Top economists call for halt to Sri Lanka debt repayments after Cyclone Ditwah

A group of the world’s top economists – including the Nobel prize winner Joseph Stiglitz – have called for Sri Lanka’s debt payments to be suspended as it tackles the devastation caused by Cyclone Ditwah.More than 600 people were killed and hundreds of thousands of homes destroyed across the island, in what Sri Lanka’s president, Anura Kumara Dissanayake, called the “largest and most challenging natural disaster in our history”.The country’s $9bn (£6.8bn) national debt was restructured last year, after lengthy negotiations with creditors after the government defaulted on repayments in 2022. But development campaigners warned at the time that the burden on Sri Lankan taxpayers remained unsustainable

There are reasons to be cheerful about UK plc in 2026. Here are four | Heather Stewart

Stalling growth, sticky inflation and fragile bond markets, the UK’s economic record in 2025 has hardly been one to inspire cheer. But in the spirit of the festive season, here are a few reasons to hope for a happier new year.The first is that, barring external forces, 2026 should not involve a repeat of this year’s fiscal drama.Rachel Reeves more than doubled the margin of error, or headroom, against her fiscal rules at last month’s budget, and that should gift the Treasury a quieter 2026.The chancellor’s spring statement should be a non-event for another reason, too: she announced that while the Office for Budget Responsibility will still carry out a forecast, it will not formally assess her against the rules

UK supermarkets turn to European turkeys as avian flu hits supply

Several of the UK’s big supermarkets have been forced to source turkeys from elsewhere in Europe to keep shelves stocked this Christmas, after avian flu curtailed UK production.Asda, Lidl and Morrisons are understood to be stocking branded turkey imported from mainland Europe – a move industry sources described as “unprecedented” – to “protect availability” and ensure sufficient supply for festive meals.All three retailers’ own-label fresh and frozen turkeys will be entirely British-sourced. However, Morrisons is stocking Bernard Matthews-branded turkey from Poland, and Asda is selling a Cherrywood-branded turkey crown from mainland Europe.Lidl said a small proportion of its branded frozen turkey, sold under the Gressingham label, was sourced from the EU

‘Bills keep going higher’: community ‘warm spaces’ on the rise in the UK

When Fatma Mustafa began attending Walworth Living Room, a community project in south London, a few years ago, she began to feel like it was her second home. The registered “warm space” is designed to feel like a living room: comfy sofas, a communal table, activities and food in a warm environment.Mustafa, 48, says that on universal credit (UC) it is hard to cover bills and easy to fall into debt. Attending three days a week, she says, cuts costs on energy and groceries.She has a pay-as-you-go energy meter, which is increasingly “just eating my money away”, she says

‘The anxiety never disappears’: Monmouth businesses recover from severe flooding

“It was heart-wrenching,” says Andrea Sholl, recalling the Friday night last month when flood waters started rising inside Bar 125, the restaurant she and her husband, Martin, own in the Welsh border town of Monmouth.The Sholls and a couple of colleagues were still clearing up after a busy evening serving diners when the building started to fill with water at about 1am.They were able to carry some furniture upstairs to protect it, but lost all of their appliances including dishwashers and freezers, as well as fridges full of thousands of pounds’ worth of food.“It was like a huge fountain coming up through the drains. It went through the cellar, then through into the kitchen, then the higher kitchen, and then before we knew it, in the lower dining room it was up to about here,” Andrea Sholl says, pointing to the windowsill

Christmas ads put on a diet as UK ban on TV junk food advertising bites

The festive season is traditionally a time of national culinary overindulgence but eagle-eyed viewers may have noticed that this year’s crop of big-budget Christmas TV ads have been decidedly lean and sugar-free.From Tesco and Waitrose to Marks & Spencer and Asda, the UK’s biggest exponents of extravagant festive food marketing have put their Christmas ads on a diet to comply with new regulations banning junk food products from appearing in TV ads before 9pm.The UK advertising watchdog will officially start cracking down on ads featuring junk food on TV – and in paid online advertising at any time of day – from 5 January. But the UK advertising industry voluntarily chose to start adhering to the new rules from October, making this TV’s first-ever low-fat, low-sugar and low-salt Christmas.Gone are shots of Christmas puddings and sweet treats, while healthy products have made a conspicuous appearance

