One Step Too Far! 07 November 2025
fam’s October report on Dubai’s property market shows that a new record has been set – YTD sales have climbed to reach US$ 152.45 billion, already surpassing the 2024 full year high which had been a record year for the sector; 2024 had posted 180.9k transactions, worth US$ 142.26 billion. In October, there were 19.88k property transactions, (178.24k for the year), valued at US$ 16.19 billion. In the month, apartments sales were 3.4% higher on the year, accounting for 16.24k transactions worth US$ 8.45 billion; villa sales accounted for US$ 4.22 billion and land acquisitions US$ 3.00 billion. The commercial sector saw 0.69k transactions, valued at US$ 518 million – a 61.7% hike from the October 2024 return. On the year, the average property price rose by 6.7% to US$ 461 per sq ft. Off plan sales accounted for 13.93k transactions worth US$ 10.54 billion, with sales in the secondary market seeing 5.95k deals, valued at US$ 5.64 billion.
In October, the most expensive villa and apartment sold were in Jumeirah Second (US$ 60 million) and at Bulgari Lighthouse Dubai on Island 2 (US$ 42 million). A breakdown by price shows the following percentages to the total units sold:
- Under US$ 272k 28%
- US$ 272k – US$ 525k 36%
- US$ 525k – US$ 1.36 million 26%
- Over US$ 1.36 million 10%
In the month, the top three locations selling the most in value were Business Bay, Dubai Investment Park Second and Jumeirah Village, with sales of US$ 832 million, (1,177 transactions), US$ 708 million (921 deals) and US$ 681 million (1,685 transactions). The best-selling projects for apartments were DAMAC Riverside, with 656 units sold for US$ 231 million – primary market and Azizi Riviera 107 resales worth US$ 26 million. In the villa primary sector was Grand Polo – Chevalia Estate 2, with 89 transactions valued at US$ 244 million and in the secondary market, Rukan 3 with 27 resales worth US$ 10 million.
With sales of 12k units, in the nine-month period, Binghatti claims that it is Dubai’s top-selling off-plan developer by units sold whilst in the same period, it launched eleven projects with a total gross development value exceeding US$ 3.0 billion, representing over 7k units and six million sq ft of sellable area. By the end of September, the high-profile developer had twenty-seven projects under development, 29% higher since the end of last year encompassing more than 20k units and seventeen million sq ft, with an estimated GDV of US$ 11.99 billion. An additional eleven projects, in planning stages, will add about 18k units and US$ 8.17 billion in GDV.
Late last month, Emaar unveiled its mega US$ 27.75 billion Dubai Mansions project which will comprise 40k residences within Emaar Hills. The development will feature a limited collection of grand homes ranging from 10k to 20k sq ft, with each residence designed with a focus on architectural distinction, world-class interiors, and a lifestyle that blends elegance with comfort. Mohamed Alabbar, Emaar’s founder commented that “every residence, every garden, and every pathway reflects an uncompromising attention to detail, creating a setting that embodies harmony, prestige, and a lifestyle that is unmatched anywhere in the world.” Residents will have access to a championship golf course, premium retail outlets, wellness facilities, and landscaped parks designed to promote well-being and connectivity.
In the first nine months of 2025, Deyaar saw a 39.1% hike in revenue to US$ 395 million, (driven by property development income – 46.4% higher to US$ 324 million) with profit climbing 24% to US$ 110 million and profit before tax, up 22.1%, to US$ 116 million. Other metrics included earnings per share rising 24.2% to US$ 0.025 and total assets 12.5% higher at US$ 2.07 billion. Recent developments included Downtown Residences and the final phase of the Park Five community in Dubai, alongside AYA Beachfront Residences in Umm Al Quwain. It posted that its biggest project, the 445 mt high Downtown Residences, with more than one hundred and ten storeys, is scheduled for handover by the end of 2030, whilst the final phase of its Park Five development at Dubai Production City, with delivery targeted for the end of 2027. In Umm Al Quwain, the firm launched AYA Beachfront Residences, a luxury and wellness-focused project, comprising four hundred and forty-two homes.
