Friday 28 November 2025
The Mighty Headlines
Economics: 90 per cent chance of interest rate cut in the UK next month
Business and markets: UK gilt yields rise after the Budget
Foreign Affairs: Europe agrees record space spending of over €22 billion
Security and intelligence: Italy’s defence firm works on “Michelango Dome”
Domestic politics: UK Government drops some promises on workers’ rights
The Mighty Stats
FTSE = 9,693.93 (up 0.024%)
S&P 500 = US stock market closed yesterday for Thanksgiving
Nasdaq = US stock market closed yesterday for Thanksgiving
CAC40 = 8,099.47 (up 0.038%)
£1 = $1.32 / €1.14
Lab / Con / Reform = 15 / 18 / 31 per cent (Find Out Now, 26 Nov)
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The Mighty Detail
Economics: Markets are now pricing in a 90 per cent probability that the Bank of England will cut interest rates by 0.25 basis points next month. This is because the Budget is forecast to both hit economic growth (given tax rises and lower productivity) and also reduce inflation (given the fuel duty freeze and measures to help with energy bills).
Business and markets: UK 10-year gilt yields rose yesterday to 4.46 per cent as traders responded to the Government’s Budget. The pound also fell slightly against the dollar.
While higher public spending announced at the Budget will happen quickly, traders are concerned that the tax rises to help pay for it will not happen until the end of the Parliament.
Foreign Affairs: European countries agreed yesterday to increase spending on space programmes to a record €22.1 billion. The money will fund research, satellites and rocket launches. Europe is seeking to catch up with the Chinese and Americans in space technology and become more independent.
Security and intelligence: Italy’s defence company, Leonardo, is working on a new defence system, similar to Israel’s famous “Iron Dome”.
The “Michelangelo Dome” will protect critical national infrastructure and intercept missiles, rockets and drones.
The state-owned company has talked to other European countries about the project, which is expected to be fully operational in 2028.
Domestic politics: The UK Government has dropped manifesto plans to give day-one employment rights to workers. The Government says that opposition in the House of Lords forced it to change tack.
The Mighty Calendar
What’s happening today?
US Thanksgiving weekend – US stock market closes early at 1.00pm
Black Friday
Country reviews of France (S&P Global) and Ukraine (Moody’s)
Lookahead to the weekend
Saturday
Jeremy Corbyn and Zara Sultana hold inaugural “Your Party” conference
Autumn rugby internationals: Wales vs South Africa
2025 UK Snooker Championship begins (ends 7 November)
Banqueting House London Open Day
Sunday
Pope Leo visits Lebanon
Switzerland holds referendum on inheritance tax
F1 Qatar Grand Prix
The Mighty Finale
🌤️Weather today
Rain across much of England but dry in the southeast until lunchtime. High of 13C and low of 7C in London. Dry until the evening in Belfast. Light rain in Edinburgh.
✏️Life coaching quote of the day
“This is a wonderful day. I have never seen this one before.” – Maya Angelou, writer
Mighty takeaway: We should be grateful that we have another chance to experience life today. We must enjoy it and live it!
That’s it for this morning and for this week. Thanks for reading and we hope that you enjoy the weekend.
Bye for now!
The Mighty Memo team
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