Jim Ratcliffe chemical firms received up to £70m of UK state aid in last four years

Chemical companies owned by the billionaire Jim Ratcliffe had already been granted as much as £70m in UK state aid in the past four years, before this week’s £50m government bailout for its Grangemouth plant in Scotland.State aid to Ineos in the last year alone was between £16m and £38m, according to government disclosures published this week. Since August 2022 the company has received between £28m and £70m.The government stepped in on Tuesday to give Ineos £50m to support Grangemouth, fearing that without it the UK would lose its last plant making ethylene, an important material for making plastics. The government also backed a £75m loan guarantee, while Ineos will invest £30m of its own money

Donald Trump promised a new ‘golden age’ for the US economy. Where is it?

Most Americans have yet to see this boom – but they’ve certainly heard a lot about it from the presidentMoments into his second term, opening his inaugural address, Donald Trump was unequivocal. “The golden age of America begins right now,” he declared.At a White House reception last weekend, a little over 10 months later, the US president appeared to acknowledge just how far his timeline had shifted.“We’re going to have … I say it’s the golden age of America,” Trump told his audience. “We have an age that’s coming up, the likes of which … this country has never seen

Retailers hope ‘panic weekend’ will bring Christmas cheer to UK sales

Retailers are hoping for a last-minute dash for the shops this weekend after a lacklustre run-up to Christmas, with UK households forecast to spend £3.4bn, up more than 12% on the same weekend in 2024.Almost 50m shopping trips will be made by last-minute Father Christmases over the weekend, according to research by analysts GlobalData for Vouchercodes.co.uk, the vast majority of which will be to retail destinations including high streets and shopping malls

Was 2025 the year that business retreated from net zero?

Almost a year since Donald Trump returned to the White House with a rallying cry to the fossil fuel industry to “drill baby, drill”, a backlash against net zero appears to be gathering momentum.More companies have retreated from, or watered down, their pledges to cut carbon emissions, instead prioritising shareholder returns over climate action.In the UK, the rise of Nigel Farage’s Reform UK has helped fracture the political consensus that had helped make Britain the first big economy to enshrine a commitment to cutting carbon emissions into law, in 2019. Earlier this year, the Conservative party leader, Kemi Badenoch, officially ditched net zero by 2050 as a Tory policy. Labour was even forced to defend its net zero policy after an attack by its former leader, Tony Blair

Why is Truth Social owner Trump Media merging with a fusion energy firm?

Trump Media & Technology Group, owner of Donald Trump’s social media platform, Truth Social, announced a merger on Wednesday with a company developing fusion energy technology.TAE Technologies, an energy company founded in 1998, will join with Trump Media via a $6bn merger that it promises will propel it to build “the world’s first utility-scale fusion power plant” next year.The move signals that the president and his family continue to look for profit-seeking ventures outside of Truth Social, which remains tiny compared with rival platforms such as Facebook, Instagram and X (formerly Twitter).Here is what we know about the deal so far.The media company, which has dabbled in financial services, is engineering a huge pivot and diving headfirst into nuclear energy

FTSE 100 closes near record high as Santa Rally builds, despite weak retail sales – as it happened

British retailers have suffered a slump in sales in the run-up to Christmas, and are gloomier about their prospects for the start of 2026, a new survey shows.In another sign that the UK economy is struggling, the Confederation of British Industry has reported that retail sales volumes fell at an accelerated rate in the year to December.This pulled the CBI’s gauge of how retail sales compared with a year earlier worsened to -44 in December from -32 in November.The new year is expected to start on a gloomy note for the retail sector. Retailers anticipate that annual sales will fall sharply next month, with expectations at their weakest since March 2021

A fresh take on wine pairings for Christmas dessert

It may well be that you already have a drink that you traditionally like to sip on after dinner (or lunch), and who am I to tell you that needs to change? Even so, I have a few ideas for drinks you might like to try instead.The Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link. Learn more.Let’s start with the classics

