Andy Bruce (Reuters)
@bruceandy.bsky.social
Bit of this, bit of that at Reuters.
UK economy and north of England correspondent.
☀️ Stockport ☀️
💬 Signal: bruce.369
UK economy and north of England correspondent.
☀️ Stockport ☀️
💬 Signal: bruce.369
Pinned
Drop me a line if you:
💁have an interesting story to tell
⚠️think an issue needs national press attention
☕️have insight into big institutions or powerful people
🙊heard interesting rumours or gossip
DM/Signal in bio
@reuters.com has a long history of protecting sources
💁have an interesting story to tell
⚠️think an issue needs national press attention
☕️have insight into big institutions or powerful people
🙊heard interesting rumours or gossip
DM/Signal in bio
@reuters.com has a long history of protecting sources
Reposted by Andy Bruce (Reuters)
How Rachel Reeves’s budget was leaked 40 minutes early - “by someone… no doubt in the middle of the worst day of their working life.”
www.theguardian.com/uk-news/2025...
www.theguardian.com/uk-news/2025...
How Rachel Reeves’s budget was leaked 40 minutes early
By the time the chancellor reached the dispatch box, the OBR had accidentally published its verdict in full online
www.theguardian.com
November 26, 2025 at 8:18 PM
How Rachel Reeves’s budget was leaked 40 minutes early - “by someone… no doubt in the middle of the worst day of their working life.”
www.theguardian.com/uk-news/2025...
www.theguardian.com/uk-news/2025...
On train back home.
Obviously delighted by today's scoop - but also conscious that this has been a bad day for OBR staff and I don't take pleasure in that.
Obviously delighted by today's scoop - but also conscious that this has been a bad day for OBR staff and I don't take pleasure in that.
November 26, 2025 at 7:39 PM
On train back home.
Obviously delighted by today's scoop - but also conscious that this has been a bad day for OBR staff and I don't take pleasure in that.
Obviously delighted by today's scoop - but also conscious that this has been a bad day for OBR staff and I don't take pleasure in that.
Reposted by Andy Bruce (Reuters)
From Breakingviews - Breakingviews - UK budget beat lacks a long-term lift reut.rs/4iqlPWv
Breakingviews - UK budget beat lacks a long-term lift
Finance minister Rachel Reeves is raising taxes to build a bigger than expected 22-bln-pound buffer for her fiscal targets. But her plan to cut debt is devoid of a growth strategy, and much of the pain lands after 2028. That leaves it vulnerable to economic and political swings.
reut.rs
November 26, 2025 at 5:25 PM
From Breakingviews - Breakingviews - UK budget beat lacks a long-term lift reut.rs/4iqlPWv
The early release, first reported by @reuters.com, meant the key announcements from the budget - on taxes, economic growth and individual policy changes - were all reported an hour before Reeves stood up to deliver her budget to parliament.
UK fiscal watchdog's early budget release steals Reeves' thunder reut.rs/48H9bxV
UK fiscal watchdog's early budget release steals Reeves' thunder
Britain's fiscal watchdog apologised for publishing details of Rachel Reeves' budget early on Wednesday, an unprecedented error that stole the finance minister's chance to reset a growing narrative of incompetence in dealing with a struggling economy.
reut.rs
November 26, 2025 at 5:03 PM
The early release, first reported by @reuters.com, meant the key announcements from the budget - on taxes, economic growth and individual policy changes - were all reported an hour before Reeves stood up to deliver her budget to parliament.
Investors pile into UK bonds and sterling after budget
www.reuters.com/business/fin...
www.reuters.com/business/fin...
www.reuters.com
November 26, 2025 at 4:53 PM
Investors pile into UK bonds and sterling after budget
www.reuters.com/business/fin...
www.reuters.com/business/fin...
Reposted by Andy Bruce (Reuters)
'bRiTaIn NeEdS An ImF bAiLoUt' latest
U.K 30 YEAR GILT YIELD DOWN 9.8 BPS TO 5.23%, IN BIGGEST ONE DAY FALL SINCE APRIL
November 26, 2025 at 4:17 PM
'bRiTaIn NeEdS An ImF bAiLoUt' latest
Reposted by Andy Bruce (Reuters)
Think Reeves can chalk this up as a win. A big win actually.
U.K 30 YEAR GILT YIELD DOWN 9.8 BPS TO 5.23%, IN BIGGEST ONE DAY FALL SINCE APRIL
November 26, 2025 at 3:54 PM
Think Reeves can chalk this up as a win. A big win actually.
Reposted by Andy Bruce (Reuters)
Oof. Reuters seem to have a lot of the OBR report details.
November 26, 2025 at 11:51 AM
Oof. Reuters seem to have a lot of the OBR report details.