Following the commercial success of ‘Takaya’ Union Properties PJSC has unveiled its second major project ‘Mirdad’. Spanning 356.9k sq ft, the US$ 545 million residential development in Motor City, will feature four towers offering 1.09k units, including a limited number of lofts and a range of studios to three-bedroom apartments. Residents will be able to use more than twenty-six indoor and outdoor amenities, landscaped green zones, and energy-efficient building systems to reduce environmental impact; it will also provide access to EV chargers across 50% of parking spaces, landscaped green zones, and energy-efficient building systems to reduce environmental impact. UP plans to expand its development portfolio to US$ 1.63 billion, targeting the growing demand for mid- to high-end homes in Dubai. Construction is slated for completion by Q4 2028.
H1 news from the Emirates Group show record figures, with US$ 3.3 billion of profits, attributable to strong travel demand “despite geo-political events and economic concerns in some markets”; post tax profits came in at US$ 2.9 billion – 13.0% higher compared to the same period in 2024. Revenue was up 13.0% to US$ 20.6 billion. The Group posted a record cash position of US$ 15.2 billion on 30 September 2025, which had grown 4.9% over the past six months. According to its Chairman, Sheikh Ahmed bin Saeed, “Emirates maintains its position as the world’s most profitable airline for this half-year reporting period,” and it marks a “testament to the strength of our business model and the continued momentum of Dubai’s growth as a global hub to live, work, visit, and do business in”. The Group’s employee numbers grew 3.0% to 124.93k
Emirates Airline’s H1 profit before tax was 17.0% higher at US$ 3.1 billion, with revenue, up 6.0%, at US$ 17.9 billion. In H1, to 30 September 2025, the airline received five new A350 aircraft and also added twenty-three aircraft (six A380s and seventeen Boeing 777s) with fully refreshed interiors rolled out of the airline’s US$ 5.0 billion retrofit programme. Meanwhile, dnata witnessed continued robust growth in H1 by ramping up operations across its cargo and ground handling, catering and retail, and travel services businesses. Its profit before tax was up 17% to US$ 230 million, from a record revenue of US$ 3.2 billion – 13% higher.
Microsoft has agreed to train over 300k in the UAE in AI skills – including 250k students, staff and faculty, along with 55k government employees. The Microsoft Elevate UAE programme will use sustained programmes and partnerships and cutting-edge AI tools and will form part of the company’s existing commitment in the region to skill one million people by the end of 2027. The firm will offer programmes to all education institutions in the UAE including 10k teachers and 150k students in GEMS private schools, embedding AI literacy and hands-on skills across all levels of learning. The tech giant has recently announced a US$ 15.2 billion investment in the country.
On 01 August 2015, the federal government liberalised fuel prices so that they could be aligned with market rates until the onset of the pandemic which saw prices frozen by the Fuel Price Committee, in 2020. The controls were removed in March 2021 to reflect the movement of the market once again. The approved fuel prices, by the Ministry of Energy, are determined every month, according to the average global price of oil, whether up or down, after adding the operating costs of distribution companies. After three months of almost unchanged prices, October saw marginal monthly increases for petrol, (between 2.5% to 3.1%) whilst diesel prices headed 2.9% higher. The breakdown for a litre of fuel prices in November is as follows:
Super 98 US$ 0.684 from US$ 0.755 in Nov down 3.8% YTD US$ 0.711
Special 95 US$ 0.717 from US$ 0.725 in Nov down 5.0% YTD US$ 0.681
E-plus 91 US$ 0.665 from US$ 0.703 in Nov up 0.1% YTD US$ 0.662
Diesel US$ 0.728 from US$ 0.738 in Nov down 0.1% YTD US$ 0.730
Over the first nine months of the year, Dubai Chamber of Commerce welcomed over 53.8k new member companies – a 4% year-on-year increase. Data released shows that member exports and re-exports were up 16% to reached US$ 70.80 billion, with it issuing more than 627k Certificates of Origin and processed goods worth US$ 1.05 billion through 3.74k ATA Carnets. The chamber was also responsible for supporting the international expansion of ninety local companies, marking a 20% rise on the year. It was also involved in promoting twenty-five seminars and workshops, attended by over 1.7k participants, while mediation cases grew 11%, to US$ 63 million in value; it also reviewed forty-two draft laws with business groups and held more than two hundred and twenty meetings with councils and groups to strengthen collaboration. The Dubai Chamber of Commerce continues to reinforce its role in driving economic growth and supporting the Dubai Economic Agenda (D33).
