France & United Kingdom — HM Treasury

France: French yields reached their highest since 2008/2009, driven by high government spending and debt.

United Kingdom — HM Treasury: The Treasury faces rising borrowing costs, with recent auctions at multi-decade high yields. Its decision to sell euros in intervention with Japan suggests concerns about bond market strains.

France: France's expected defense spending of 2.5% of GDP is mentioned for comparison, and the United Kingdom has signed major defense agreements with France.

United Kingdom — HM Treasury: United Kingdom — HM Treasury is accused by John Healey of being unwilling to commit sufficient resources to the Defence Investment Plan, leading to the delay and eventual resignation of the Defence Secretary. This highlights the government's struggle to balance defense spending with other fiscal priorities.

France: France is a key European nation that has implemented a 3% digital services tax, directly leading to Donald Trump's threats of 100% tariffs on French wine and champagne. France has stated it will not bow to US pressure.

United Kingdom — HM Treasury: The United Kingdom — HM Treasury in the UK has been contacted for comment regarding Donald Trump's tariff threats, indicating its involvement in managing trade relations.

France: Macron congratulated Burnham, seeking closer ties.

United Kingdom — HM Treasury: Healey appointed Chancellor; fiscal rules remain but flexibility sought.

France: UK ally in E5.

United Kingdom — HM Treasury: Burnham has pledged to stick to fiscal rules, reassuring markets. The Treasury will play a key role in funding his plans.

France: France requested an emergency meeting of the International — United Nations Security Council regarding the Israeli offensive in Lebanon, demonstrating international concern and diplomatic efforts.

United Kingdom — HM Treasury: The yield on the 10-year United Kingdom — HM Treasury>>> edged down slightly, but remains elevated due to ongoing inflation worries.

France: Macron held call with Burnham.

United Kingdom — HM Treasury: Implements VAT cut; cost £850mn in 2026/27.