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Business news, market updates, and economic developments

Government borrowing falls by £20bn in year to March

Government borrowing falls by £20bn in year to March

April 23, 2026 • BBC Business

Summary

The UK government borrowed nearly £20 billion less in the year ending March, with total borrowing at £132 billion. This was below predictions and the lowest borrowing relative to the economy since before the COVID-19 pandemic.

Key Facts

  • UK government borrowing was £132 billion in the year to March.
  • This amount is nearly £20 billion less than the previous year.
  • Borrowing was slightly below the forecast of £132.7 billion by the Office for Budget Responsibility.
  • Borrowing in March alone was £12.6 billion, £1.4 billion less than March the year before.
  • March borrowing was the lowest since 2022.
  • Borrowing fell to 4.3% of the UK's Gross Domestic Product (GDP), the lowest level since 2019-20.
  • Increased tax income helped reduce borrowing despite higher government spending.
  • The data come from the Office for National Statistics.
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BBC Business BBC Top Stories
UK undershoots annual borrowing target by £700m

UK undershoots annual borrowing target by £700m

April 23, 2026 • Guardian World

Summary

The UK government borrowed £132 billion in the financial year ending in March, which was £700 million less than expected. However, the ongoing conflict in the Middle East may cause financial challenges and reduce the government’s planned budget surplus in the coming years.

Key Facts

  • The UK borrowed £132 billion from April 2023 to March 2024.
  • This borrowing was £700 million less than the forecast of £132.7 billion.
  • Borrowing dropped by nearly £20 billion compared to the previous year.
  • March 2024 borrowing was £12.6 billion, £1.4 billion less than the same month the year before.
  • Tax increases of £26 billion were introduced in November to reduce debt and cover spending.
  • A fiscal rule aims to have day-to-day spending fully paid by taxes by 2030.
  • The government’s financial buffer for 2030 increased to £23.6 billion earlier this year.
  • The Middle East conflict could reduce this buffer by £16 billion, affecting UK finances.
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Guardian World
Watch: BBC goes undercover at mini-mart selling drugs

Watch: BBC goes undercover at mini-mart selling drugs

April 23, 2026 • BBC Business

Summary

A BBC investigation found mini-marts in the West Midlands openly selling illegal drugs like cannabis and cocaine. Undercover reporters quickly bought drugs from one shop worker, while authorities promised to take strong action against such criminal activities.

Key Facts

  • The BBC went undercover in several West Midlands towns to investigate drug sales.
  • Mini-marts, including one called Cradley Market, were caught offering drugs openly.
  • A shop worker named Akwa sold 3.5 grams of cannabis for £30 and also sold cocaine.
  • When confronted, Akwa denied selling drugs and asked the reporters to leave.
  • The UK Home Office is working with police, the National Crime Agency, and Trading Standards to tackle these illegal sales.
  • West Midlands Police said they will cooperate with partners to respond to complaints about drug dealing and related crimes.
  • The investigation was revealed through secret filming by the BBC’s undercover researchers.
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BBC Business BBC Top Stories
Travelodge gave us keys to other people's rooms twice in a week

Travelodge gave us keys to other people's rooms twice in a week

April 23, 2026 • BBC Top Stories

Summary

Guests at a Travelodge hotel in east London were given keys to rooms already occupied by other people, causing safety concerns. Travelodge apologized and said it is retraining staff and reviewing security to prevent such mistakes.

Key Facts

  • Two separate guests at a Travelodge in Newham were given keys to rooms where other guests were already staying.
  • One guest, John Nowell, entered a room and found someone inside taking a shower.
  • Nowell’s colleague heard voices in their assigned room and did not enter.
  • Travelodge blamed human error and a new key card system for the incidents.
  • Travelodge CEO apologized for similar problems at other hotels and promised improvements.
  • The company is retraining staff and conducting an independent review to improve security.
  • The incidents led to calls from an MP for major changes at Travelodge.
  • The Prime Minister wrote to Travelodge about the security problems.
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BBC Top Stories
Number of billionaires globally could reach 4,000 in next five years

Number of billionaires globally could reach 4,000 in next five years

April 23, 2026 • Guardian World

Summary

The number of billionaires worldwide is expected to grow from about 3,110 today to nearly 4,000 by 2031. Much of this wealth increase is driven by technology and artificial intelligence, and the richest people are becoming more concentrated in specific regions.

