World Economics:  Trump’s 25% tariffs on steel and aluminium come into effect globally, with Europe and Canada announcing swift retaliation. As of Wednesday morning, European Commission President Ursula von der Leyen announced European countermeasures, stating that the measures are “strong but proportionate,” imposing €26 billion worth of tariffs on US goods from April 1st. Canada is also set to retaliate with $20.7 billion in tariffs, … Continue reading News Briefing – 14/03/25

World Politics  European leaders, along with allies like Canada and Turkey, have agreed on a plan to support Ukraine amid the ongoing war with Russia. The UK committed £1.6 billion in loans for Ukraine to purchase over 5,000 air defense missiles, as part of a broader $3.2 billion aid package.   US support for Ukraine has reached a new low after US military aid for Ukraine … Continue reading News Briefing – 05/03/2025

World Economics: The International Monetary Fund (IMF) has issued a warning that increased global protectionism and tariff hikes will threaten world economic growth, highlighting that if tariffs hit a ‘sizeable swath’ of world trade by mid-2025, it would wipe 0.8% from economic output in 2025 and 1.3% in 2026. IMF’s top economist Pierre-Olivier Gourinchas has argued that increased tariffs are ‘harming basically everyone…including the US.’ … Continue reading News Briefing – 25/02/2025

UK Economics Retail sales volumes fell by 0.7% in October 2024 within the UK, with fashion retailers being affected the most. This decline follows the 0.8% increase in sale volume observed in October 2024 – shedding light on challenges in the retail industry. According to the ONS, the UK’s Consumer Price Index (CPI) in October 2024 was at 2.3%, up from the 1.7% reported in September 2024; Rising … Continue reading News Briefing – 19/01/2025

UK Economics On 12 November the Office for National Statistics announced that the UK unemployment rate rose to 4.3% in the three months to September, up from 4% last quarter. Uncertainty surrounding the recent budget, particularly the increase to employer national insurance, has been blamed by some for this rise in unemployment. Figures released on 15 November also suggest that the UK economy grew by … Continue reading News Briefing – 18/11/2024

UK Economics On 3 October Andrew Bailey, Governor of the Bank of England, announced that the Bank may start being a “bit more aggressive” in cutting interest rates moving forward. This has come after the Bank held its base rate at 5.0% in September. Bailey’s announcement has prompted a rise in hot money flows exiting the UK. On 3 October the Pound fell 1% against … Continue reading News Briefing – 08/10/2024