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Cuts to National Insurance and fuel taxes were among the highlights of Rishi Sunak’s statement this spring, but the Chancellor of the Exchequer took most of the windfall from the public finances as tax cut war fund before the next election, with minimal help Provided to households and services hit by soaring inflation.

Sunak praised raising the National Insurance threshold by £3,000 to £12,570, bringing it in line with the point at which people start paying income tax, the “biggest personal tax cut in a decade”. However, the pledge to cut income tax from 20p to 19p by 2024 has brought criticism – as recent experience has taught us – two years is a long time in The financial situation is far from certain.

There has also been criticism that cuts to the National Insurance will be offset by a new health and social care levy coming into effect next month, with Labour’s opposition slamming the ‘Alice in Wonderland’ economy for helping struggling households cope with soaring energy bills .Similar criticism from energy and environment groupwhile lobby groups attack “Plasters” Support Provided by the Prime Minister.

Sunak’s day begins with UK news inflation It hit a 30-year high of 6.2% in February. The 0.8% monthly gain was the fastest since 2009, showing the impact of soaring global prices on energy, gasoline, food and durable goods. When new energy prices start to rise next month, the rise will be even greater.

The new economic forecast from the Office of Budget Responsibility, unveiled by Sunak in his speech, was even more gloomy. The OBR expects inflation to average 7.4% this year, with GDP growing at 3.8% in 2022 and 1.8% in 2023.

OBR also predicts increases in household energy bills £830 a year beginning in October and standard of living The drop in 2022-23 will be the largest in any financial year since records began in 1956-57.

economics editor Chris Giles In his dissection of the smoke and mirrors of today’s speech, he describes it as: “hidden tax increases, hidden real public spending cuts and very important public tax cuts”.

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Need to Know: Economics

This energy crisis continue.The United States and its allies will announce upgrade President Biden imposed sanctions on Russia during his European tour that begins today, including more action on Russia’s oil sector.Germany remains firmly opposed total embargo Russian energy.At the same time, Russia is Cut capacity on a key pipeline that transports crude oil to global markets, and said it would Switching payment methods for European gas supplies to the ruble.Our energy newsletter discusses the weaponized.

EU leaders to discuss joint procurement and gas storage facilities two-day summit From tomorrow, our Euro Express newsletter reports.Belgian PM tells FT member states need to avoid fight for a deal Anxious to replace Russian supplies.In the UK, Prime Minister Boris Johnson is expected to push for more proposals Onshore Wind Farm as part of a new energy supply strategy.

traders in FT Commodities Global Summit Warning of looming and ‘broken’ global diesel shortages European gas market. Premium FT subscribers get free access Conference video Once the summit is over with promo code: PREMIUM2022.

Soaring oil and gas prices and possible shortages are clear reminders that the road to clean energy is far from smooth. Join us at the Energy Live Summit on April 7 as we delve into the issues that are reshaping America’s energy industry. register here today.

Latest UK/Europe

U.S. has agreed to de-escalate Tariffs in the Trump Era exist British Steel and aluminum products from June 1st. In return, the U.K. will remove tariffs on U.S. bourbon, as well as agricultural and other goods.

Andy Haldane, outgoing head of government upgrade Task force and former Bank of England chief economist told FT that cost of living crisis will hit Left-behind area the hardest.

German Ifo Institute Downgrades 2022 growth forecast Growth in Europe’s largest economy was forecast to be between 3.1% and 2.2% from an earlier forecast of 3.7% due to soaring commodity prices, sanctions, supply bottlenecks and increased economic uncertainty.Financial Times editorial board warns European economy from low growth and high inflation And the importance of the ECB revising and adjusting its programme to the changing environment.

The latest in the world

Despite the huge impact of the Ukrainian war, the global Monetary Policy Continued focus on reining in inflation and inflation expectations, chief economic commentator writes Martin WolfHe believes that countries need to use their financial resources to care for refugees and help the poorest from soaring food prices.

Favorite this: Financial Times Inflation Tracker Shows trends in inflation indices by country and a breakdown of energy and food costs.

Given how badly the world has done a fair job of distributing vaccines, how will it respond to looming omen food crisis Not good, says the Financial Times editorial board.It added that sanctions against Russia are perfectly justified, but richer countries must buffer blow For poor people caught in the crossfire. Ireland 12 million euros launched Crop Planting Plan Promote food production.

Imran Khan comes to power Pakistan As a populist religious reformer, he promised to end corruption and address long-standing economic problems.but as our great reading Soaring inflation and deteriorating living standards threaten his political future, he explained.

Need to Know: Business

NestleThe world’s largest food company will stop selling most of its products in Russia Criticism from Ukrainian leaders about its presence in the country.

BNP Paribas BNP Paribasthe largest bank in the euro zone and Crédit Agricole have joined other cut ties with RussiaFrench rival Societe Generale, one of the foreign banks with the greatest exposure through its Rosbank network, has yet to clarify its intentions and warned of extreme scenarios such as expropriation of its assets.Yesterday, Ukraine central bank governor urge international banks stop all business in Russia.

Companies face huge bill growth if minister allows GazpromUK energy supply business bankruptcy, industry leaders warned. Many of its 30,000 enterprise customers have signed contracts that were negotiated long before the current price surge began.

Chinese companies Walk a fine line between going normal Doing business in Russia And to fund the war on Ukraine, writes our Chinese economics reporter Sun Yu. Some see trade with its northern neighbor as too risky as sanctions tighten, but others are determined to expand it.

International Business Editor Peggy Hollinger says foreign enterprises in China Need to learn from it leave russia Companies worried about sanctions or backlash from customers. One economist described it as “a case study of how the global system is unraveling”.

carnivalThe world’s largest cruise line, warns Fuel prices rise The recovery from the Ukraine crisis will hamper it as “wave season” begins and countries ease pandemic travel restrictions. Saga Also warned of the blow to the Omicron variant and the Ukraine crisis travel business.

Online shopping boom sparked by pandemic warehouse business. Prologis, the world’s largest warehouse owner, buys Blackstone’s 2,000-property portfolio for €21bn in what will be its largest ever Private real estate transactions. “Safe and sexy together rarely describe any investment. In today’s uncertain environment, they really apply to warehouses and logistics,” Lex says.

Chief business commentator Brooke Masters said some companies were honestly passing on cost increases to customers, but others were “practising”shrink and expand“By reducing their product size. She added that miserliness has also spread from consumer goods to restaurants and hotels.

the world of work

Employment columnist Sarah O’Connor writes that the ‘leaks’ of modern jobs on evenings and weekends have left many feeling time-crunched, leading to a new push four days a week. If managed properly, this transition can Benefit Employer There are also employees, she argues.

Two years of limited interaction with our office colleagues may mean fewer opportunities for workplace relationships, but is that a good thing or a bad thing?our latest work it podcast Discuss the pros and cons office romance.

Get the latest global images with our Vaccine Tracker

finally. . .

organizer Oscar prize would love this weekend Awards ceremony It’s a comeback story after last year’s low-key (and low-ratings) Covid-affected ceremony. Could a grand bash full of star names and box office success help grab the public’s attention?