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Politics
Iran has declared the Strait of Hormuz “completely open” for all commercial vessels during the ongoing ceasefire, as announced by foreign minister Seyed Abbas Aragchi. This decision follows the recent easing of tensions and aims to stabilise global energy supplies. Further actions are anticipated.
Chagossians remain on Île du Coin as efforts to transfer the Chagos Islands to Mauritius collapse. First Minister Misley Mandarin asserts their determination to stay despite resource scarcity and threats of expulsion. Hundreds are ready to join them; however, essential supplies have been confiscated.
Viktor Orbán has conceded defeat in Hungary’s parliamentary elections to Peter Magyar, marking the end of his 16-year rule. Magyar, a political newcomer, promises “system change.” Supporters celebrated in Budapest as the nation anticipates this new chapter in governance.
Spring Statement 2025 reaction – Thursday’s headlines are reacting to yesterday’s Spring Statement delivered by the chancellor.
Chancellor Rachel Reeves announced significant measures to address the UK’s economic challenges. Key points include a £14 billion plan involving cuts to welfare payments (£4.8 billion) and departmental spending (£3.6 billion) to fix public finances. The Office for Budget Responsibility (OBR) has halved the 2025 economic growth forecast to 1%, down from 2%. Despite these austerity measures, the tax burden is projected to reach a record 37.7% of the GDP by 2027-28. Additionally, a £3.25 billion Transformation Fund was introduced to drive efficiencies across government departments.
Following the chancellor’s update on the economy, Donald Trump announced new import taxes of 25% on cars and car parts coming into America in a move that threatened to widen the global trade war.
Zelensky urges US and allies to stand strong against Russia – defiant that Russia is the evil empire. He acknowledged the bipartisan support within the US for Ukraine but cautioned against the influence of Russian narratives on American officials that could undermine their stance.
Emmanuel Macron expressed concerns over Russia’s tendency to reinterpret ceasefire agreements, following a recent tentative deal involving Ukraine, the US, and Russia concerning strikes in the Black Sea region.
Chancellor Rachel Reeves says the 2025 growth estimate for the UK has been halved to 1% from 2% by the government’s official forecaster, the Office for Budget Responsibility (OBR)
Washington is lifting sanctions on Moscow for the first time in over three years, indicating a significant shift towards US-Russia rapprochement under Donald Trump.
Happy Wednesday – and most importantly, Happy Spring Statement Day! Today, Chancellor Rachel Reeves will set out her plans for the UK economy for the next year, presenting her budget plans to the Commons at 12:30.
The chancellor is set to introduce significant changes aimed at balancing the UK’s public finances amidst economic uncertainty. Spending cuts are expected to be the main focus, with charities urging the government not to hit the poorest the hardest.
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