Effective from 30 October, the UAE Central Bank decided to cut the base rate on overnight deposit facilities by 25 bp to 4.15%; this was in line with the US Federal Reserve lowering its interest rates by 25 bp, for the second time this year, to 3.90%. The central bank has also decided to maintain the interest rate applicable to borrowing short-term liquidity at 50 bp above the base rate for all standing credit facilities.
Posting record figures, Binghatti Holding Ltd registered a 145% year-on-year increase in net profit to US$ 725 million for the first nine months of 2025, driven by accelerated sales, early project handovers, and the resilience of Dubai’s property market. Revenue was 238% to the good at US$ 2.44 billion, as gross profit and EBITDA climbed 143% to US$ 1.08 billion and by 139% to US$ 894 million. Total assets grew 73% year-to-date to US$ 5.99 billion, while cash and cash equivalents more than doubled to US$ 2.10 billion, as total equity rose 84% to US$ 1.58 billion; the company’s debt-to-equity ratio stood at 1.2x. Margins remained robust with gross, EBITDA and net coming in at 44%, 37% and 30% respectively. In Q3, the returns showed a 67% hike in revenue to US$ 719 million and net profit by 101% to US$ 229 million. The company’s revenue backlog stood at approximately US$ 3.81 billion, supported by strong sales to both local and international buyers, with non-resident investors accounting for about 60% of total sales.
The Dubai Financial Market has announced a net 212% surge in net profit to US$ 253 million, with revenue 138% higher at US$ 300 million. The DFM General Index (DFMGI) rose by 13.2% to close at 5,840 points, with its total market capitalisation topping US$ 271.12 billion – 9.7% higher compared to year-end 2024. Total traded value rose by 82% to US$ 36.24 billion, while the average number of daily trades increased by 48% to 13.6k. Average daily traded value was up 83% to US$ 193 million. Over the year, the bourse welcomed 82.74k new investors this year, of which 84 per cent were foreign, with its total investor base of over 1.2 million. Foreign investors accounted for 51% of total trading value, with foreign ownership estimated at 20% of total market cap; institutional investors represented 70%.
The DFM opened the week, on Monday 03 November, on 5,855 points, and having shed seven points (0.1%), the previous week, gained one hundred and thirty points (2.9%), to close the week on 6,025 points, by 07 November 2025. Emaar Properties, US$ 0.07 lower the previous week, gained US$ 0.07 to close on US$ 3.71 by the end of the week. DEWA, Emirates NBD, DIB and DFM started the previous week on US$ 0.76 US$ 7.66, US$ 2.59 and US$ 0.42 and closed on US$ 0.76, US$ 7.57, US$ 2.58 and US$ 0.43. On 07 November, trading was at three hundred and fifty-one million shares, with a value of US$ two hundred and thirty-two million dollars, compared to one hundred and twenty-four million shares, with a value of US$ one hundred and forty-four million dollars on 07 November.
The bourse had opened the year on 4,063 points and, having closed on 31 October at 5,855, was 1,792 points (44.1%) higher YTD. Emaar had started the year with a 01 January 2025 opening figure of US$ 2.24, and had gained US$ 1.40, to close on 31 October at US$ 3.64. Four other bellwether stocks, DEWA, Emirates NBD, DIB and DFM started 2025 on US$ 0.67, US$ 4.70, US$ 1.56 and US$ 0.38 and closed October 2025 at US$ 0.76, US$ 7.66, US$ 2.59 and US$ 0.42.
By 07 November 2025, Brent, US$ 0.72 (0.3%) higher the previous week, shed US$ 1.02, (1.6%), to close on US$ 63.68. Gold, US$ 115 (2.8%) lower the previous week, gained US$ 7 (0.1%), to end the week’s trading at US$ 4,004 on 05 November. Silver was trading at US$ 47.98 – US$ 0.76 (1.5%) higher on the week.
Brent started the year on US$ 74.81 and shed US$ 12.15 (13.6%), to close 31 November 2025 on US$ 64.66. Gold started the year trading at US$ 2,624, and by the end of October, the yellow metal had gained US$ 1,373 (52.3%) and was trading at US$ 3,997. Silver was trading at US$ 48.66 – US$ 19.67 (67.9%) higher YTD from its 01 January price of US$ 28.99.
