The UK’s new Labour government has announced its first budget with big tax rises it says are needed to restore public services. Rahul Tandon examines whether a single budget has the power to transform an economy, and the challenges facing many high-income countries as they wrestle with budget holes and high debt. Elsewhere, embattled car giant Volkswagen reports a drop in profits, coming soon after reported layoffs and plant closures. Also, the Bank of Japan is set to announce interest rates, the first meeting since the country’s snap election. You can contact us on WhatsApp or send us a voicenote: +44 330 678 3033. We would love to hear from you.