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London, 17 April 2026 – The International Monetary Fund (IMF) has advised the Bank of England (BoE) to keep its policy rate at 3.75% for the remainder of the year, warning that the ongoing Iran war is fuelling inflation and could shave 0.5 % off euro‑area growth.Alfred Kammer, director of the IMF’s European Department, told reporters in Washington that the BoE should maintain “a restrictive monetary policy stance” and keep the rate unchanged, stating: “That means keeping the policy rate unchanged for the remainder of the year, i.e., not proceeding with the expected cuts.”BoE Governor Andrew Bailey echoed a cautious tone, saying the bank would not “rush to judgments” on how to respond to an inflation shock driven by higher energy prices – a shock the central bank cannot directly offset with rate moves. Money markets are already pricing in at least one quarter‑point rate rise later in 2026, despite the current hold.The IMF also signalled a similar stance for the European Central Bank, urging a “neutral monetary policy stance” that would involve two quarter‑point hikes in 2026, with the possibility of reversal in 2027 if conditions improve.These monetary‑policy warnings come as the live‑blog highlighted broader economic stress: Chicago wheat futures have surged 4.5 % this week, the biggest weekly jump since February, driven by dry weather in the U.S. Plains and the Iran war’s impact on fertilizer and diesel costs. Humanitarian group Mercy Corps warned that fuel, fertilizer and shipping disruptions are already locking in food‑insecurity risks for fragile economies in Somalia, Ethiopia and Pakistan.Analysts note that the IMF’s advice underscores the delicate balance the BoE faces between curbing inflation and avoiding a premature rate cut that could undermine credibility. With inflationary pressures from energy and food still elevated, a hold‑and‑monitor approach may preserve policy flexibility, but markets will watch closely for any shift toward tightening if inflation proves stickier than anticipated.

The newly opened V&A East Museum in Stratford marks the latest milestone in the East Bank cultural quarter on the Queen Elizabeth Olympic Park. The £135 million, architect‑designed outpost sits beside the V&A Storehouse—recently listed among Time’s “World’s Greatest Places to Visit 2026”—and joins Sadler’s Wells East, the London College of Fashion and the forthcoming BBC Music Studios.Once described by V&A East director Gus Casely‑Hayford as “a place where fridges went to die”, the area has been transformed into a vibrant creative hub. Yet outside London, many venues face falling visitor numbers, job cuts and closures, highlighting a stark contrast with the newly polished facilities.Culture Secretary Lisa Nandy is betting on the Arts Everywhere Fund—a £1.5 billion package over five years announced in 2025—to shore up the sector’s creaking infrastructure. This week, £130 million was distributed to more than 130 museums, theatres, venues and libraries, representing the largest cash injection into the arts for a decade.The funding reaches a diverse range of institutions, from Newcastle’s iconic Baltic Centre for Contemporary Art to the modest Armitt Museum in Ambleside, and from the Royal Shakespeare Company in Stratford to Gloucestershire’s trailblazing TwoCan Theatre Company, which offers workshops for deaf, neurodivergent and disabled participants.Despite these initiatives, the UK remains among the lowest spenders on culture in Europe, with per‑capita public funding down nearly a third since 2010. Nevertheless, the cultural sector contributed an estimated £40 billion to the economy in 2024, underscoring its role as a significant wealth generator and a soft‑power asset.Financial support must also reach the people who run these institutions. Over the past year, staff at several leading museums have staged protests and faced redundancies, and even before its doors opened, V&A East workers sent an open letter demanding a living wage for all employees.In its inaugural year, the V&A Storehouse attracted 500,000 visitors, many of whom were younger, more diverse and locally based than the museum’s traditional audiences. The new V&A East hopes to replicate this success, emphasizing the need for parallel investment in arts education to nurture future audiences.Decades of neglect cannot be reversed overnight, and costs continue to rise. While the Arts Everywhere Fund is a cause for celebration, it also signals Labour’s broader commitment to making art accessible to everyone, reinforcing the message that, even in tough times, culture matters.