With over 75% shareholding approval, Elon Musk won his battle to receive the largest corporate pay package in history that could get him as much as US$ 1.0 trillion in stock over the next decade, with investors endorsing his vision of morphing the EV maker into an AI and robotics juggernaut. Part of the deal sees him having to make vehicles that drive themselves, create a robotaxi network across the US and sell humanoid robots. Shareholders voted in favour of Tesla investing in Musk’s artificial intelligence startup, xAI. Musk has several targets to achieve to ensure this mega payout –
- Tesla to deliver delivering twenty million vehicles
- have 1 million robotaxis in operation
- sell 1 million robots
- earn as much as US$ 400 billion in core profit
- Tesla’s stock value has to rise in tandem, first to $2 trillion from the current $1.5 trillion, and all the way to $8.5 trillion
Having already signed major deals in 2025, valued at more than US$ 1.0 trillion, with the likes of Oracle, Broadcom, AMD and Nvidia, OpenAI has agreed to a US$ 38.0 billion deal with Amazon; this will enable the ChatGPT maker to reduce its reliance on Microsoft, (by giving the tech giant more operational and financial freedom), and will give it access to Nvidia graphics processors to train its AI models. Its co-founder, Sam Altman, noted that “scaling frontier AI requires massive, reliable compute” and that “our partnership with AWS [Amazon Web Services] strengthens the broad compute ecosystem that will power this next era and bring advanced AI to everyone”. This comes at a time when there are concerns that the AI bubble may soon have a major blowout, with leading AI firms increasingly investing in each other, creating a growing tangled web
Reports indicate that Nvidia, now with a US$ 5 trillion market cap, will supply more than 260k of its most advanced AI chips to various South Korean entities including the government, Samsung, LG, and Hyundai. Its chief executive, Jensen Huang, confirmed that the companies will all deploy the AI chips in factories to make everything from semiconductors and robots to autonomous; he added that it also meant that South Korea can “now produce intelligence as a new export”. No financial details were made available. The chief executive also noted that “we used to have 95% share of the AI business in China. Now we’re at 0% share. And I’m disappointed by that”; indeed, last year it claimed more than 10% of the market share in China. Donald Trump, who met with Xi Ping last week, posted that that Beijing will hold talks with Nvidia to discuss sales of its chips in China. Huang has made it clear that he would like to sell Nvidia’s state-of-the-art Blackwell chips, made by TSMC, to China, although the decision needs to be made by the US President. Samsung makes parts for Nvidia’s H20 chips, a scaled-down processor made for the Chinese market under US export rules. Meanwhile, it seems that both Huawei and Alibaba have unveiled their own chips that they say can rival Nvidia’s products for the Chinese market, whilst Beijing has also reportedly prohibited local firms from buying from Nvidia.
Having announced that it plans to sell 26.7% more Switch 2 consoles, (at nineteen million), than its first forecast, and raise its original net profit forecast by 16.7% to US$ 2.28 billion, Nintendo shares surged more than 10% to US$ 92.85 on Wednesday morning trade before dipping later in the day.
Primark posted a 3.1% decline in like for like UK sales, for the year ending 30 September, citing weak consumer confidence as the main driver, along with increased competition from even cheaper rivals, such as Shein and Temu; more of the same is expected going into 2026. The entire business saw annual profits fall by 13% to US$ 1.84 billion. Primark’s owner, Associated British Foods, commented that it was exploring splitting off the fast-fashion retailer from its food business, where it owns brands like Twinings, Ovaltine and Ryvita. ABF noted that there was a “working assumption” that a separation of Primark “is where we would like to get to”, although no decision had been made. Many analysts opine that Primark could command a much higher share price as a standalone company, separate from its food business, which ABF said was “less well-understood” by the market. The budget retailer has four hundred and seventy-six stores in eighteen countries and may have reached a size where it requires extra focus to capitalise on its growth prospects. However, the upcoming UK budget could put another nail in Primark’s coffin with tax rises that could have a negative impact on retailers. Primark, like other companies, suffered from the Chancellor’s first budget last October which resulted in higher costs, including more expensive staffing expenses, as a result of the increase in the minimum wage and a 1.2% rise to 15.0% in employers’ national insurance costs. Recent retail names that have had to close stores or enter administration include Bodycare, Claire’s and Pizza Hut which said it will be slashing the number of restaurants it operates.
