Business secretary expects to call in Czech billionaire’s Royal Mail takeover for review; Ryanair profits fall 46% – as it happened

UK business secretary Jonathan Reynolds says it is reasonable" to expect Daniel Kretinsky's 3.6bn takeover of Royal Mail would be subject to government review

The UK government will need to raise taxes, increase borrowing or make spending cuts unless it can grow the economy by at least three times this year's expected rate, according to analysis by the International Monetary Fund.

Economic growth would need to be around 2.6% in each year of parliament from next April before Labour can claim to have stabilised the public finances.

Delivering economic growth will require tough choices and difficult decisions.

That is why we have already started to take the action necessary to fix the foundations of our economy, so we can rebuild Britain and make every part of our country better off.