Government debt and budgets

October 2026

1. Mon 1909:19Our research
   Why is the Albanian lek so strong? Who gains, who pays, and what nobody counts

   The Albanian lek is so strong that no floating currency has gained more since 2019. Tourism leads; import prices did not fall, but the state's debt ratio did.

   NoteK.V.52 min
2. Sun 1814:48Policy
   Interest on the national debt tops $1tn for the first time, more than defence

   US net interest on the national debt hit $1,051.8bn in fiscal 2026, up 8.4%, Treasury figures show. It now costs more than defence and a fifth of revenue.

   Market noteThe Notebook Desk3 min
3. Mon 1206:31Policy
   UK Budget 2026: the IFS says Healey faces a £35bn choice of tax rises or cuts

   Before the UK Budget 2026, the IFS says inflation will squeeze public services. Avoiding cuts and funding defence could need £35bn of tax rises or benefit cuts.

   Market noteThe Notebook Desk4 min
4. Tue 607:03Currencies
   Euro falls to a 17-month low on French debt and Spain's snap election

   Why is the euro falling? French bond yields jumped, Spain called a snap election, and the euro hit $1.1204, its lowest since May 2025. The figures behind it.

   Market noteThe Notebook Desk3 min