News

The Bulgarian National Assembly has elected Simeon Dyankov, a former Finance Minister and economist, as the new Chairman of the Fiscal Council. This independent body is responsible for monitoring and analyzing the country's budget framework to ensure sustainable public finances and compliance with fiscal rules.

Bulgarian European Prosecutor Teodora Georgieva has been temporarily suspended from office while the EPPO investigates allegations of illegal actions related to a public procurement contract for the Chiren gas storage facility. Georgieva claims that Delyan Peevski, leader of the DPS – New Beginning party, demanded 10 million euros from subcontractors on the project and exerted pressure on the companies involved.

British Steel's Scunthorpe steelworks faces closure with up to 2,700 jobs at risk due to mounting financial pressures, high environmental costs, and the ongoing impact of Trump-era tariffs. The company is seeking government support to transition to cleaner electric arc furnace technology, but negotiations have failed.

Next has become the fourth UK retailer to achieve annual pre-tax profits exceeding £1 billion, driven by strong full-price sales and successful acquisitions. However, the company remains cautious about the second half of the year due to upcoming tax increases and their potential impact on consumer confidence.

The UK faces a daunting financial challenge with a projected debt interest bill of nearly £600 billion over the next five years, driven by soaring borrowing costs, weak economic growth, and mounting fiscal pressure. Despite cuts announced by Chancellor Rachel Reeves, the OBR warns of a record debt burden, sluggish growth, and a precarious fiscal situation.