Air Canada announced a temporary pause on a handful of routes departing from Toronto and Montreal to New York’s John F. Kennedy airport, attributing the decision to sharply rising jet‑fuel costs. The suspension comes as airlines worldwide grapple with fuel price spikes triggered by the ongoing US‑Israel war with Iran. Although the Strait of Hormuz reopened earlier this month, easing some oil‑price pressure, jet‑fuel costs remain markedly higher than before the conflict. In a related development, Spirit Airlines has appealed to the U.S. government for emergency financing worth hundreds of millions of dollars to mitigate its own fuel‑price surge, according to industry source reports. Air Canada explained that jet‑fuel prices have doubled since the start of the Iran conflict, rendering several lower‑margin routes financially untenable. The carrier said it is implementing “schedule adjustments, including frequency reductions,” to preserve overall network viability. Effective June 1, the airline will halt one Montreal‑to‑New York flight and three Toronto‑to‑New York flights, with service slated to resume on October 25. Additional temporary suspensions include the Salt Lake City‑Toronto corridor, which will be paused from June 30 and is not expected to return until 2027, as well as a postponed launch of a Guadalajara‑to‑Montreal service. Air Canada estimates the changes will impact about 1 % of its total passenger‑carrying capacity. Affected passengers will be offered alternative travel options, with the airline continuing to operate to LaGuardia and Newark airports 34 times daily across six Canadian cities. The move mirrors broader industry pressures: British low‑cost carrier easyJet projects a pre‑tax loss of £540‑£560 million for the six‑month period ending March, while Australian airlines Qantas and Virgin Australia have announced fare hikes and reduced flight frequencies. Moreover, the International Energy Agency warned that Europe possesses only six weeks of jet‑fuel reserves, raising concerns that further supply disruptions could trigger additional flight cancellations.

The Premier League is heating up with a series of high-stakes matches this weekend. Manchester City's clash with Arsenal on Sunday could prove decisive in the title race, with City looking to close the gap and potentially take the lead. In other key matches, Tottenham Hotspur host Brighton & Hove Albion on Saturday, with Spurs desperate to avoid relegation. Chelsea welcomes Manchester United to Stamford Bridge in the evening kick-off, with both teams eager to secure a win and boost their European qualification hopes. On Sunday, the Merseyside derby between Everton and Liverpool takes center stage, with Liverpool seeking to maintain their Champions League qualification bid. Leeds United host Wolverhampton Wanderers on Saturday, with Leeds aiming to take a significant step towards Premier League safety. The weekend's action also features Women's Six Nations and County Championship cricket, with several teams vying for promotion and top honors in their respective competitions.

Marcus Rashford's future at Manchester United hangs in the balance as his loan spells at Aston Villa and Barcelona come to an end. The 28-year-old has not played for United since December 2024 and is currently on loan at Barcelona, who have the option to purchase him for €30m (£26m).Manchester United sit comfortably in third place in the Premier League, seven points above sixth-placed Chelsea, but will not want to see the gap close come full time at Stamford Bridge. A return to Europe's top table is vital for United, which would result in players' wages increasing, including Rashford's salary reaching £325,000 per week on his deal, which runs until 2028.Michael Carrick, United's manager, has stated that the door is not completely closed on Rashford playing for United again. 'There's decisions to be made in time on certain things, and obviously Marcus is in that situation. But at this point in time, nothing's been decided,' Carrick said. 'Certainly from my perspective, whoever's here I want to work with, make the best out of, and help them improve.'Rashford's situation is complicated by United's desire to sell him, but few clubs could match his current earnings. Carrick will want to see his team bounce back from Monday night's home defeat by Leeds, but faces a defensive crisis with Harry Maguire and Lisandro Martínez out of the lineup.

