Winding Up is 9fin's weekly newsletter, incorporating summaries and commentary from our European distressed coverage for the past week. Find out more about what we do for distressed here.

The dreaded UK government Autumn Budget — Labour's first Budget in 14 years — was delivered by Chancellor Rachel Reeves on 30 October, spreading concerns about the new scale of government borrowing.

The Budget features tax rises worth £40bn to fund the NHS and other public services, a £70bn annual increase in public spending and the plan to boost public investment by over £100bn over the next five years.

Some of the measures may also affect wage growth for workers, as businesses will have to absorb the costs of paying higher National Insurance employer contributions and will likely reduce salaries and provide smaller pay rises.