Financial Times – Luxury cars held at US ports after VW discovers banned Chinese part 

The Financial Times reports that Jeremy Hunt is considering “slashing billions of pounds from public spending plans” to fund pre-election tax cuts if he is penned in by tight finances in next month’s budget. 

The paper writes that Treasury insiders said the chancellor was looking at “further spending restraint” after 2025, if official forecasts suggested he did not have enough fiscal headroom to pay for “smart tax cuts”. 

The paper also reports that billionaire British co-owners of supermarket Asda “borrowed millions more” from their petrol station company to repay debt taken on to buy two private jets.