Key Facts

  • Currently, there are 3,110 billionaires globally, and this number is forecast to rise by 25% to 3,915 by 2031.
  • The number of people worth at least $30 million has grown from 162,191 in 2021 to 713,626 today.
  • Technology, especially artificial intelligence, is a major factor in the fast growth of billionaire wealth.
  • Saudi Arabia’s billionaire population is expected to more than double from 23 in 2026 to 65 in 2031.
  • Asia Pacific is predicted to surpass North America in billionaire population share by 2031, holding around 37.5% compared to North America’s 27.8%.
  • The richest billionaire is Elon Musk, with a net worth of $785.5 billion.
  • The UK saw a decrease in billionaires in 2025, dropping from 165 to 156.
  • Wealthy individuals are choosing to live in fewer cities that offer stable opportunities and favorable conditions.
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Guardian World
Kyle Sandilands berated Kiis FM listeners and bosses in expletive-laden rants, court documents claim

Kyle Sandilands berated Kiis FM listeners and bosses in expletive-laden rants, court documents claim

April 23, 2026 • Guardian World

Summary

Kyle Sandilands was involved in heated disputes with Kiis FM executives, censors, activists, and listeners, using strong language during his time on the radio. These disputes contributed to his dismissal by ARN and resulted in legal claims over contracts and lost advertising revenue.

Key Facts

  • Kyle Sandilands frequently used offensive language against Kiis FM bosses, censors, critics, and listeners, according to ARN’s court documents.
  • Sandilands called an activist group the "Mad Fucking Witches" and threatened to investigate them.
  • Sandilands threatened to take the show off Melbourne if ratings did not improve.
  • An on-air fight between Sandilands and co-host Jackie “O” Henderson, where she was upset, led to her contract termination.
  • Jackie “O” Henderson has sued ARN for over $82 million, claiming wrongful termination and mistreatment by Sandilands.
  • ARN claims Sandilands breached his $100 million contract and damaged company profits by his actions.
  • ARN filed a cross-claim seeking damages for the financial losses caused by the dispute and the show’s decline.
  • Sandilands’ dismissal and legal claims center around his behavior, including defying censorship and making controversial comments about a murder trial.
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Guardian World
Private secretary of billionaire philanthropist Judith Neilson charged with fraud over $1m luxury purchases

Private secretary of billionaire philanthropist Judith Neilson charged with fraud over $1m luxury purchases

April 23, 2026 • Guardian World

Summary

Annalouise Spence, the former private secretary of billionaire Judith Neilson, has been charged with fraud for allegedly using a business credit card to spend over $1 million on luxury items. Police arrested Spence after investigating unauthorized purchases made between 2023 and 2025, including clothing, jewelry, artwork, and travel.

Key Facts

  • Annalouise Spence is charged with 68 counts of dishonestly obtaining property by deception.
  • She was arrested in Sydney after searches at her home and storage unit.
  • The alleged fraud involved more than $1 million spent on luxury goods and personal items.
  • Purchases include $400,000 on travel, $335,000 on fashion, and $184,000 on jewelry.
  • Spence also reportedly transferred nearly 1 million frequent flyer points for personal use.
  • The fraud was detected after a restructuring led to Spence leaving her job in September 2025.
  • Judith Neilson is a philanthropist with about $1.2 billion net worth and owns the White Rabbit art gallery.
  • Police investigations are ongoing, and Spence was denied bail at a court hearing.
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Guardian World
University of Queensland Press cancels children’s book over illustrator’s post on ‘Zionist framing’ of Bondi attack

University of Queensland Press cancels children’s book over illustrator’s post on ‘Zionist framing’ of Bondi attack

April 23, 2026 • Guardian World

Summary

The University of Queensland Press (UQP) has canceled the publication of a children’s book after controversial comments made online by the book’s illustrator about victims of a terror attack in Bondi. The decision has sparked responses from authors and community groups, with some supporting UQP’s action and others criticizing it.