Embattled Yum! Brands is exploring a possible sale of its Pizza Hut chain. It has seen several quarters of declining sales in the US which accounts for 42% of its global sales, with increased competition from rivals, such as Papa Johns and Domino’s Pizza, (which posted a 6.0% hike in its latest quarterly revenue), impacting sales. The US segment has obviously dragged down total revenue, even though several other markets are posting increased returns. Latest quarterly figures post a 1.0% dip in its existing global outlets, at a time when figures from others in the Yum! Portfolio have been moving higher – Taco Bell and KFC up 7.0% and 3.0%. Pizza Hut, with over 20k outlets, (including 8.5k in the US), accounts for about 11.0% of Yum! Brands business.
Marks & Spencer has released half yearly figures for the period to 30 September which reveals the true cost of the Easter cyberattack which left the retailer reeling and having to close its website and to see manual ordering introduced. Although revenue climbed 22.1% to US$ 10.39 billion, (with food sales up 7.8%), pre-tax profits plunged 99% to US$ 4.4 million – from US$ 512 million in the same period in 2024. Stuart Machin, its chief executive, noted that “we are now getting back on track”. The retailer commented that about US$ 131 million is being claimed back in insurance for the cyber-attack.
In Australia, Optus has confirmed a vandalised communications tower is responsible for an outage in the Hunter Valley region, affecting mobile voice and data services, and triple-zero connectivity. On Wednesday, the telecommunications company announced that a fibre break in the Port Stephens, Maitland, and surrounding areas had caused disruptions. A spokesman reported that “the ability to connect to Triple Zero may be impacted for some” while Optus technicians “remain onsite working to restore services as quickly as possible”. This was not the first outage to hit Optus –in September, it suffered two other triple zero outages, one of which was linked to three deaths. Earlier, it was fined US$ 8 million by regulators for failing to provide emergency call services in 2023 and also suffered a cyber-attack in 2022 that affected the data of around 9.5 million Australians. On Monday, the company’s CEO, Stephen Rue, faced the wrath of Australian senators at a hearing about his handling of the crisis. The report will be handed down by the end of the year – and it will be disturbing news for Optus.
SBC Chief Economist Paul Bloxham says the Reserve Bank of Australia has kept the cash rate on hold at 3.6%, following the “surprise” surge in inflation figures last week. He noted that “inflation is now the primary problem the RBA has rather than growth”.
The Federal Reserve has reduced rates by 25 bp, for the second time this year, to 3.90%.This cut will boost the US economy at a time when businesses are still digesting the finer points of the Trump tariffs and still unsure on the impact of the government shutdown, with Republicans and Democrats still gridlocked almost a month after the start of the shutdown, which has resulted in a suspension of publication of almost all government reports and data.
The main reason for the shutdown, which started on 01 October, seems to be down to the inability of Congress to agree to a new funding deal. The US government shutdown has entered its thirty-eighth day, making it the longest period of time the American government has been closed, surpassing the previous record, set in 2019 during Trump’s first presidency, which lasted thirty-five days. If not soon settled, there could be widespread chaos; for instance, the thirteen thousand US air traffic controllers have not been paid since the start of the shutdown and will not continue to work without pay as will thousands of federal workers. On top of that, there is 12.5% of the population – the low-income Americans who rely on government services – who are dependent on food assistance from the Supplemental Nutrition Assistance Program (Snap) but only a portion of that assistance is being paid out this month due to lapsed funding. A proposal for a short-term funding bill to reopen the government was passed by the House of Representatives in September but still has not been passed by the Senate.
A new report shows that in the UK, there were 800k more people out of work now than in pre-pandemic 2019 due to health conditions, costing employers US$ 110.96 billion a year, including lost productivity and sick pay. According to the report, commissioned by the Department for Work and Pensions, if nothing is done, there could well be a further 600k leaving work due to health reasons by the end of the decade, adding to the current figure of 20% of working age people out of work, due to health reasons by the end of the decade. The study also noted that the number of sick and disabled people out of work is putting the UK at risk of an “economic inactivity crisis” that threatens the country’s prosperity. It is estimated that this status quo costs the UK weaker growth, higher welfare spending and greater pressure on the NHS and that illness-related inactivity costs the UK economy US$ 276.75 billion annually or nearly 70% of income tax. The independent Office for Budget Responsibility has forecast that the bill for health and disability benefits for working age people alone will top US$ 94.38 billion over the next five years. The Chancellor has indicated that she is aiming to guarantee paid work to young people who have been out of a job for eighteen months and that those who do not take up the offer could face being stripped of their benefits.
