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Niesr says even under best-case scenario, economy would grow at slower pace in 2026 and 2027 because of conflictBritain is facing a £35bn economic hit and the risk of a recession this year as the fallout from the Iran war adds to the pressure on Keir Starmer’s government, a leading thinktank has warned.The National Institute of Economic and Social Research (Niesr) said that even under a best-case scenario the UK economy would grow at a much slower pace this year and next because of the Middle East conflict. Continue reading...

Bets placed on Middle East conflict has led to US firm experiencing big increase in volumePolymarket, the online prediction platform that hosts bets on events such as the Iran war, is in talks to raise $400m (£296m) at a valuation of up to $15bn.The company has gained notoriety in recent months over wagers placed on the Middle East conflict, including on the timing of US-Israel strikes against Iran, and on a US-Iran ceasefire, some of which appeared to bear signs of insider trading. Continue reading...

Democrats rebuke White House’s ‘bleak and unacceptable’ view of priorities after 10% cuts proposed to other programsUS politics live – latest updatesSign up for the Breaking News US newsletter emailDefense spending would surge to its highest level in decades under a budget proposal put forward by the Trump administration on Friday, while other government programs would face cuts totaling 10%.The document prepared by the White House office of management and budget (OMB) is a starting point for negotiations that will probably occupy Congress’s appropriators in the coming months, and are unlikely to be enacted in full. Continue reading...

Trams, buses and hire bikes will be integrated under molten orange and asphalt black brand highlighting industrial heritage, says Oliver CoppardSouth Yorkshire’s transport system will be known as the “People’s Network”, with trams, buses and hire bikes all coming under public control.The plan was unveiled on Monday by the region’s mayor, Oliver Coppard, who said it would create an affordable, joined-up network in molten orange and asphalt black colours. A large fleet of electric buses and 25 new trams will be introduced over the next five years. Continue reading...

National Audit Office highlights benefits of state rescue for jobs and orders but warns of continuing high cost The cost of keeping the UK’s last remaining blast furnaces going at British Steel’s Scunthorpe plant could exceed £1.5bn by 2028 if it continues at its current rate, according to the government’s spending watchdog.Ministers took the plant into public control in April last year, after its Chinese owner – industrial firm Jingye – threatened to shut down the loss-making site. Continue reading...

NSW premier says latest distribution calculation, with a reduction in the state’s share of revenue relative to its population, is unfair and ‘past its use-by date’Get our breaking news email, free app or daily news podcastAustralia’s richest state will receive an extra $5.5bn in GST revenue thanks to a sweetheart deal struck with Western Australia in 2018, as the New South Wales premier attacked the latest distribution calculation as unfair and “past its use-by date”.The Commonwealth Grants Commission on Friday released its recommendations on how a projected $102.5bn in goods and services tax should be carved up between the states and territories in 2026-27. Continue reading...