Key Facts

  • UQP canceled publishing the children’s book "Bila, A River Cycle," written by Jazz Money and illustrated by Matt Chun.
  • The cancellation was because of Chun’s online article with comments about Bondi terror attack victims, calling them “affluent beneficiaries of imperialism.”
  • UQP said Chun’s views conflict with the university’s policies, including its stance against antisemitism.
  • Chun’s article criticized media coverage of the attack and referred to “Zionist framing” of the event.
  • New South Wales police are investigating Chun’s post for possible hate crimes.
  • Some authors, including Evelyn Araluen and Melissa Lucashenko, expressed support for Chun and opposed UQP’s decision.
  • The Queensland Jewish Board of Deputies praised UQP for standing against hateful comments.
  • Thousands of copies of the book were reportedly printed before cancellation, affecting the author financially and reputationally.
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Guardian World
Republicans Rip Talk of Trump Spirit Airlines Deal: 'Terrible Idea'

Republicans Rip Talk of Trump Spirit Airlines Deal: 'Terrible Idea'

April 23, 2026 • Newsweek

Summary

The Trump administration is reportedly close to a deal to provide Spirit Airlines with up to $500 million in financial help, which might give the government a stake in the airline. This potential bailout has drawn opposition from several Republican leaders who are concerned about government involvement in a struggling airline.

Key Facts

  • Spirit Airlines is facing financial difficulties, including a second bankruptcy filing in under a year.
  • The Trump administration may loan Spirit Airlines up to $500 million in exchange for a possible ownership share.
  • Rising jet fuel prices, linked to the war in Iran, have hurt Spirit’s finances.
  • President Donald Trump expressed concern about Spirit’s 14,000 jobs and suggested federal help might be needed.
  • Republican Senator Ted Cruz and other GOP members criticized the bailout idea, citing past government failures with airline bailouts.
  • The White House said the Biden administration blocked Spirit’s merger with JetBlue, which would have improved Spirit’s financial situation.
  • Spirit Airlines said it is operating normally and allowing customers to book tickets and use credits.
  • The deal could affect airline competition and set a precedent for future federal involvement in struggling companies.
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Newsweek
Kalshi suspends 3 political candidates for insider trading

Kalshi suspends 3 political candidates for insider trading

April 23, 2026 • CBS News

Summary

Kalshi, a prediction market website, suspended and fined three political candidates for insider trading related to political events. Insider trading means using secret or private information to make trades unfairly.

Key Facts

  • Kalshi is a prediction market where people can bet on future events.
  • Three political candidates were caught using inside political information to trade on the site.
  • Kalshi responded by suspending these candidates from using their platform.
  • The candidates were also fined as a penalty for their actions.
  • Insider trading is illegal or against rules because it gives some people an unfair advantage.
  • This case involved political insider trading, which means using private political knowledge to place bets.
  • The actions were reported by CBS News correspondent Jo Ling Kent.
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CBS News
Fairway or driveway? The furious debate over building houses on golf courses

Fairway or driveway? The furious debate over building houses on golf courses

April 23, 2026 • BBC Top Stories

Summary

A local council in Leicestershire, England, is proposing to build up to 800 new homes partly on a golf course to help meet housing targets. This plan has sparked protests from local residents and golf players who want to preserve green spaces and the community benefits of the golf course.

Key Facts

  • Blaby District Council’s Local Plan suggests building homes on Enderby Golf Course to meet annual housing goals through 2042.
  • The proposal includes creating a sustainable community with public green spaces and affordable housing.
  • The plan is still under review and will balance new housing needs against preserving public amenities.
  • Around 170 groups across the UK protested the loss of green spaces, including golf courses, on a day of action.
  • Enderby Golf Course is a smaller, local, public golf course popular with new and older players.
  • Golf courses cover about 2% of England’s land, similar to land used for houses.
  • Many golf clubs face financial risks, increasing the chance their land could be used for housing.
  • The UK government aims to build 1.5 million new homes in England over five years to address housing shortages.
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BBC Top Stories
Fire crews thaw rapper Drake’s giant ice installation in Toronto

Fire crews thaw rapper Drake’s giant ice installation in Toronto

April 23, 2026 • BBC US

Summary

Fire crews in Toronto began melting a large ice sculpture created by rapper Drake to promote his new album. The ice was thawed due to safety concerns after fans used tools like blowtorches and hammers to try to uncover the album’s release date.

Key Facts

  • Drake commissioned a giant ice installation in Toronto as part of an album promotion.
  • Fans used blowtorches, sledgehammers, and other tools on the ice to reveal the release date.
  • Fire crews started thawing the ice citing safety dangers.
  • Toronto’s mayor, Olivia Chow, supported the decision to melt the ice.
  • The installation attracted significant public and media attention.
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BBC US BBC Top Stories
Trump Media replaces Nunes as Truth Social CEO after stock plunge that wiped out billions

Trump Media replaces Nunes as Truth Social CEO after stock plunge that wiped out billions

April 23, 2026 • PBS NewsHour

Summary

Trump Media & Technology is replacing Devin Nunes as CEO of Truth Social after the company's stock value dropped sharply, losing billions in investor money. Kevin McGurn, a digital media executive, takes over temporarily as the company tries to recover and expand into new markets like cryptocurrency and prediction markets.