UK Chancellor Rachel Reeves is poised to raise the government's windfall tax on low-carbon electricity generators to help limit household energy bills. The levy, introduced in 2022, targets excess profits made by owners of older renewable energy and nuclear plants.The chancellor is ready to hike the electricity generator levy, which currently stands at 45%, as electricity market prices soared following Russia's invasion of Ukraine. The increased tax will help shield consumer energy bills in the short term while the government consults on long-term plans to reform the wholesale market.The government is also expected to consult on plans to shift older, low-carbon projects onto newer set-price contracts, providing electricity at a guaranteed price. This move aims to weaken the link between gas market prices and electricity costs, which has led to a surge in electricity market prices across Europe.Executives across the industry have been informed to expect contact from officials on Monday to outline the government's determination to protect electricity costs from the surge in gas markets. The plans have already impacted shares in energy companies, with SSE falling over 6% and Centrica closing down 5% on Friday.The proposed reforms have sparked concerns within the industry, with some viewing them as a fundamental reform of energy markets. The government is considering radical proposals, including removing gas plants from the market and holding them in strategic reserve.

Aston Villa and Nottingham Forest are on the edge of achieving European glory, with both teams progressing to the semi-finals of their respective tournaments. Villa's Unai Emery is close to securing his fifth title, while Forest's journey has been marked by managerial changes.Nottingham Forest's quest to emulate Tottenham's model continues, with their quarter-final victory against Porto keeping their hopes alive. The team's managerial merry-go-round, involving Ange Postecoglou, Sean Dyche, and Vítor Pereira, has been a notable aspect of their campaign.In contrast, Aston Villa has been consistent under Unai Emery's leadership, turning a two-goal advantage from the first leg against Bologna into a 7-1 aggregate win. This sets up an all-English European semi-final, a rare occurrence since 2009.The two teams will face off in a highly anticipated match, with Forest looking to cut their manager's medal into quarters if they go all the way. Meanwhile, Oliver Glasner's Crystal Palace has exited the competition but will look to Shakhtar Donetsk in the semi-finals.The article also highlights the Iranian women's football team's struggle for asylum and their gratitude for being granted the opportunity to build new lives. Additionally, it features reader letters on various football-related topics.

After intensive negotiations, AFC Bournemouth appear set to secure Marco Rose as their next head coach, with an agreement in principle already reached. Rose, the 49‑year‑old German who last managed RB Leipzig until March 2025, will replace Andoni Iraola when his contract expires this summer.Bournemouth’s head of football operations, Tiago Pinto, moved quickly after learning of Iraola’s decision to pursue a new challenge. While the club initially explored a move for Ipswich Town’s Kieran McKenna, the hefty buyout clause attached to his contract made the Rose option more viable.Rose’s availability after a year out of work simplifies the deal, allowing him to begin planning for the 2026‑27 season immediately. The club hopes he can sustain the momentum built by Iraola, who has overseen a remarkable rise since his summer 2023 appointment, including a stunning victory over Arsenal and a genuine bid for European qualification for the first time in the club’s history.Despite selling a substantial portion of their squad – notably losing three‑quarters of their back four last summer and seeing winger Antoine Semenyo depart for Manchester City in January – Bournemouth have benefited from shrewd recruitment, recouping high fees and reinvesting in quality replacements. A looming challenge for Rose will be to fend off interest in midfielder Alex Scott, with Chelsea reportedly among the suitors.Rose brings an impressive résumé, having guided Borussia Dortmund in the Champions League and worked alongside stars such as Erling Haaland and Jude Bellingham. His previous managerial stints include successful spells at RB Salzburg and Borussia Mönchengladbach, underscoring his experience at the highest levels of European football.

A significant 53% of all voters support a full return to the EU, with 83% of Labour voters, 84% of Liberal Democrat voters, and 82% of Green party voters backing the policy. In contrast, only 39% of Conservative voters and 18% of Reform voters support rejoining the EU.Labour's approach to EU relations has been described as 'muted' and may risk losing support among progressive voters and in 'red wall' constituencies. The party's policy is to align with, but not join, the single market, which means it has no say in shaping regulations and directives.Experts warn that Labour's strategy may be flawed, as the loss of the liberal voter base on issues like Brexit could be more damaging than the loss to pro-Brexit parties. Neil Kinnock, the former Labour leader, believes that Labour will one day campaign for rejoining the EU, but did not provide a timeline.Anand Menon, director of UK in a Changing Europe, argues that Labour's position on EU relations is contradictory and economically unsustainable. He suggests that aligning with EU regulation would require constant monitoring to prevent accidental divergence.