Organisation for Economic Cooperation and Development

The Organisation for Economic Cooperation and Development (OECD) has urged the UK Labour Party to abandon its triple-lock pensions promise, arguing it exacerbates public finances and creates significant fiscal risks. The policy, which annually increases the state pension by the highest of wage growth, inflation, or 2.5%, is criticized for straining UK public finances.

The Federal Board of Revenue (FBR) in Pakistan is proposing to replace monthly tax collection targets with a fiscal-year-based performance evaluation system to reduce short-term pressure on field officers and focus on annual outcomes. The shift aligns with broader tax administration reforms, including centralised technology-driven enforcement and a reallocation of responsibilities to the Tax Policy Office and Tariff Policy Board.

EU trade chief Maros Sefcovic met with China’s chief international trade negotiator Li Chenggang to address trade concerns, emphasizing the need for practical approaches to tackle non-market practices. Sefcovic called for 'meaningful discussion' to resolve growing tensions between Brussels and Beijing.