Key Facts

  • Devin Nunes, former congressman and supporter of President Donald Trump, is stepping down as CEO of Truth Social.
  • Kevin McGurn is named interim CEO, with no set timeline for a permanent replacement.
  • Trump Media's stock fell 67%, wiping out over $6 billion in investor wealth after a peak around Trump’s 2024 re-election.
  • The company was created as an alternative social media platform for President Trump, who was banned from major sites after the January 6, 2021 Capitol events.
  • Since going public two years ago, Trump Media has lost more than $1.1 billion.
  • Nunes earned $47 million in total pay in 2024, the latest available data.
  • Trump Media is branching into cryptocurrency and prediction markets, which involve betting on events.
  • McGurn has experience at NBC Universal, Hulu, and DoubleClick, and is connected to a Trump family company buying U.S. manufacturers.
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PBS NewsHour
Tesla reports mixed financial results as Musk pivots automaker to AI and robots

Tesla reports mixed financial results as Musk pivots automaker to AI and robots

April 22, 2026 • Guardian Tech

Summary

Tesla reported its first-quarter earnings showing some good results but also some challenges. The company is shifting focus from making cars to developing artificial intelligence (AI) and robots, while facing strong competition and lower demand in some markets.

Key Facts

  • Tesla earned 41 cents per share, beating Wall Street’s expectation of 37 cents.
  • Tesla’s revenue was $22.39 billion, slightly below the expected $22.6 billion.
  • Tesla’s stock rose briefly after the earnings report but then dropped after CEO Elon Musk announced plans for large spending.
  • Tesla is focusing more on AI, self-driving cars, and robots, including plans for robotaxis in Florida and Las Vegas.
  • The company delivered about 358,000 vehicles worldwide in the first quarter, below analyst goals.
  • Tesla faces falling demand in the US partly because a tax credit for electric vehicles ended in 2025.
  • Tesla is stopping production of its Model S and Model X cars and is developing a smaller, cheaper electric vehicle to compete with Chinese companies.
  • Tesla’s stock has fallen about 11% so far this year despite Musk’s promises about future technology.
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Guardian Tech
How a pivot to hair accessories led to business success

How a pivot to hair accessories led to business success

April 22, 2026 • BBC Business

Summary

Jenny Lennick, an artist from San Francisco, turned her small business into a success by switching from food-themed clothes to hair clips shaped like food items. Her plant-based, colorful hair clips sell well online and in stores, helping her company make $2 million in revenue last year.

Key Facts

  • Jenny Lemons is a San Francisco brand making food-themed hair claw clips.
  • The clips are made from a plant-based alternative to regular plastic.
  • Jenny started with food-themed clothing but switched to hair clips in 2022.
  • The business closed its physical store in 2023 due to high costs and low visitors.
  • Hair clip sales quickly became more successful than her clothing line.
  • The company sells clips online and to about 1,500 stores in the US and worldwide.
  • Annual revenue grew from $1.7 million to $2 million, and the business is profitable.
  • Most customers are aged 25 to 45, including many teachers and healthcare workers.
  • Clips cost around $24 each and are popular as fun, affordable fashion accessories.
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BBC Business
WATCH: ‘Tipflation’ sparks debate over rising tipping expectations

WATCH: ‘Tipflation’ sparks debate over rising tipping expectations

April 22, 2026 • ABC News

Summary

The article discusses how people are facing higher expectations to tip more money, a trend called "tipflation." Wendy de la Rosa, a marketing and behavior expert, explains how tipping habits are changing.

Key Facts

  • "Tipflation" means the rising amount people are expected to tip for services.
  • Tipping expectations have been increasing over time.
  • Wendy de la Rosa is a professor and expert in marketing and behavioral science.
  • She co-hosts a show called “Your Money and Your Mind” on TED.
  • Changes in tipping habits affect both customers and service workers.
  • The article is part of a broader discussion on money and social behavior.
  • This trend reflects shifts in social and economic norms about tipping.
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ABC News
City firms bank on ‘savvy’ advertising campaign to push Brits towards investing

City firms bank on ‘savvy’ advertising campaign to push Brits towards investing

April 22, 2026 • Guardian World

Summary

City firms and the UK government have launched a £50 million advertising campaign featuring a character called "Savvy the Squirrel" to encourage British savers to invest their money instead of keeping it in cash. The campaign aims to promote investing across the UK to help grow the economy and address concerns that too many people avoid financial risks.

