News
Good morning and welcome to the start of your bank holiday weekend. Topics we are covering this morning include:
- The State of the UK Economy
- Reflections on the Chancellor's Mini-Statement on Cost of Living
- Contingency Plans For a Summer of Gulf Conflict
The State of the UK Economy
UK Purchasing Manager's Index (PMI) suggest a drop in UK GDP in April, after deceptively good GDP figures for February. Add to this the publication of UK borrowing figures for Q1 showing borrowing yet again exceeded OBR forecasts and government targets. The UK Chancellor has had a brief reprieve from negative statistics, but all of the signs are pointing to things getting worse in the near future - especially with continued disruption from two wars.
- Read the latest S&P Global Flash UK PMI
- Read The Times article on UK borrowing exceeding forecasts and targets
Reflections on the Chancellor's Mini-Statement on Cost of Living
On Thursday the Chancellor announced a package of small savings targeted at parents, for the limited time of the school holidays in the UK in July and August. These seem to have landed somewhat poorer than the Chancellor was no doubt hoping - and many have pointed out that a number of the changes in the package are only possible due to the UK having left the EU.
- Read the Chancellor's statement in full from the Hansard website
- Read our news item on the "Great British Summer Savings" statement from the Chancellor
Contingency Plans For a Summer of Gulf Conflict
The government announced this week that it was applying a new batch of sanctions on Russia in the continued effort to hamper their war in Ukraine, but as part of that announcement backtracked on a previous commitment in October, opening up the ability for the UK to purchase jet fuel from Russia. This has been received very poorly in the British media, with Labour MPs appearing on news outlets struggling to explain why such behaviour should be approved of.
