Bank of England’s top economist dismisses hopes of big interest rates cuts in further blow to Rachel Reeves

The US import costs of steel and aluminium are projected to rise by over $100 billion following Donald Trump's recent tariff increase to 50%. This new levy, effective Wednesday, adds an estimated $52.6 billion annually to steel and aluminium costs, doubling previous forecasts. Analysts note that the complex tariff landscape complicates predictions for trade flow and price changes, while US manufacturers may need to raise prices by 2% to maintain profits amid rising costs, impacting...

EU countries have finalized revisions to air passenger rights after 12 years, increasing the delay threshold for compensation claims to four hours for short-haul flights and six hours for long-haul flights. Compensation for short-haul delays has been raised from €250 to €300, while long-haul compensation has been reduced from €600 to €500. The agreement also includes automating compensation forms and enhancing protections for passengers with disabilities, but has faced criticism for diluting the original proposals...

Europe is experiencing a significant increase in defense spending, with military budgets in the EU having doubled over the past decade, largely justified by the perceived threat from Russia. Despite cumulative spending exceeding $3.15 trillion, critics argue that Europe lacks effective deterrence and deployable forces, highlighting inefficiencies in military procurement and a focus on profit over national security. To transform its military capabilities, Europe must not only increase spending but also enhance cooperation and transparency,...

The EU is considering adding Russia to its "grey list" of countries with lax money laundering controls, as part of increased financial pressure on Moscow following its invasion of Ukraine. While a majority of European Parliament members support this move, a final decision has been postponed due to procedural reasons, with a new announcement expected next week. Inclusion on the list would necessitate extra due diligence from financial institutions, leading to higher costs, and could...

Lucy, a 23-year-old from Birmingham, is hopeful about a new UK-EU "Youth Experience Scheme" allowing young people aged 18-30 to live and work in Europe, which could alleviate post-Brexit restrictions on UK citizens. This initiative aims to enhance cross-border opportunities for young professionals amid a sluggish UK economy, potentially benefiting sectors like law and finance. While awaiting details, many, including Lucy, see this scheme as a significant opportunity to pursue careers abroad without the burden...

This article discusses various political developments in Europe, including German Chancellor Friedrich Merz's meeting with US President Donald Trump, where they expressed mutual disdain for Merz’s predecessor, Angela Merkel. In Italy, a crucial referendum on faster citizenship and labor law changes is anticipated, but low voter turnout is expected due to Prime Minister Giorgia Meloni's coalition urging abstention. Additionally, EU digital ministers are deliberating whether to pause the contentious AI Act amid pressures from the...