With the Bank of England holding interest rates steady at 4.0% because it has estimated that inflation may have already peaked, the Monetary Committee said borrowing costs were “likely to continue on a gradual downward path”. The Bank’s governor, Andrew Bailey, said rather than cutting interest rates now, he would “prefer to wait and see” if price rises continued to ease this year. It seems that the upcoming budget, with the inevitable tax rises, will result in inflation levels, currently at a sticky 3.8%, moving lower and more in tune with the BoE’s 2.0% target. The question has to be asked is whether the long-standing 2.0% objective is still the right figure? The Bank has also noted that there was “no sign of increasing consumer confidence”, and that “consumers remain cautious, focused on value, and prefer saving to overspending”. In its latest Monetary Policy Report, the Bank said UK economic growth would be 1.5% this year but estimated it would fall to 1.2% in 2026, before rising to 1.6% in 2027 and 1.8% in 2028; it forecast the unemployment rate would hit 5% in the final three months of the year and remain around that level until 2028.
David Aikman, director of the National Institute of Economic and Social Research, reckons that the Chancellor has to find US$ 65.27 billion in tax rises and spending cuts at this month’s budget. Rachel Reeves will also have to find a further US$ 26.11 billion, as she has to triple the size of her fiscal headroom to US$ 39.16 billion which had been set at US$ 13.05 billion, She will also have to ensure that the UK’s debt pile is steadily falling to retain the confidence of the bond markets – otherwise the market will react as it did in the reign of Liz Truss. For what it is worth, Rachel Reeves has promised to stabilise the public finances and help bring down inflation and interest rates – but she has not got a good track record in this regard. However, the country’s public borrowing costs have slowed, as sterling weakens. She continues to reiterate that she will not revert to “accounting tricks” to meet her fiscal targets, noting that “markets know my commitment to the fiscal rules is iron-clad”; these self-imposed rules constrain her from spending that cannot be met by tax revenues by the end of the decade. However, she is on the way to becoming the first Chancellor, since Dennis Healey in 1975, to initiate tax rises in a budget and the first to hold a major public speech at 8am, as she did last Tuesday, at which she noted that she will make “necessary choices” in the Budget after the “world has thrown more challenges our way”. For the first time in her eighteen-month reign, she did not rule out a U-turn on Labour’s general election manifesto pledge not to hike income tax, VAT or National Insurance. She also promised to come up with a “budget for growth with fairness at its heart” aimed at bringing down NHS waiting lists, the national debt and the cost of living.
Another shot across the bows for Rachel Reeves came from executives of some of the UK’s major tech companies including the likes of Revolut, Funding Circle, OakNorth, Clearscore and Quantexa. It has warned the Chancellor that any tax-raising measures in this month’s budget could force them to cancel plans to list their companies on the LSE. A letter has been sent by them, and seen by Sky News, urging the Chancellor not to impose an exit tax on wealthy individuals or take other decisions “which will result in reduced confidence or hesitant investment in the UK”. It also added that she must consider “how any potential changes to the fiscal environment could stand to make the UK less attractive to existing and potential founders – which will result in reduced investment in UK start-ups and reduced innovation, will hinder efforts at driving growth, and may also delay or result in cancellation of companies’ plans to IPO in the UK”. In recent weeks, industries including banking and gambling have intensified their lobbying efforts in a bid to avoid being hit by punitive tax hikes.
Rachel Reeves became the first ever female Chancellor of the Exchequer when appointed in July 2024 and ever since then she has often said that she had no intention of coming back to the British people with yet more tax rises. Now it is an inevitability that, at this month’s budget, the question has been amended to which taxes are going to be raised, and by how much? She will have to surely break her manifesto pledge not to raise the rates of income tax, national insurance or VAT. She will go to her coffin claiming that the current economic malaise is the result of gross mismanagement by the former Tory administrations and that she bears no responsibility.
Many of her current problems are of her own making. She actually composed the fiscal rules, by which she will be marked by the Office for Budget Responsibility, and left no wiggle room, leaving herself only a wafer-thin margin against those rules. Maybe she should have followed former Prime Minister, Margaret Thatcher, who, in 1980, famously said that “The lady’s not for turning”. However, it seems that she and her leader are in a different class when it comes to U-turns including on welfare reforms, winter fuel, employers’ national insurance contribution and extra giveaways they have yet to provide the funding for, such as reversing the two-child benefit cap. There is no doubt that the upcoming budget may prove that Rachel Reeves has taken One Step Too Far!
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