Reposted by Andy Bruce (Reuters)
Extraordinary - Reuters newswire has published a load of detail on Rachel Reeves's budget and it's moving the markets - £26.1bn in tax rises by 2029-30; headroom against her fiscal rules more than doubled to £21.7bn.
November 26, 2025 at 11:54 AM
Extraordinary - Reuters newswire has published a load of detail on Rachel Reeves's budget and it's moving the markets - £26.1bn in tax rises by 2029-30; headroom against her fiscal rules more than doubled to £21.7bn.
Reposted by Andy Bruce (Reuters)
My usual experiment to find out how bad LLMs are at technical instructions (wiring a UK plug) as applied to grok. It's just as bad as any other LLM out there:
November 26, 2025 at 9:12 AM
My usual experiment to find out how bad LLMs are at technical instructions (wiring a UK plug) as applied to grok. It's just as bad as any other LLM out there:
Reposted by Andy Bruce (Reuters)
Study by University of Liverpool economist Costas Milas suggests BoE QT has raised the 10yr gilt yield by an average of 25 to 30 bps, compared with a counterfactual where the BoE ran down its stock of gilts at half the pace.
Somewhat bigger impact than BoE reckons 👇
www.reuters.com/world/uk/boe...
Somewhat bigger impact than BoE reckons 👇
www.reuters.com/world/uk/boe...
www.reuters.com
November 25, 2025 at 9:28 PM
Study by University of Liverpool economist Costas Milas suggests BoE QT has raised the 10yr gilt yield by an average of 25 to 30 bps, compared with a counterfactual where the BoE ran down its stock of gilts at half the pace.
Somewhat bigger impact than BoE reckons 👇
www.reuters.com/world/uk/boe...
Somewhat bigger impact than BoE reckons 👇
www.reuters.com/world/uk/boe...
It's the day!
November 26, 2025 at 7:10 AM
It's the day!
Reposted by Andy Bruce (Reuters)
Exclusive: The US-backed 28-point peace plan to end the war in Ukraine, which became public last week, drew from a Russian-authored paper submitted to the Trump administration in October reut.rs/3XQq2ZT
November 26, 2025 at 6:21 AM
Exclusive: The US-backed 28-point peace plan to end the war in Ukraine, which became public last week, drew from a Russian-authored paper submitted to the Trump administration in October reut.rs/3XQq2ZT
Obviously if anyone would like to send me the budget, that would be great too
Drop me a line if you:
💁have an interesting story to tell
⚠️think an issue needs national press attention
☕️have insight into big institutions or powerful people
🙊heard interesting rumours or gossip
DM/Signal in bio
@reuters.com has a long history of protecting sources
💁have an interesting story to tell
⚠️think an issue needs national press attention
☕️have insight into big institutions or powerful people
🙊heard interesting rumours or gossip
DM/Signal in bio
@reuters.com has a long history of protecting sources
November 25, 2025 at 9:51 PM
Obviously if anyone would like to send me the budget, that would be great too
Reposted by Andy Bruce (Reuters)
Drop me a line if you:
💁have an interesting story to tell
⚠️think an issue needs national press attention
☕️have insight into big institutions or powerful people
🙊heard interesting rumours or gossip
DM/Signal in bio
@reuters.com has a long history of protecting sources
💁have an interesting story to tell
⚠️think an issue needs national press attention
☕️have insight into big institutions or powerful people
🙊heard interesting rumours or gossip
DM/Signal in bio
@reuters.com has a long history of protecting sources
April 16, 2025 at 9:19 AM
Drop me a line if you:
💁have an interesting story to tell
⚠️think an issue needs national press attention
☕️have insight into big institutions or powerful people
🙊heard interesting rumours or gossip
DM/Signal in bio
@reuters.com has a long history of protecting sources
💁have an interesting story to tell
⚠️think an issue needs national press attention
☕️have insight into big institutions or powerful people
🙊heard interesting rumours or gossip
DM/Signal in bio
@reuters.com has a long history of protecting sources
Study by University of Liverpool economist Costas Milas suggests BoE QT has raised the 10yr gilt yield by an average of 25 to 30 bps, compared with a counterfactual where the BoE ran down its stock of gilts at half the pace.
Somewhat bigger impact than BoE reckons 👇
www.reuters.com/world/uk/boe...
Somewhat bigger impact than BoE reckons 👇
www.reuters.com/world/uk/boe...
www.reuters.com
November 25, 2025 at 9:28 PM
Study by University of Liverpool economist Costas Milas suggests BoE QT has raised the 10yr gilt yield by an average of 25 to 30 bps, compared with a counterfactual where the BoE ran down its stock of gilts at half the pace.
Somewhat bigger impact than BoE reckons 👇
www.reuters.com/world/uk/boe...
