Trade war and recession

Published 12 May comments Comments Share close Share page Copy link About sharing The risk of a recession has risen, analysts have warned, after the economy shrank during March just as the UK had recovered from the pandemic. Higher prices are "beginning to bite", the UK statistics body said , with people spending less and cutting down on car journeys due to high fuel costs. The impact of higher energy bills in April has also yet to be seen. The economy grew by 0.8% over the first three months of the year, but in March it shrank by 0.1% as people cut back. The main boost to the economy came in January, as hospitality and travel industries recovered from coronavirus pandemic restrictions. However, that came before the war in Ukraine and before households began to feel the pinch of higher prices. Paul Dales, chief UK economist at Capital Economics, said the … [Read more...] about Recession fears grow as rising prices hit spending

By Tom Espiner Published 2 hours ago comments Comments Share close Share page Copy link About sharing The pound has fallen to a two-year low against the dollar reflecting traders' increasing concerns about recession around the world as energy prices continue to soar. But sterling is also weak because markets are worried about future UK economic growth, analysts said. Sterling could fall even further after predictions of economic stagnation and as inflation rises, they added. London shares regained some ground on Wednesday following Tuesday's falls. The resignation of two senior government ministers on Tuesday evening, including former Chancellor Rishi Sunak, was not a significant factor in the pound's fall, Rabobank head currency strategist Jane Foley told the BBC Radio 4 Today programme. UK household energy bills to hit £3,000 per year Sunak … [Read more...] about Pound slides to two-year low against the dollar

Auberon Waugh's death at the age of 61 is more sad than surprising. His immediate heredity wasn't promising - his father died at 62, his mother at 57 - and he suffered from ill-health all his life, partly resulting from severe wounds sustained during National Service at the age of 18. That may, in part, have accounted for the acidic personality which made him the most verbally brutal journalist of his age. Everyone who met him remarked on the contrast between his ferocity in print and his personal geniality, but this was hard to explain to those who didn't know him, especially if they had been on the rough end of his pen. Apart from health, his background shaped his career in one other respect. He spent much of his life trying to escape from the shadow of his father, the greatest English novelist of his age. This provided an obvious weapon for Auberon's enemies. Philip Larkin joked about "my projected series, Talentless Sons of Famous Fathers - Waugh, Amis, Fuller...", and for … [Read more...] about Auberon Waugh

A delegation of Cabinet ministers are set to meet Boris Johnson at No10 as he heads out of a car crash Liaison Committee meeting this evening to tell him to go. 'Men in grey suits' Welsh Secretary Simon Hart, grim-faced Transport Secretary Grant Shapps and Northern Ireland Secretary Brandon Lewis are set to tell the Prime Minister he had lost the confidence of his party. The revelation the PM knew about claims against “grope” accused MP Chris Pincher, then promoted him, then “forgot” he’d been told, was the last straw for many MPs. Chancellor Rishi Sunak and health secretary Sajid Javid led the way yesterday for a wave of Tory resignations . The doomed PM has seen dozens of his own MPs quit in 24 hours, including ministers, parliamentary private secretaries and trade envoys. Meanwhile, Tories have discussed changing the rules of no confidence votes - to force the PM out as soon as next week if he opts to squat in No10. In a day of feverish drama at Westminster the … [Read more...] about Boris Johnson leadership LIVE: Cabinet members queue up to tell PM he must quit

Shameless Boris Johnson has told friends he will "smash on" despite a string of resignations. The Prime Minister is said to have declared "I'm not going anywhere” despite Rishi Sunak , Sajid Javid and his Solicitor General all resigning last night. But MPs have other ideas - with a string of Tories from across the spectrum reading him the “last rites”. While the Cabinet are now mostly firm, the PM is being rocked by a string of junior resignations from government. Between 6pm on Tuesday and 2pm on Wednesday 21 MPs resigned from the government - nine ministers, nine parliamentary private secretaries, two trade envoys and one Tory vice chair. Back bench MPs across the spectrum, from moderate ex-ministers Chris Skidmore and Nick Gibb to culture war Red Wallers Jonathan Gullis, Tom Hunt and Lee Anderson, have charged over the top. For so many MPs, the revelation the PM knew about claims against MP Chris Pincher, then promoted him repeatedly, then “forgot” he’d been told, is … [Read more...] about All the Tories brutally turning against Boris Johnson’s leadership as MPs ‘read last rites’

