Friday 22 August 2025
*THERE WILL BE NO MIGHTY MEMO BRIEFING ON MONDAY 25 AUGUST 2025 BECAUSE OF A PUBLIC HOLIDAY IN THE UK.*
The Mighty Headlines
Economics: UK Government’s budget deficit falls to three-year low
Business and markets: WH Smith shares fall 42% after accounting error
Foreign Affairs: Russia insists on providing security guarantees to Ukraine
Security and intelligence: Belarus looks at having nuclear warheads
Domestic politics: Campaigns take UK Government to court over datacentre
The Mighty Stats
FTSE = 9,309.20 (up 0.23%)
S&P 500 = 6,370.17 (down 0.4%)
Nasdaq = 21,100.31 (down 0.34%)
CAC40 = 7,938.29 (down 0.44%)
£1 = $1.34 / €1.16
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The Mighty Detail
Economics: Higher tax receipts in the UK mean that the Government’s budget deficit for July has fallen to a three-year low.
The difference between public spending and income was £1.1 billion in July compared to £2.3 billion in July last year.
However, borrowing over the first four months of the financial year (April to July) reached £60 billion. This is £6.7 billion higher than last year.
Business and markets: Shares in WH Smith fell by 42 per cent yesterday. It follows an accounting error which had caused the company to overstate its forecasted profit in North America. WH Smith now expects profit of £25 million in the year to August instead of the £55 million previously forecast.
Foreign Affairs: Russia is insisting that it be part of arrangements to guarantee Ukraine’s future security. It follows promises from European leaders and the US to provide security guarantees to Ukraine in case of another Russian invasion. Russia is also indicating that there cannot be any Western troops in Ukraine as part of security guarantees.
Security and intelligence: Belarus has said that it will look at arming its missiles with nuclear warheads. The country has no nuclear weapons currently but it does host Russian tactical missiles on its territory. Belarus also said this week that it would deepen ties with Iran and China.
Domestic politics: Campaigns are taking the Deputy Prime Minister to court. It comes after Angela Rayner overruled a local council and gave permission for a hyperscale datacentre on greenbelt land in Iver, Buckinghamshire. Buckinghamshire Council rejected the plan last June.
The Mighty Calendar
What’s happening today?
US Federal Reserve Chair speaks at Jackson Hole Symposium
Women’s Rugby World Cup begins (England v. USA)
Coldplay begins 10-day concert run at Wembley
UK, Canada retail sales data (July)
Lookahead to the weekend
Saturday
South Korean President visits Japan
Notting Hill Carnival, London
Vuleta a España (cycling) begins
Sunday
President Zelensky speech on Ukraine Independence Day
South Korean President visits the US
The US Open (tennis) begins
The Mighty Finale
🌤️Weather today
Bright sunshine in Cornwall. Mixture of cloud and sunny spells elsewhere. High of 23C and low of 15C in London. Cloud in Belfast and Edinburgh.
✏️Life coaching quote of the day
“If you push through that feeling of being scared, that feeling of taking risk, really amazing things can happen.” – Marissa Mayer, former CEO of Yahoo!
Mighty takeaway: Take measured risks to achieve your goals!
That’s it for this morning and for this week. We hope you enjoy the weekend.
Cheerio!
The Mighty Memo team