Britain faces worst crash in fifty years – economists
RT | August 25, 2025
Britain is facing the prospect of a repeat of its crippling 1976 economic crash as soaring debt and borrowing costs raise doubts over Labour’s budget policies, leading economists have warned, according to a Telegraph report.
The crisis nearly fifty years ago saw a Labour government forced to seek an emergency loan from the International Monetary Fund (IMF) after deficits and inflation spun out of control. It became one of Britain’s worst postwar crises, with the bailout bringing deep spending cuts and Labour losing power a few years later.
Now Chancellor Rachel Reeves faces similar warnings, with forecasts showing a £50 billion ($68 billion) gap in the public finances and debt interest set to exceed £111 billion. Debt now exceeds 96% of GDP. At around £2.7 trillion, it is one of the heaviest burdens in the developed world. Government borrowing costs have surged, with yields on 30-year bonds climbing above 5.5%, higher than those of the US and Greece.
Jagjit Chadha, former head of the National Institute for Economic and Social Research, told the Telegraph the outlook was “as perilous as the period leading up to the IMF loan of 1976,” warning Britain could struggle to meet pensions and welfare payments.
Andrew Sentance, once a Bank of England policymaker, said Reeves was “on course to deliver a [former UK Chancellor Denis] Healey 1976-style crisis in late 2025 or 26,” accusing Labour of fueling inflation with higher taxes, borrowing, and spending.
The warnings come weeks before Reeves is due to present her first autumn budget, where she is expected to announce further tax rises to cover the shortfall – a move critics argue would deepen the downturn. The Labour government also faces deepening political and economic challenges, including declining support.
On Saturday, Reform UK leader Nigel Farage declared it was “the 1970s all over again,” while Conservative leader Kemi Badenoch described soaring borrowing costs as the price of Labour’s “economic mismanagement.”
London has pledged to raise military spending to 2.5% of GDP by 2027, aligning with NATO commitments. Britain remains one of Ukraine’s most ardent supporters, delivering billions in military and financial aid – further squeezing already stretched public finances.
Polish president vetoes bill extending aid for Ukrainians
RT | August 25, 2025
Polish President Karol Nawrocki vetoed a bill on Monday to prolong benefits for Ukrainian refugees, arguing the legislation needs a rework. The current system of payments is set to expire in September.
In announcing the decision, the president, who took office earlier this month, reiterated his stance that state benefits should only cover Ukrainians who work in Poland.
“We remain open to providing assistance to Ukrainian citizens – that hasn’t changed. But after three and a half years, our law should be amended,” Nawrocki said in a statement.
The vetoed bill would have extended current benefits for Ukrainians until March 2026. Poland has been one of the top destinations for Ukrainian refugees since the escalation of the conflict between Kiev and Moscow in February 2022. Around one million Ukrainians are believed to have settled in the country since then.
“President Nawrocki does not agree to the privileged treatment of citizens of other countries. That is why he has decided to veto the bill on assistance for Ukrainian citizens in its current form and will present his own legal proposals,” the presidential office stated.
The decision has prompted concerns it could ultimately have grave implications for Ukraine itself, given that funding for Ukraine’s access to Starlink satellite internet was in the same legislation.
“Presidential vetoes are slashing blindly! With his decision, Karol Nawrocki is cutting off Ukraine’s internet, since that is effectively what his veto of the law on assistance to Ukrainian citizens means,” Polish Digital Affairs Minister Krzystof Gawkowski wrote on X.
Nawrocki’s office told Reuters that the payments for Starlink could continue if parliament adopted a bill including the presidential proposals before the end of September.
Starlink is a key command and control element for the Ukrainian military, and has seen direct combat use, with satellite terminals routinely mounted on long-range aerial and naval drones.
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From the Archives
The lies about the 1967 war are still more powerful than the truth
By Alan Hart | June 4, 2012
In retrospect it can be seen that the 1967 war, the Six Days War, was the turning point in the relationship between the Zionist state of Israel and the Jews of the world (the majority of Jews who prefer to live not in Israel but as citizens of many other nations). Until the 1967 war, and with the exception of a minority of who were politically active, most non-Israeli Jews did not have – how can I put it? – a great empathy with Zionism’s child. Israel was there and, in the sub-consciousness, a refuge of last resort; but the Jewish nationalism it represented had not generated the overtly enthusiastic support of the Jews of the world. The Jews of Israel were in their chosen place and the Jews of the world were in their chosen places. There was not, so to speak, a great feeling of togetherness. At a point David Ben-Gurion, Israel’s founding father and first prime minister, was so disillusioned by the indifference of world Jewry that he went public with his criticism – not enough Jews were coming to live in Israel.
So how and why did the 1967 war transform the relationship between the Jews of the world and Israel? … continue
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