How to eat, drink and be merry – while pregnant – at Christmas

For a festival with childbirth at its religious heart, it is perverse how much of our traditional Christmas spread isn’t recommended for pregnant women. Pre-pregnancy, this was not something I’d clocked. I was the soft cheese supremo, canape queen – at my happiest with a smoked trout blini in one hand and a champagne flute in the other. Then one day in October, two blue lines appeared on a test result and everything started to change: my body, my future and most pressingly my Christmas.The Guardian’s journalism is independent

Jeremy Lee’s recipe for almond, chocolate and prune tart

A recipe box was rifled through, but, alas, much like shopping for a present last minute, nothing leapt to the fore. Out of the corner of an eye I spied an old folder of pudding menus, all stained and tattered. A wonder at how this might have escaped notice was soon dispelled – unsurprising, really, given the usual state of my desk and shelves – and the page on which it fell open revealed the scribbles for a midwinter pudding menu. And, just like that, as if the scent rose from the page itself, came a memory of an almond, chocolate, walnut and prune tart being lifted from the oven, all mahogany hued and with a few bubbles bursting from the pieces of chocolate among the prunes peeking out.My appetite for almond tart has never waned; be it in a restaurant kitchen or at home, an almond tart is nigh-on inevitable

Creme brulee and chocolate bundt cake: Nicola Lamb’s Christmas crowdpleasers – recipes

Even though our to-do lists are longer and our homes busier than ever, there’s something about Christmas that gives us the extra chutzpah to bake. And not just any baking, but baking for a crowd. So, with this in mind, here are two crowdpleasing recipes – a rich hazelnut “Nutcracker” creme brulee and a resplendent chocolate fondant bundt cake – with a few make-ahead and shortcut secrets to give you a head start.Serve this rich, decadent dessert warm from the oven in the centre of the table, piled with ice-cream (and perhaps pouring cream, too – why not? It’s Christmas!). The batter can be made and kept in the fridge for up to 24 hours, then baked from chilled; add an extra 10 minutes to the cooking time if you do so, though

How to turn excess yoghurt into a silky-smooth dessert – recipe | Waste not

A delicious, gelatine-free panna cotta that saves yoghurt from the waste binI was really shocked to learn from environmental action NGO Wrap that, of the 51,000 tonnes of yoghurt that’s wasted in the UK every year, half of it is in unopened pots! The reason is our old arch enemy, date labels, which can cause confusion and trick us into thinking that perfectly safe yoghurt is not OK to eat. That’s one reason many supermarkets have scrapped use-by dates on the likes of yoghurt, but they still use best-before dates. Remember, if a product doesn’t have a use-by date, always do the sniff test before throwing it away.Today’s recipe is a light, gelatine-free version of panna cotta that’s instead set with agar agar (a type of seaweed), which gives it a soft-set texture. It’s refreshing, deliciously sour and simple to make

Benjamina Ebuehi’s pistachio and cherry meringue cake recipe | The sweet spot

I’m switching up my usual Christmas pavlova this year for a slightly different but equally delicious meringue-based dessert. Discs of pistachio meringue are baked until crisp, then layered with pistachio cream and cherry compote. The meringue softens a little under the cream as it sits, giving it a pleasingly chewy, cake-like texture. A very good option if you’re after a Christmas dessert without chocolate, alcohol or dried fruit.Thanks to the viral Dubai chocolate bar, pistachio creme is quite easy to come by in most supermarkets these days; it’s already sweetened and brings a lovely, soft green colour

Australian supermarket canned peaches taste test: the winner has an ‘absurdly low price’

In a blind taste test, Nicholas Jordan tastes 14 peaches in cans and plastic jars, in juice and syrup – but only one brand is worthy of decorating a pavlovaIf you value our independent journalism, we hope you’ll consider supporting us todayGet our weekend culture and lifestyle emailBefore this taste test, it had probably been 20 years since I last ate a canned peach. But unlike most things that happened 20 years ago, I have a strong memory of the experience. Canned, tinned or any packaged peaches weren’t a staple of my childhood (neither were fresh peaches – I was too fussy to like much except plain carbs, sausages, apples and ice-cream). But somehow I remember not only eating tinned peaches but loving them, soft like panna cotta and as syrupy as a gulab jamun. Not quite the same as a fresh peach but delicious in a different way

