators ‘taking seriously’ allegations of bankers’ support for Epstein

US regulators say they are taking allegations that top banks may have facilitated Jeffrey Epstein’s criminal activity “very seriously”, as they faced calls to investigate executives including the former Barclays boss Jes Staley.In correspondence seen by the Guardian, bosses from the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) said they had reviewed a letter from the Democratic senator Elizabeth Warren, which raised concerns over bankers’ alleged support for the convicted child sex offender Epstein.That includes Staley, who Warren said had allegedly protected Epstein’s access to the banking system while working at JP Morgan in the early 2000s. Staley has already been banned from the UK banking sector for playing down his relationship with Epstein.While the regulators would not publicly confirm whether they were opening formal inquiries, their directors assured Warren they would take action over any potential misconduct

‘A step-change’: tech firms battle for undersea dominance with submarine drones

Flying drones used during the Ukraine war have changed land battle tactics for ever. Now the same thing appears to be happening under the sea.Navies around the world are racing to add autonomous submarines. The UK’s Royal Navy is planning a fleet of underwater uncrewed vehicles (UUVs) which will, for the first time, take a leading role in tracking submarines and protecting undersea cables and pipelines. Australia has committed to spending $1

‘Mortified’ OBR chair hopes inquiry into budget leak will report next week

The chair of the Office for Budget Responsibility has said he felt mortified by the early release of its budget forecasts as the watchdog launched a rapid inquiry into how it had “inadvertently made it possible” to see the documents.Richard Hughes said he had written to the chancellor, Rachel Reeves, and the chair of the Treasury select committee, Meg Hillier, to apologise.“I felt personally mortified by what happened. The OBR prides itself on our professionalism. We let people down yesterday and we’ll make sure it doesn’t happen again,” he told BBC Radio 4’s Today programme

UK retailers urge faster end to tax break on low-value imported goods

British retailers including Primark, Currys and Boohoo have criticised the government for waiting until 2029 to end a tax break on low-value imported goods that has allowed them to be undercut by the likes of Shein and Temu.The British Retail Consortium, which represents all the major retailers, said there were 1.6m parcels arriving in the UK every day, double the number from last year, and “businesses cannot afford any delay on scrapping the existing rules”.The “de minimis” rule allows overseas sellers to send goods valued at £135 or less direct to British shoppers without paying customs duty and has been criticised for “killing the high street”.Fears about China’s retailers and manufacturers dumping goods in the UK have grown since the US in May revoked its own de minimis exception for Chinese-made goods

Facing burnout, she chased her dream of making pie - and built an empire: ‘Pie brings us together’

Thanksgiving may be a holiday steeped in myth and controversy – but there’s still something Americans largely agree on: there’s nothing wrong with the holiday’s traditional dessert. So says Beth Howard, expert pie maker, cookbook author, memoirist, and now documentary film-maker.The Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link. Learn more

Yes, there are reasons to be cynical about Thanksgiving. But there’s also turkey …

It’s easy to be cynical about Thanksgiving. The origin story that we’re all told – of a friendly exchange of food between the pilgrims and the Native Americans – is, at best, a whitewashed oversimplification. And then there’s Black Friday, an event that has hijacked one of our few non-commercialised holidays and used it as the impetus for a stressful, shameless, consumerist frenzy.The Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link

Wine magnums aren’t just for Christmas – or even champagne

There are many reasons you may want to buy a magnum, and those reasons multiply and proliferate around this time of the year. Your usual night in with your partner becomes a party for six. Dinner with the family becomes an enormous pre-Christmas do, with thirsty adults and kids in the way everywhere. And watering the masses can get expensive, not to mention cumbersome.The Guardian’s journalism is independent

Danish delight: Tim Anderson’s cherry marzipan kringle recipe for Thanksgiving

Kringles are a kind of pastry that’s synonymous with my home town of Racine, Wisconsin. Originally introduced by Danish immigrants in the late 19th century, they’re essentially a big ring of flaky Viennese pastry filled with fruit or nuts, then iced and served in little slices. Even bad kringles are pretty delicious, and when out-of-towners try them for the first time, their reaction is usually: ”Where has this been all my life?”We eat kringles year-round, but I mainly associate them with fall, perhaps because of their common autumnal fillings such as apple or cranberry, or perhaps because of the sense of hygge they provide. I also associate kringles with Thanksgiving – and with uncles. And I don’t think it’s just me; Racine’s biggest kringle baker, O&H Danish Bakery, operates a cafe/shop called “Danish Uncle”

How to turn the dregs of a jar of Marmite into a brilliant glaze for roast potatoes – recipe | Waste not

I never peel a roastie, because boiling potatoes with their skins on, then cracking them open, gives you the best of both worlds: fluffy insides and golden, craggy edges. Especially when you finish roasting them in a glaze made with butter (or, even better, saved chicken, pork, beef or goose fat) and the last scrapings from a Marmite jar.I’ve always been fanatical about Marmite, so much so that I refuse to waste a single scoop. I used to wrestle with a butter knife, scraping endlessly at the jar’s sticky bottom, until I learned that there’s a reason the rounded pot has a small flat spot on each side. When you get close to the end of the jar, store the pot on its side, so the last of that black gold inside pools neatly into the side for easy removal

