In the News – Galvin Round-Up
The pound crashes to an 18-month low against the dollar, UK economy growth slows as car sales fall, while £1.4bn is given to bail out Crossrail as the project is pushed back – find out more with your international perspective on some recent headlines.
The Government Delays Its Crucial Brexit Vote
Facing the prospect of almost certain defeat, the government has delayed the crucial vote on whether to accept the Brexit deal negotiated by Theresa May.
When it became clear that the prime minister would not be putting the deal before parliament for approval, the pound fell to $1.2656 – an 18-month low against the dollar.
The pound has come to be seen as a barometer of Brexit negotiations, experts have said, and traders will be anxious until it becomes clear how the government intends to resolve the current deadlock. Having delayed the vote on the deal, May is returning to the EU to ask for more time to renegotiate, although the EU has suggested that it will not offer any more concessions.
WTO Warns Against Rise in Protectionism
Restrictive trade measures and sharp rises in tariffs could pose a major threat to the strength of the world economy, according to the World Trade Organisation. Their warning came after the number of trade-restrictive measures introduced by WTO members rose from 108 in 2017, to 137 in 2018.
The warning comes after a period of escalating trade brinksmanship between the US and China. Since April of this year, the US has introduced three rounds of tariffs on Chinese imports, with China responding in kind. Recently, however, both sides have shown signs of wanting to deescalate the trade tensions.
£1.4bn Bailout for Crossrail As Project Is Pushed Back
Europe’s biggest infrastructure project, Crossrail, has been delayed, and will now not be ready for the previous launch date of autumn 2019.
London’s £15bn transport route, also known as the Elizabeth Line, was originally due to open this month. A third rescue plan from this year alone will involve putting £2bn into the project, which is currently running almost £600m over budget.
Transport for London (TfL) estimates that the delay will cost the company at least £20m in revenue, although they also insist that the boost to the capital’s infrastructure will outweigh this cost.
The Galvin News Round-Up
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