UK Economics

1. Data released on 4 June showed that admissions to private hospitals hit a record high of 898,000 over the course of 2023. This comes as many patients turn away from the NHS, which has been beset by worker shortages and record waiting lists.
2. On 5 June the Conservatives unveiled a new campaign, claiming that a Labour government would cost the average household £2000 more in taxes. This claim was immediately dealt a serious blow when senior civil servants in the treasury confirmed that the figure had not been produced by their independent estimates.
3. Rishi Sunak has pledged to implement £12bn in cuts to welfare spending should the Conservatives win the general election. The Prime Minister described the cuts as part of a “moral mission” to get people off benefits and into work.
4. The Conservative manifesto, which will be published on Tuesday, is also expected to promise first-time buyers a permanent exemption from stamp duty for homes worth up to £425,000. 

World Economics

1. European buyers are looking to lessen their reliance on China, according to sourcing executives, as Belgium tightens inspection of commodities from the nation by launching probes into Chinese government manufacturing subsidies. The European Commission is anticipated to announce any additional taxes on Chinese electric vehicle imports soon.
2. The US labour market added 272,000 jobs in May, considerably exceeding forecasts, delaying market expectations for the timing of Federal Reserve rate decreases. Last month’s non-farm payroll numbers from the US Bureau of Labour Statistics fell short of a Bloomberg poll of economists’ projection of a 180,000 increase.
3. The European Central Bank has cut interest rates for the first time in nearly five years, but warned that future cuts would be contingent on price pressures easing further. Thursday’s quarter-point decrease to 3.75 percent is yet to be matched by central banks in the United States and the United Kingdom, following the most significant price increase in a generation.
4. China has become one of the Philippines’ top bilateral infrastructure lenders –  $9.1 billion between 2000 and 2022; but these funding commitments fluctuate dramatically with the two countries’ volatile political relationship. New analysis warns that lenders may shift focus as Beijing and Manila clash in the South China Sea.

UK Politics

1. On 4 June Nigel Farage announced that he would return to lead Reform UK into the general election. Farage will stand in the Essex seaside town of Clacton. The announcement comes just days after claiming that he would not be running as an MP.
2. On 5 June the recently elected Welsh first minister, Vaughan Gething, lost a vote of no-confidence in the Senedd. While the motion was non-binding, the defeat came after Gething came under fire for accepting a £200,000 donation from a company convicted of breaching environmental laws.
3. On 6 June Rishi Sunak controversially left D-Day commemorations in France before the end of ceremonies in order to attend a campaign interview. Despite giving an immediate apology, Farage claimed that Prime Minister has “deserted veterans”.
4. Also on 6 June, the Conservative party chairman Richard Holden attracted criticism for abandoning his seat in North West Durham in order to stand in the Conservative safe seat of Basildon and Billericay in Essex. Holden was the only candidate presented by CCHQ to the local Conservative party, fuelling accusations that he has been ‘parachuted’ into the seat.

World Politics

1. On 4 June, Indian Prime Minister Narendra Modi was re-elected for a third consecutive term. Although his Bharatiya Janata Party (BJP) emerged victorious, the margin of victory was considerably smaller than what most pollsters had predicted.
2. On 2 June, populist candidate Claudia Sheinbaum was elected as Mexican Prime Minister. Mrs Sheinbaum, aged 61, will take over from the current prime minister (Andres Manuel) on 1 October.
3. On 6 June, world leaders convened in Normandy to commemorate the 80th anniversary of the allied invasion of France (D-Day). The event was partly overshadowed by the actions of UK Prime Minister Rishi Sunak, who left the event early.
4. On 3 June, the Chinese Foreign Ministry denied allegations made by Ukrainian President Volodymyr Zelenskyy that Beijing is trying to pressure other countries into not attending an upcoming Ukraine peace summit. The peace talks, scheduled for 15-16 June, will focus on the Russian invasion of Ukraine which began in February 2022.

Written by Edgar Brown, Shreyas Veturi and Keshav Hajarnavis