good evening,

As the poet said: April is the cruelest month.

Britons are getting ready for what Bank of England Governor Andrew Bailey said this week “historic shockThe impact on incomes as the war in Ukraine exacerbates a growing cost of living crisis. This will be further exacerbated by the new month starting Friday with an intense period of price hikes and tax hikes.

new survey data Figures from the Office for National Statistics this morning showed 83 per cent of adults reported an increase in the cost of living in March. About 90% blamed food prices, followed by gas or electricity bills (79%) and fuel prices (71%).

Soaring energy prices were one of the main drivers of inflation jumping to a 30-year high of 6.2% in February and are set to rise further in April as the regulatory price cap rises more than 50% to almost £2,000 a year. The Office for Budget Responsibility predicts this could even hit £2,800 When the cap is next adjusted in October.

Bailey said the shock to energy prices would be “bigger than any year in the 1970s”, with the Bank of England now expecting inflation to hit 8% in the second quarter and possibly higher in the autumn.

These concerns will be exacerbated by the April National Insurance hike.

in last week’s Spring StatementChancellor of the Exchequer Rishi Sunak made the change, which he said amounted to “the largest net personal tax cut in 25 years”, reiterated by the prime minister Boris Johnson In Parliament today. However, the OBR said the measures would only return £1 for every £6 increase in tax that Sunak has announced.Think tanks have also challenged the claim, arguing that most workers would see their taxes increase.

OBR says Squeeze living standards 2022-23 will be the biggest drop in a single fiscal year since records began in 1956-57.

This squeeze is also present in other official statistics.U.K credit card debt February hit a record high as individuals borrowed a net £1.5bn – the highest monthly amount since records began in 1993, according to data released yesterday by the Bank of England.

Businesses will also face a tough month. In addition to rising costs, they must also pay higher National Living Wages and higher National Insurance contributions, while pandemic support such as cutting VAT in the hospitality sector and moratorium on evictions for unpaid rent is coming to an end.

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Need to Know: Economics

Germany took the first step natural gas distribution as it prepares to stop supplies from Russia at Moscow’s insistence Payment in rubles, the move was firmly opposed by the leaders of the European Union and the G7.our new interpreter explore whether US Natural Gas It can free Europe from its dependence on Russia.Here’s an explanation Sanctions on Russian Energy Export can work.

President of the European Central Bank Christine Lagarde Has warned that a ‘supply shock’ from the Ukraine war will push up prices and hit its economic growth most pessimistic assessment ‘s crisis. She said higher energy prices had already reduced euro zone revenue by 1.2% in the fourth quarter of 2021, meaning “a loss of around 150 billion euros in a year”. New EU figures this morning show “Consumer confidence plummets“Since the invasion of Ukraine.

Latest UK and European

UK is considering another delay post-Brexit border check What could prevent industry warnings is supply chain disaster. Prime Minister Rishi Sunak acknowledged earlier this week that the recent dismal trade data “Possibly” has to do with leaving the EU.Trade secrets writer Alan Beattie says the EU has also suffered Britain’s departure.

Spain approved one 16 billion euro “shock plan” In response to the fallout from the Ukraine crisis, including proposals to cut fuel prices and lower electricity costs, as well as increase spending on the EU’s 800 billion euros pandemic recovery fund.

The latest in the world

This World Bank The war in Ukraine could lead to a debt crisis and leave millions in low- and middle-income countries stranded, warns. poor. High commodity prices, especially oil and wheat, combined with slumping trade growth, higher interest rates and a stronger dollar will make it harder for net importers to service their mounting debts, reducing the bank’s forecast growth rate by just one percentage point. a month ago.

Strict new lockdown Shanghai A record 4,477 Covid cases were reported yesterday, more than any other Chinese city in the pandemic except Hong Kong. severe interruption. Financial Times editorial board says China Zero corona virus Goals are no longer sustainable, new strategies are needed living with coronavirus.

This Lex column Describes President Joe Biden’s plans US wealth tax As “worthy work for a fairer division”.Here’s an explanation of the proposed tax on households worth over $100 million work in practice.

Seiji Kihara, one of Prime Minister Fumio Kishida’s most powerful aides, told the Financial Times, Japan need to hit it 2% inflation target And it does this by increasing domestic demand rather than surging commodity prices. “The most important thing is to end deflation,” he said.

Australia announced a Giveaway Budget The focus is on easing cost of living pressures ahead of the May election. Measures include cutting gasoline taxes and a one-time payment to 6 million low-income citizens.

We know what you’ve been up to during lockdownOne FT film By James Graham, explores the tension between the need to track and trace data and the right to information. Privacy and Justicenominated for British Film Institute.

Need to Know: Business

Economic growth is downgraded despite turmoil in commodity markets global financial system Our shock to the Ukrainian war has proven to be remarkably resilient, our great reading explain. Global stock markets have returned to pre-war levels and volatility has fallen back to long-term averages, but analysts have warned that volatility is still possible.

Brussels call sanctioned oligarch lose rights EU Citizenship Some member states grant to attract wealthy investors. The United States has warned that it is closely monitoring any individual or business attempting to evade sanctions by: transfer assets.

Financial Times deputy editor Patrick Jenkins calls for more moral capitalismsaid investors had so far resisted the temptation to buy troubled Russian assets, but also due to realpolitik As for morality. “Shareholder pressure and financial pragmatism complement murderous geopolitics, enabling powerful Deterrent Cocktail,” he wrote.

Some of the world’s largest banks are still heavily funding Fossil fuelsdespite the promise to resolve climate changeActivists say fuel financing is dominated by JPMorgan, Wells Fargo, Citi and Bank of America — all members of the Net Zero Banking Coalition. U.S. Environment Agency Administrator Michael Regan said the increase in fossil fuel production and the transition to clean energy is not “mutually exclusive“.

Join us for the Energy Live Summit on April 7 as we delve into the issues that will reshape the U.S. energy industry for years to come.register here

TuiEurope’s largest travel agency says it will repay Covid state aid, mainly from Germany’s state-owned investment bank KfW, as bookings recover close to pre-pandemic levels.

the person in charge AvalonOne of the world’s largest aircraft leasing companies, warns ”very important write-off“Possibly lost from hundreds of jets leased to Aeroflot. Overseas leasing groups have more than 500 planes stranded in Russia, worth about $10 billion.

Ukraine crisis strikes Technology Supply Chain Apple, in particular, reported our final #techAsia communication.

the world of work

new starter During the pandemic, they have taken on the enviable task of trying to connect with colleagues through a screen rather than in person. But now that the big payoff is underway, what’s the best way to navigate office life?Here are some of our practical guides Young Recruit’s Guide.

law enforcement Back at the London office to expect some stylish new home As law firms snap up sustainable high-spec workplaces. Developers and landlords have been concerned about the future of the office and the trend toward hybrid offices since the pandemic began, but are increasingly bullish on the prospects for modern green offices.

our work it The podcast discusses a trend that has emerged during the pandemic and has now become one of the most divisive issues in the workplace: bringing your dog to the office. Are dogs the key to workplace happiness?

If you want to experience Working It in a live environment, Sign up Join work and career editor Isabel Berwick and columnist Pilita Clark at the Breakfast Series in London on Wednesday 6 April to discuss great resignations.All ticket sales go to choose love Ukrainian fundraiser.

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finally. . .

Coffee, the traditional way to get a quick refresher, is getting a boost from a range of new “cognitive enhancers” or smart medicine. Explore strange new worlds Nootropics.