All about the baby cheeses: how to curate a festive cheeseboard to remember

What should I serve on my Christmas cheeseboard?David, via emailIt will come as no surprise that Mathew Carver, founder of Pick & Cheese, The Cheese Barge and Rind, eats a lot of cheese, so in an effort to keep his festive selection interesting, he usually focuses on a specific area or region: “Last year, for instance, I spent Christmas in Scotland and served only local cheese.” Wales is up later this month. “I’m a creature of habit and tend always to go back to the cheeses I love, so this strategy makes me try new ones,” he explains – plus there’s nothing to stop you slipping in a classic such as comté in there too, because, well, Christmas.Unless you’re going for “the baller move” of just serving one glorious cheese, Bronwen Percival, technical director of Neal’s Yard Dairy, would punt for three or four “handsome wedges, rather than slivers of too many options”. After all, few have “the time or attention for a board that needs a lot of explaining”

Georgina Hayden’s recipe for pear, sticky ginger and pecan pudding

While our Christmas Day dinner doesn’t deviate too much from tradition, I do experiment with the dessert. My family, bar one sweet-toothed aunt, avoids dried fruit-based offerings, so classic Christmas cakes and puddings are a hard no. Over the years, I have tried variations on yule logs, pavlovas and sherry trifles, but the biggest crowdpleaser is easily sticky toffee pudding (or something along those lines). This year, I’m making this warming, simple but decadent pear, sticky ginger and pecan pudding, which feels festive and fancy, and can happily make an appearance whenever.This can be made the day before and reheated before serving

How to make nesselrode pudding – recipe | Felicity Cloake's Masterclass

A luxurious iced dessert stuffed full of boozy dried fruit, candied peel and frozen chestnut pureeThis festive, frozen chestnut puree dessert is often credited to the great 19th-century chef Antonin Carême, even though the man himself conceded that this luxurious creation was that of Monsieur Mony, chef to the Russian diplomat Count Nesselrode (albeit, he observed somewhat peevishly, inspired by one of his own chestnut puddings). It was originally served with hot, boozy custard – though I think it’s just enough as it is – and it makes a fabulous Christmas centrepiece,Prep 15 min Soak Overnight Cook 20 min Freeze 2 hr+ Serves 6125g currants, or raisins or sultanas50g good-quality candied peel, finely chopped75ml maraschino, or other sweet alcohol of your choice (see step 2)1 vanilla pod, split, or 1 tsp vanilla extract600ml whipping cream 4 egg yolks 50g caster sugar 45g flaked almonds 125g whole peeled cooked chestnuts, or unsweetened chestnut pureePut the fruit and peel in a bowl. Mony’s recipe is reported to have contained currants and raisins (though other vine fruit, or indeed any chopped dried fruit you prefer, will work), as well as candied citron, the peel of a mild, thick-skinned citrus, which is available online, as are other candied peels that are far nicer than those chewy, greasy nubs sold in supermarkets.Add the alcohol: maraschino, an Italian sour cherry liqueur, is the original choice, but Claire Macdonald uses an orange triple sec, Victorian ice queen Agnes B Marshall brandy and noyaux, an almond-flavoured liqueur made from apricot kernels, and Regula Ysewijn mixes maraschino with dark rum. Madeira, sherry, port, etc, would surely be good, too

Festive food for less: Christmas dinner with all the cost trimmings

Figures show that the total cost of the all-important Christmas dinner is up 5% on a year ago, with the price of important elements such as pigs in blankets and stuffing up by 7%.With the cost of living still biting, however, a supermarket price war is taking some of the sting out of high food costs – with Aldi and Lidl selling the ingredients for a main Christmas meal for eight for less than £12.According to exclusive data prepared for Guardian Money by the analysts Assosia, the price of a frozen extra-large turkey is up 10p a kilogram to £3.70 (a 3% rise on a year ago) – which for an 8kg bird works out at £29.60

The 12 condiments of Christmas

Salt, sweet, bitter, acid, umami. While we don’t think to use too much “sweet” before dessert, it can counterbalance and enhance other flavours. Maple syrup is my sweetener of choice during the holidays because it just tastes cozy. Add it to roasted root vegetables or a poultry glaze, and it’s especially tasty in drinks, from hot apple cider to eggnog and even mulled wine.I’ve never met anyone who didn’t like butter, or ooh and ah at a homemade one