What’s the secret to great chocolate mousse? | Kitchen aide

I always order chocolate mousse in restaurants, but it never turns out quite right when I make it at home. Help! Daniel, by email“Chocolate mousse defies physics,” says Nicola Lamb, author of Sift and the Kitchen Projects newsletter. “It’s got all the flavour of your favourite chocolate, but with an aerated, dissolving texture, which is sort of extraordinary.” The first thing you’ve got to ask yourself, then, is what kind of mousse are you after: “Some people’s dream is rich and dense, while for others it’s light and airy,” Lamb says, which is probably why there are so many ways you can make it.That said, in most cases you’re usually dealing with some form of melted chocolate folded into whipped eggs (whites, yolks or both), followed by lightly whipped cream

The small plates that stole dinner: how snacks conquered Britain’s restaurants

It’s love at first bite for diners. From cheese puffs to tuna eclairs, chefs are putting some of their best ideas on the snack menuElliot’s in east London has many hip credentials: the blond-wood colour scheme, the off-sale natural wine bottles, LCD Soundsystem and David Byrne playing at just the right decibel. The menu also features the right buzzwords, such as “small plates” and “wood grill”.But first comes “snacks”. There are classics: focaccia, olives, anchovies on toast

‘Alicante cuisine epitomises the Mediterranean’: a gastronomic journey in south-east Spain

The Alicante region is renowned for its rice and seafood dishes. Less well known is that its restaurant scene has a wealth of talented female chefs, a rarity in SpainI’m on a quest in buzzy, beachy Alicante on the Costa Blanca to investigate the rice dishes the Valencian province is famed for, as well as explore the vast palm grove of nearby Elche. I start with a pilgrimage to a restaurant featured in my book on tapas, New Tapas, a mere 25 years ago. Mesón de Labradores in the pedestrianised old town is now engulfed by Italian eateries (so more pizza and pasta than paella) but it remains a comforting outpost of tradition and honest food.Here I catch up with Timothy Denny, a British chef who relocated to Spain, gained an alicantina girlfriend and became a master of dishes from the region

Rukmini Iyer’s quick and easy recipe for spiced paneer puffs with quick-pickled carrot raita | Quick and easy

These moreish little pastries are as lovely for a snack as they are for dinner, and they take just minutes to put together. I like to fill squares of pastry and fold them into little triangular puffs, but if you prefer more of a Cornish pasty look (*food writer cancelled for suggesting paneer is an appropriate pasty filling!*), by all means stamp out circles, fold into half-moons and crimp the edges.Prep 20 min Cook 25 min Serves 3-4225g block paneer 2 spring onions, trimmed20g mint leavesZest of 1 lime, plus 15ml lime juice1 green chilli, deseeded if you wish1 heaped tsp flaky sea salt1 tbsp self-raising flour320g roll puff pastry 1 egg, beatenFor the quick-pickled carrot raita ½ tsp fennel seeds ½ tsp coriander seeds, lightly crushed30ml white-wine vinegar½ tsp flaky sea salt, crumbled2 spring onions, trimmed and finely chopped300g carrots, peeled, quartered lengthways and finely sliced150g natural yoghurtHeat the oven to 220C (200C fan)/425F/gas 7. Tip the paneer, spring onions, mint leaves, lime zest and juice, green chilli and salt into a food processor, and blitz, scraping down the sides occasionally, until the mix resembles very fine couscous. Add the flour, and blitz again until the mix has broken down even more finely

Chef Skye Gyngell, who pioneered the slow food movement, dies aged 62

Tributes have been paid to the pioneering chef and restaurant proprietor Skye Gyngell, who has died aged 62.The Australian was an early celebrity proponent of using local and seasonal ingredients and built a garden restaurant from scratch, the Petersham Nurseries Cafe in Richmond, south-west London, which went on to win a Michelin star.A statement released by her family and friends read: “We are deeply saddened to share news of Skye Gyngell’s passing on 22 November in London, surrounded by her family and loved ones.“Skye was a culinary visionary who influenced generations of chefs and growers globally to think about food and its connection to the land.“She leaves behind a remarkable legacy and is an inspiration to us all

How to make the perfect butter paneer – recipe | Felicity Cloake's How to make the perfect …

This luxuriantly rich, vegetarian curry – a cousin of butter chicken, which is thought to have been created in the postwar kitchens of Delhi’s Moti Mahal, though by whom is the subject of hot dispute – is, according to chef Vivek Singh, “the most famous and widely interpreted dish in India”. His fellow chef Sanjeev Kapoor describes it as “one of the bestselling dishes in restaurants” there, but here in the UK, though it’s no doubt widely enjoyed, it seems to fly somewhat under the radar on menus, where even the chicken original plays second fiddle to our beloved chicken tikka masala.If you haven’t yet fallen for the crowdpleasing charms of fresh cheese in a mild tomato sauce, consider this a strong suggestion to give it a whirl. Paneer makhni (makhni being the Hindi word for butter, hence also dal makhni), tastes incredibly fancy, but it’s relatively simple and quick to make. Just add bread and a vegetable side to turn it into a full feast

Fluffy and fabulous! 17 ways with marshmallows – from cheesecake to salad to an espresso martini

They come into their own around Thanksgiving in the US, used alongside savoury dishes, as well as in desserts. Now is the time to try them with sweet potatoes, in a strawberry mousse, or even with soupThe connection between marsh mallow the herbaceous perennial, also known as althaea officinalis, and marshmallow the puffy cylindrical sweet, is historic. In the 19th century, the sap of the plant was still a key ingredient of its confectionary namesake, along with sugar and egg whites. But that connection has long been severed: the modern industrial marshmallow is derived from a mixture of sugar, water and gelatine. Its main ingredient is air