UK Economics

1. On 10 October the UK government published a set of proposals to reform employment law, as part of its manifesto commitment to deliver a new workers’ bill of rights. The 28 policies include day one employment rights, abolishing fire and rehire and updating trade union legislation.
2. On 11 October the Office for National Statistics announced that the UK economy grew by 0.2% in August. This represents an improvement on June and July which saw zero growth, but a slowdown compared to the first half of the year which saw the UK grow at the fastest rate of any G7 member.
3. The Dubai-based logistics firm DP World, which owns P&O ferries, has decided to pull out of a proposal to invest £1bn into its main London port. The move came after transport secretary Louis Haigh called the firm a “cowboy operator” due to its employment practices.
4. On 12 October the government appointed Clare Barclay, a Microsoft executive, to chair Britain’s new Industrial Strategy Advisory Council. The body has been set up by the new government under the oversight of business secretary Jonathan Reynolds, in an attempt to attract more investment to the UK. 

World Economics

1. The European Central Bank is expected to cut its key interest rate by 0.25 percentage points due to weak economic data, with further cuts likely in December and early 2024, as inflation falls below its target.
2. China’s deflationary pressures intensified in September, with consumer prices rising only 0.4% and producer prices falling 2.8%. Weaker-than-expected inflation reflects the impact of a property crisis and sluggish household demand. While Beijing has announced monetary stimulus, markets are awaiting more detailed fiscal measures.
3. US inflation fell to 2.4% in September, exceeding expectations and reinforcing predictions of a quarter-point interest rate cut by the Federal Reserve in November. The figure, while below August’s 2.5%, was higher than the anticipated 2.3%. 
4. The EU is launching an anti-dumping investigation into cheap plywood imports from China, responding to complaints from domestic producers about unfair pricing, possibly linked to Russian timber. This follows recent tariffs on Chinese EVs, which China retaliated against with tariffs on EU brandy.

UK Politics

1. On 10 October Conservative MPs voted to decide the final two candidates for the leadership. In a shock result James Cleverly was knocked out, despite a strong performance as the party conference and a 1st place finish in the previous round. 
2. Conservative members will now choose between Kemi Badenoch and Robert Jenrick to take over the leadership. An online ballot will take place from 10-31 October to decide the winner, who will be announced on 2 November.
3. On 12 October Alex Salmond, former leader of the SNP and architect of the 2014 independence referendum, passed away aged 69. Tributes have poured in, including from former Prime Minister Rishi Sunak, who stated that “While I disagreed with him on the constitutional question, there was no denying his skill in debate or his passion for politics.”
4. On 14 October the government held an international summit in London. The gathering, attended by government ministers and CEOs of major multinationals, is intended to attract more investment to the UK. 

World Politics

1. Former President Barack Obama was seen out on Kamala Harris’ campaign trail during the week, delivering a speech on 10 October in Pennsylvania – one of the key battleground states of the upcoming election – in which he slammed his successor as president and Republican presidential nominee Donald Trump for fueling the spread of misinformation regarding the recent hurricanes that have swept the country. 
2. Israeli Prime Minister Benjamin Netanyahu has demanded that the UN remove its peacekeepers from southern Lebanon. Mr Netanyahu reasoned that UN peacekeepers were “providing a human shield for Hezbollah.” On 11 October, the Israeli Defense Forces (IDF) announced that they would conduct a “thorough review” after strikes in Lebanon injured two peacekeepers.
3. On 11 October, the New Yorker and the Times published excerpts from Alexei Navalny’s memoir, Patriot, in what serves as a posthumous record of Mr Navalny’s last years. Mr Navalny – a staunch critic of President Vladimir Putin – died in prison in February 2024. Mr Navalny in the memoir predicted himself in March 2022 that he would die in prison.
4. In two back-to-back rallies on 9 October, former President and Republican presidential nominee Donald Trump ruled out the possibility of another presidential debate with Vice-President Kamala Harris. Earlier in the week, Mr Trump ruled out an invitation from CNN for a debate which was accepted by Mrs Harris.

Written by Shreyas Veturi, Keshav Hajarnavis, Edgar Brown