Key Facts

  • The campaign will cost about £8m to £10m yearly, lasting 3-5 years, funded by 20 City firms like Barclays, Aviva, and JP Morgan.
  • "Savvy the Squirrel," a British red squirrel character, leads the adverts on TV, online, and billboards starting Thursday.
  • The campaign does not promote any specific financial product or local UK investments.
  • It targets UK adults, including 7 million who hold more than £10,000 in cash savings.
  • Keeping money in cash has reduced its value because inflation outpaces interest rates, according to the Investment Association.
  • Investing £10,000 in a global equity fund 10 years ago would now be worth about £19,700, compared to £8,400 if kept in cash.
  • Some investment platforms withdrew from the campaign due to concerns over costs and advertising designs.
  • The campaign is part of Chancellor Rachel Reeves’ plan to encourage financial risk-taking and help revive the UK stock market, which has been losing listings to foreign exchanges.
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Guardian World
Taxpayers' money given to help lonely veterans spent on revamping branch building

Taxpayers' money given to help lonely veterans spent on revamping branch building

April 22, 2026 • BBC Top Stories

Summary

Nearly £100,000 of public money meant to help veterans with activities to reduce loneliness was instead spent on renovating a building used by a Royal British Legion (RBL) branch in Tandragee. An internal investigation found only about £41,000 of the £140,000 grant went to the approved projects, leading to the branch's closure.

Key Facts

  • The Royal British Legion Tandragee branch received £140,000 in grants from the Armed Forces Covenant Fund Trust (AFCF) in 2020.
  • The money was intended for three projects supporting veterans: craft and drama workshops and a food delivery service to tackle loneliness.
  • Documents show that large parts of the funds were used to refurbish a building shared with the Tandragee Veterans Support Centre.
  • £31,000 of the £35,000 for the embroidery project went to building work instead of training 40 veterans. Only 10 veterans were trained.
  • Almost all of the £35,000 for the drama project was spent on building refurbishment, with little spent on the actual project.
  • About £34,000 of the £70,000 for the loneliness project was spent on refurbishing the property, though some funding did support activities like a hot food service.
  • The AFCF said mismanagement was due to poor financial skills, not intentional fraud.
  • After an internal RBL investigation, the Tandragee branch was formally closed.
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BBC Top Stories
Tesla earnings rise, but AI expenses add up for Elon Musk

Tesla earnings rise, but AI expenses add up for Elon Musk

April 22, 2026 • Axios

Summary

Tesla's revenue and profit grew in the first quarter, but expenses related to artificial intelligence (AI) projects also increased significantly. CEO Elon Musk said the company plans to spend more on new technologies like robots and self-driving cars to boost future revenue.

Key Facts

  • Tesla's Q1 revenue was $22.4 billion, up 16% from last year.
  • Net income rose 17% to $477 million.
  • Operating expenses increased 37% to $3.78 billion.
  • Tesla’s operating margin fell to 4.2%, declining for the second quarter in a row.
  • Tesla stopped producing the Model S and Model X to focus on building the Optimus robot at its Fremont factory.
  • Tesla plans to start pilot production of the Optimus robot in 2026 and expects it to be useful outside Tesla by next year.
  • Model Y sales grew 6% to 358,023 deliveries, below analyst expectations.
  • Tesla aims to begin high-volume production of the Cybercab and electric Semi truck in 2026 and is working with SpaceX to build a large chip factory for future demand.
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Axios
What we know about Trump administration's possible Spirit bailout

What we know about Trump administration's possible Spirit bailout

April 22, 2026 • CBS News

Summary

The Trump administration is talking with Spirit Airlines about possibly giving financial help to keep the company running. Spirit Airlines has been having money problems because fuel costs are up, labor costs are rising, and it is facing operational challenges.

Key Facts

  • The Trump administration is in advanced talks to possibly bail out Spirit Airlines.
  • Spirit Airlines is a budget carrier, meaning it offers lower-cost flights.
  • Costs for jet fuel have increased, making it more expensive to operate flights.
  • Labor costs at Spirit Airlines are growing, adding to financial strain.
  • The airline is also facing issues with its operations that hurt its business.
  • The bailout talks are aimed at helping Spirit avoid financial failure.
  • CBS News reported these developments with input from their transportation correspondent.
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CBS News