Anthony Albanese has struck a multi-billion dollar deal with Donald Trump to develop critical minerals projects in Australia that will never be commercially viable. When it’s laid out like that, it very much sounds like our prime minister fell victim to the president’s “art of the deal”. But we are in a new world where the national value of our critical minerals extends beyond economics, experts say. “This is a really significant deal, and I’m surprised how good it is,” says Hayley Channer, the director of the economic security program…
Tag: Economic policy
Starmer only read China spy witness statements this morning, No 10 says, as Cleverly accuses PM of misquoting him – as it happened
From 17h ago Starmer only read China spy case witness statements this morning, No 10 says Here are the main lines from the NO 10 post-PMQs lobby briefing. The PM’s spokesperson explained why the government was publishing its China spy case witness statements now, when yesterday officials were saying the CPS were opposed to this. The spokesperson said: Prior to last night, the CPS had made clear that witnesses have an expectation that their evidence will not be publicly discussed in those circumstances. The CPS had also advised that to…
Tories would abolish stamp duty, Badenoch tells party conference – UK politics live
From 2h ago Badenoch says next Tory government will abolish stamp duty Badenoch says, because of all the savings she has promised, she can afford one more announcement. As the Conservative party, we know who our people are. They are people who work hard, they are the people who plauy hard, they are the people who understand the importance of putting down roots. They are the people who make sacrifices today for a better life. They are also people who want to own their own home, she says. But there…
Term ‘disabled’ being used too widely, shadow work and pensions secretary says – UK politics live
From 44m ago Helen Whately, shadow work and pensions secretary, suggests term ‘disabled’ being applied too widely if 25% of people qualify Helen Whately, the shadow work and pensions secretary, has suggested the term “disabled” is being over-used if it applies to around a quarter of people. She made the claim in her speech in which she defended the Tory plan to cut benefits – which the party now says could save £23bn a year. (See 8.09am.) She said: We are here because we know we have a really important…
Chairman Trump: has the US turned its back on free-market capitalism?
When Ronald Reagan became the first US president to address China’s Great Hall of the People in 1984, he did not waste an opportunity to school his audience on the benefits of the American way. He boiled down his central economic ideology, and that of his Republican party – that governments should get out of the way, allow companies, industries and markets the space the thrive, without intervention – into a simple mantra: trust the people. “These three words are not only the heart and soul of American history, but…
Ditching European trade for China and India was ever a poor bet. Now it’s a farce | Will Hutton
The world has changed since, post-Brexit, “Global Britain” set itself to “pivot” from sclerotic Europe towards booming Asia. Always a fanciful idea that disregarded Asian realities, it has now become farcical. Neither China nor India are proving the easy pickings on which “buccaneering” Britain could ride to economic success, denied through being tied to the “corpse” of an EU economy allegedly shackled by regulation and tax. Brexiter ambitions are turning to ashes. Instead, there is China, run by an ever more openly dictatorial and militarily ambitious communist government. Its economy is…
UK will not return to close relationship with China of Cameron era, Sunak says
Rishi Sunak has said the UK will not have a return to the close relationship with China pursued under David Cameron, as the prime minister met business leaders in an effort to drum up foreign investment. The government on Monday said £29.5bn of new investment had been earmarked for the UK, including projects by the ScottishPower owner, Iberdrola, and BioNTech, the German company which partnered with Pfizer on its Covid vaccine. Sunak met the heads of multinational firms including Goldman Sachs, Blackstone and JP Morgan at the summit in Hampton…
HSBC executive apologises for calling UK weak over China
A senior executive at HSBC has apologised after saying the “weak” UK government had caved in to the US in its approach to doing business with China. Sir Sherard Cowper-Coles, the bank’s head of public affairs and a former British diplomat, said sorry after “sharing his personal views” on Britain’s policy towards Beijing at a private event, a spokesperson for HSBC said. They added that Cowper-Coles’s comments were made under the Chatham House rule, a longstanding convention that means those in attendance cannot attribute remarks at an event to individual…
China sets modest economic targets as it seeks to bounce back from Covid woes
China has set a target of 5% GDP growth in 2023, its outgoing premier has said in a speech to the ruling party’s rubber-stamp parliament – a goal that is at the lower end of analysts’ expectations and follows a 2022 figure that came in far below target. The “work report” speech on Sunday also touched on foreign affairs and re-emphasised the Chinese Communist party’s (CCP’s) aim to annex Taiwan. Budget papers confirmed another consecutive rise in defence spending of 7.2%, slightly up on last year’s rise of 7.1%. Li…
The pendulum swung against globalisation in 2022 – and that’s no bad thing | Larry Elliott
This was supposed to be the year when things returned to normal. After the collapse of activity during the months of lockdown in 2020 and the supply bottlenecks of 2021, the hope was that 2022 would call time on an era of seemingly permanent crisis. It hasn’t quite turned out like that. Indeed, 2022 is shaping up to be a pivotal year for the global economy, taking its place alongside the end of the Bretton Woods fixed exchange rate system in 1971, the reunification of Germany in 1990 and the…