UK Economics

1. Britain hosted the first global artificial-intelligence summit at Bletchley Park. Attendees included Kamala Harris, the American Vice-President, Wu Zhaohui, China’s vice-minister of science and technology, and Elon Musk. The conference aimed to set out international rules for the safe and responsible development of AI.
2. The Bank of England held interest rates at 5.25%, a 15 year high, warning that policy would stay tight for an “extended period of time”. The central bank said growth would remain “well below historical averages” over the medium term.
3. The NHS has demanded £1bn in additional funding in the Autumn Statement to cover the costs of strikes that led to the cancellation of 1.2mn operations and appointments. Chancellor Jeremy Hunt will deliver the Autumn Statement on 22nd November.

World Economics

1. The US Federal Reserve held interest rates at 5.25-5.5%, a 22 year high. US stocks rose after a month of decline, while the two-year Treasury yield fell to 4.63%, its lowest level in three weeks. Fed chair Jay Powell said that “the committee is not thinking about rate cuts right now at all”.
2. The Bank of Japan relaxed its policy of capping long-term interest rates for the second time in three months. The ten-year government bond yield can now rise above 1%. This decision was attributed to the sharp rise in American bond yields.
3. FTX founder Sam Bankman-Fried was convicted of fraud and money-laundering and faces a maximum sentence of 110 years in prison. FTX had collapsed last year after an $8bn hole was uncovered in its balance sheets and millions of customers were prevented from withdrawing their funds.
4. China’s manufacturing industry shrunk again in October, the sixth such contraction in seven months. The shipping industry has stepped up efforts to build steel containers outside China, after the COVID pandemic revealed an over-reliance on the world’s second largest economy.
5. The United Auto Workers union ended a six-week strike after reaching deals with Ford, General Motors, and Stellantis, agreeing to a 25% pay rise for four years. GM estimated the stoppages were costing it $200mn a week, while Ford claimed to have lost $1.3bn as a result.

UK Politics

1. Keir Starmer’s continued opposition to a ceasefire in Gaza has attracted criticism from senior Labour figures, including Sadiq Khan, Andy Burnham and Scottish Labour leader Anas Sarwar. 50 Labour councillors and 1 Labour frontbencher, Imran Hussain, have resigned in protest.
2. The Home Secretary Suella Braverman has sparked a row with the Met Police, accusing them of a “double standard” after they refused to ban a pro-Palestinian march in London scheduled for Armistice Day. She has been criticised for comparing the protests to Republican demonstrations in Northern Ireland.
3. In the King’s Speech on 7 November, the government set out plans for more offshore petroleum licensing, a phased smoking ban, leasehold/renting reform and harsher criminal justice laws, especially for sexual offenders.

World Politics

1. The IDF continued its incremental advance into northern Gaza, slowly closing in on Gaza city. On 9 November it reported that it had captured a Hamas stronghold west of Jabalia after a 10-hour battle. 
2. Israel has continued its controversial air strikes. Gaza’s Hamas-run health ministry claims that 10,500 Palestinians have now been killed since 7 October. 
3. On 7 November gubernatorial and legislature elections were held in some US states. The Democrats performed well, retaining the governorship of Kentucky and winning unified control of the Virginia General Assembly. Notably, Ohio voted to enshrine abortion rights into the state constitution while legalising cannabis.
4. G7 foreign ministers met in Tokyo on 7-8 November. They published a joint statement calling for humanitarian pauses in Gaza and the withdrawal of Russian forces from Ukraine. They also called for peace in the Taiwan Straits and a level of autonomy for Hong Kong, which China described as “inciting confrontation”. 
5. On 6 November the Australian Prime Minister Anthony Albanese paid a state visit to China. The two countries are in the process of resetting their relationship after years of rising tensions, as they concluded an agreement to create new multi-entry visas.

Written by Zihan Tian and Edgar Brown