Somewhat bigger impact than BoE reckons 👇
www.reuters.com/world/uk/boe...
Confidence among UK retailers has fallen to its lowest level since Q4 2008, according to a CBI survey just out.
November 25, 2025 at 11:06 AM
Confidence among UK retailers has fallen to its lowest level since Q4 2008, according to a CBI survey just out.
Reposted by Andy Bruce (Reuters)
Wrote about this here. The "anomaly" of the divergence between hard indicators of economic performance and soft indicators of sentiment disappears once if you include higher interest rates, leading to higher mortgage and car payments, in inflation. www.economist.com/finance-and-...
November 25, 2025 at 9:24 AM
Wrote about this here. The "anomaly" of the divergence between hard indicators of economic performance and soft indicators of sentiment disappears once if you include higher interest rates, leading to higher mortgage and car payments, in inflation. www.economist.com/finance-and-...
What is it about guys born in the 1950s salivating over capital controls?
That's the third call I've heard in the last month!
That's the third call I've heard in the last month!
November 25, 2025 at 8:11 AM
What is it about guys born in the 1950s salivating over capital controls?
That's the third call I've heard in the last month!
That's the third call I've heard in the last month!
Hi Trevor have you heard of the internet
Trevor Phillips proposes banning "remittances" (ie: imposing currency/exchange controls on international cash transfers by foreign nationals from Britain). He says this would disincentivise immigration, in a Times piece saying the Home Secretary needs to go [much] further
archive.ph/RlXPj
archive.ph/RlXPj
November 25, 2025 at 7:50 AM
Hi Trevor have you heard of the internet
Reposted by Andy Bruce (Reuters)
Yes, there are spending multipliers etc - and yes, Kuenssberg spouted vacuous talking points.
BUT.
There is a bond market (or more generally a macro) constraint to borrowing, as there was in the 2010s - we just weren't near it then. Dodging the issue/pretending it doesn't exist isn't a policy.
BUT.
There is a bond market (or more generally a macro) constraint to borrowing, as there was in the 2010s - we just weren't near it then. Dodging the issue/pretending it doesn't exist isn't a policy.
@zackpolanski.bsky.social on the importance of spending multipliers & borrowing to invest
Zack is, without doubt, a great communicator. And on him talking about democracy & the bond markets I'm reminded of Eddie Dempsey at the Durham Miners Gala when he asked "who elected the bond market?"
Zack is, without doubt, a great communicator. And on him talking about democracy & the bond markets I'm reminded of Eddie Dempsey at the Durham Miners Gala when he asked "who elected the bond market?"
November 24, 2025 at 8:14 AM
Yes, there are spending multipliers etc - and yes, Kuenssberg spouted vacuous talking points.
BUT.
There is a bond market (or more generally a macro) constraint to borrowing, as there was in the 2010s - we just weren't near it then. Dodging the issue/pretending it doesn't exist isn't a policy.
BUT.
There is a bond market (or more generally a macro) constraint to borrowing, as there was in the 2010s - we just weren't near it then. Dodging the issue/pretending it doesn't exist isn't a policy.
Macc clearly a lightning rod for shifts in British politics.
First the parliamentary seat flips to Labour after being Tory for god knows how long. Now a Green councillor elected right in the middle of town!
First the parliamentary seat flips to Labour after being Tory for god knows how long. Now a Green councillor elected right in the middle of town!
Macclesfield Central (Cheshire East) Council By-Election Result:
🌍 GRN: 41.8% (+19.7)
🌹 LAB: 28.6% (-25.7)
➡️ RFM: 15.8% (New)
🌳 CON: 9.1% (-4.5)
⚖️ EQU: 2.5% (New)
🔶 LDM: 2.2% (-7.7)
Green GAIN from Labour.
Changes w/ 2023.
🌍 GRN: 41.8% (+19.7)
🌹 LAB: 28.6% (-25.7)
➡️ RFM: 15.8% (New)
🌳 CON: 9.1% (-4.5)
⚖️ EQU: 2.5% (New)
🔶 LDM: 2.2% (-7.7)
Green GAIN from Labour.
Changes w/ 2023.
November 21, 2025 at 11:06 AM
Macc clearly a lightning rod for shifts in British politics.
First the parliamentary seat flips to Labour after being Tory for god knows how long. Now a Green councillor elected right in the middle of town!
First the parliamentary seat flips to Labour after being Tory for god knows how long. Now a Green councillor elected right in the middle of town!
Reposted by Andy Bruce (Reuters)
I never thought a comparison could be overly harsh on Stevenage. But here we are.
November 20, 2025 at 9:56 PM
I never thought a comparison could be overly harsh on Stevenage. But here we are.
Elon Musk is Stevenage
November 20, 2025 at 9:53 PM
Elon Musk is Stevenage