Boris Johnson has said leaving Number 10 would not be the ‘responsible’ thing to do, given the challenges facing the country. The prime minister has been badly wounded by a wave of resignations from senior colleagues and junior ministers calling for him to step down. Reports suggest a delegation of Cabinet ministers – said to include Grant Shapps and Brandon Lewis – are heading to Downing Street to tell him he should quit . Michael Gove is thought to have already done so . Mr Johnson appeared before the Liaison Committee on Thursday, during which he was confronted with one of his own past quotes about leaders who cling to power long after they have lost all authority. Labour MP Darren Jones challenged the PM: ‘”When a regime has been in power for too long, when it has fatally exhausted the patience of the people, and when oblivion finally beckons – I am afraid that across the world you can rely on the leaders of that regime to act solely in the interests of … [Read more...] about Boris says it wouldn’t be ‘responsible’ for him to leave Number 10

Boris Johnson ’s government has continued to slowly fall apart as a growing number of ministers head for the door. A wave of resignations was triggered when health secretary Sajid Javid left the Cabinet last night over the handling of the Chris Pincher groping scandal. Minutes later, chancellor Rishi Sunak walked, two moves which threatened to bring down the government entirely. Outrage is growing over Johnson’s admission that he knew about a sexual assault allegation when he promoted him to deputy chief whip. No 10 changed its line a few times – initially saying the PM wasn’t aware of the claims, then saying they were either ‘resolved’ or ‘did not progress to a formal complaint’. But then, a former top Foreign Office diplomat Simon McDonald revealed that complaints made about Pincher’s behaviour in 2019 were indeed made at an official level. Since then, there has been a steady drip of resignations from government, including from solicitor general Alex Chalk and … [Read more...] about Slow motion collapse of Boris’s government continues as more ministers quit

Cost of living: Tesco boss warns of spike in food bank use Sign up and receive our free daily stars from Russell Grant SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info The supermarket giant is refusing to “pass on unjustifiable price increases" to customers as suppliers escalate their prices amid soaring inflation. Mars Petcare products, which include pet food favourites Sheba, Cesar dog food and Iams, will also not be available to customers. The latest supply row comes after Heinz ketchup and baked beans were pulled from Tesco’s shelves last week as the cost-of-living crisis continues. Related articles Keep bread fresh for 3 weeks with simple food storage hack Prince Harry pushes 'regal brand' and 'heritage' in … [Read more...] about ‘Going to the dogs!’ Tesco to no longer stock Whiskas and Pedigree pet food amid price row

Published 38 minutes ago Share close Share page Copy link About sharing Prime Minister Boris Johnson has told Scotland's first minister that now is not the time to hold a second independence referendum. His letter to Nicola Sturgeon came on the day dozens of his own ministers and aides called for him to quit . Last week the FM wrote to Mr Johnson saying she was ready for talks to negotiate the powers to hold the vote. Ms Sturgeon said she had received his reply and questioned whether it would be one of his final acts as PM. Both the Chancellor Rishi Sunak and Health Secretary Savid Javid resigned from their positions on Tuesday evening. PM vows to keep going amid pressure from ministers Follow live updates Can Boris Johnson survive these resignations? They went within minutes of each other following a row over Mr Johnson's decision to appoint Chris Pincher … [Read more...] about Beleaguered Boris Johnson rejects Nicola Sturgeon’s indyref2 call

Johnson returns to No 10 following Sunak and Javid resignations Sign up for FREE now and never miss the top politics stories again SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info But he insisted to allies the failed bid to force him out of Downing Street marked a “moment of liberation” that will allow his Government to pursue a true-blue Tory agenda to win the next general election. Mr Johnson was said to be in a “resolute and determined” mood and carrying on with “business as usual” following the extraordinary acts of disloyalty by the two senior ministers. Related articles Queen could be forced to jet back to London as Boris's Cabinet spirals Zahawi forces beleaguered Johnson to name him as Chancellor He … [Read more...] about PM’S BATTLE FOR SURVIVAL: Defiant Boris vows to FIGHT ON and SLASH taxes for millions