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The notion of governments controlling prices has long been considered taboo in modern economics. However, with the resurgence of inflation and its far-reaching consequences, this stance is beginning to shift. Politicians are now exploring the possibility of intervening in the market to regulate prices, a move that would have been deemed unthinkable just a few decades ago.The Austrian economist Friedrich Hayek had argued that governments lacked the necessary information to make informed decisions about prices, leading to inefficiencies in state-run economies. Nevertheless, as market economies have struggled to provide affordable essentials like energy and housing, interest in state-regulated prices has begun to grow.Examples from Mexico and Spain demonstrate the effectiveness of government intervention in controlling prices. In Mexico, the left-wing president Andrés Manuel López Obrador and his successor Claudia Sheinbaum have capped the prices of essential goods, while in Spain, the centre-left government of Pedro Sánchez has implemented a national rent freeze and energy price cap.In the UK, Zack Polanski of the Green party has advocated for a wider price reset, while Andy Burnham, a possible Labour leadership candidate, has also called for more state involvement in the economy to reduce prices. Burnham's experiences as mayor of Greater Manchester, where he has brought buses back under public control, have informed his arguments.The pressure for the UK to adopt similar measures is mounting, with a majority of British voters supporting nationalizations to get prices under control. As inflation continues to rise, it remains to be seen whether the UK government will follow the example of countries like Spain and Mexico.

Ed Miliband's stock is rising in the Labour Party as he fills a void left by Morgan McSweeney's departure, becoming a key figure in shaping the party's thinking. His influence has grown significantly in recent weeks, with some suggesting he is the real prime minister, calling the shots on key issues. Miliband's popularity among Labour members has increased, with him leapfrogging Angela Rayner as the membership's favourite cabinet minister. This surge in popularity has led to speculation that he could potentially win a leadership contest if one were to happen. The Labour Party's shift to the left, partly due to the Greens' victory in Gorton and Denton, has contributed to Miliband's rise. His reputation as a deep thinker and intellectual heavyweight has become increasingly valuable in a time when the party needs to address complex global challenges. Miliband's background in intellectual pursuits has prepared him for this role. Having cut his teeth in Gordon Brown's court, which was known for its intellectual voraciousness, Miliband has developed a unique ability to think through complex arguments from first principles. The current political landscape, marked by an energy crisis, potential recession, and rising populism, has highlighted the need for big ideas. Miliband's approach, which emphasizes thoughtful consideration and intellectual rigor, is seen as a welcome change from the party's previous focus on small, practical solutions. While Miliband is not infallible, his tendency to think years ahead of his time has been noted by those who have worked with him. His ideas, though not always successful, have the potential to sharpen the party's mental blades for the challenges ahead. In conclusion, Ed Miliband's rise to prominence is a reflection of the Labour Party's need for intellectual heavyweights who can provide big ideas and thoughtful leadership in a rapidly changing world.

Fears of economic strain are mounting across Europe as the United States-Israel conflict with Iran approaches its one-month anniversary. German Defense Minister Boris Pistorius has described the situation as an economic 'catastrophe' for global economies, with impacts already becoming evident.Speaking during a meeting with Australian Defense Minister Richard Marles, Pistorius emphasized Germany's willingness to contribute to peace efforts. He stated that Germany is 'ready to secure any peace' and would discuss operations to secure freedom of navigation in the Strait of Hormuz if a ceasefire were implemented.The Organisation for Economic Co-operation and Development (OECD) has further exacerbated concerns by revising global growth projections. The international body cut its 2026 forecast for British economic growth by half a percentage point to just 0.7 percent, while downgrading the eurozone by 0.4 percentage points. In contrast, the US received a 0.3 percentage point upgrade to its growth forecast.Addressing reporters in Canberra, Pistorius criticized the lack of consultation with Germany before the commencement of hostilities. 'Nobody asked us before. It's not our war, and therefore we don't want to get sucked into that war,' he stated, adding that there is no clear strategy, objective, or exit plan from the conflict.The economic repercussions are particularly severe in energy markets. Natural gas prices in the European Union have surged by more than 30 percent since the conflict began, with prices spiking following Israel's attack on Iran's critical South Pars gasfield and subsequent Iranian retaliation against Qatar's Ras Laffan facility.European leaders are increasingly vocal about the economic dangers. European Commission President Ursula Von der Leyen has called for negotiations with Iran and an end to hostilities, while urging member states to accelerate preparations for meeting winter gas storage targets. Spanish Prime Minister Pedro Sanchez has described the situation as 'far worse' than the 2003 Iraq invasion, warning of broader and deeper potential impacts.The economic consequences extend beyond Europe, with the OECD noting that the global economy, previously on a path toward growth, has now veered from that trajectory. Planned fiscal tightening and higher energy prices are expected to keep growth subdued in the United Kingdom, though somewhat mitigated by lower policy rates anticipated for the following year.

North Korean leader Kim Jong Un and Belarusian President Alexander Lukashenko have signed a friendship treaty aimed at deepening ties between their countries. Both leaders are close allies of Russian President Vladimir Putin.The treaty was signed on Thursday during Lukashenko's two-day trip to Pyongyang. He told Kim that relations between their countries were entering a 'fundamentally new stage', according to the Belarusian state news agency Belta.Lukashenko emphasized the need for independent countries to cooperate closely in today's global transformation, where global powers often ignore and violate international law. Kim expressed opposition to undue pressure on Belarus from the West.The North Korean leader gave Lukashenko a lavish welcome, including a white-horsed cavalry, flag-waving children, and a 21-cannon salute. Both nations have backed Russia's war in Ukraine.Kim has reportedly provided Moscow with ammunition and sent soldiers to help Russia expel Ukrainian forces from its western region of Kursk in 2024. Lukashenko allowed Belarus to be used as a launchpad for Russia's invasion in February 2022 and has agreed to allow Russian tactical nuclear missiles on its territory.The Belarusian leader, in power since 1994, is politically and economically dependent on Putin. North Korea and Belarus conduct a small volume of trade but share long experience of surviving under international sanctions. North Korea has been sanctioned due to its nuclear and ballistic missile programs, and Belarus over its human rights record and backing for Putin in Ukraine.

US President Donald Trump has stated that Iran's leaders are desperate to reach a deal with the United States, saying, 'They are begging to make a deal, not me.' He added that he is unsure if the US is willing to negotiate. This development comes as tensions escalate following an Israeli air strike reportedly targeting and killing Alireza Tangsiri, the commander of the Islamic Revolutionary Guard Corps navy.The situation between Iran and the US remains volatile, with Tehran criticizing Washington's plan as 'one-sided and unfair'. The US and Israel have confirmed the strike, but Iran has yet to officially verify the incident. This exchange highlights the continuing strain in international relations between these key global players.

Former US President Donald Trump has stated that Iranian leaders are eager for a deal, but are hesitant due to fear of US retaliation. Trump's comments come amid ongoing tensions between the US and Iran. The Iranian government has been seeking a new agreement, but fears of potential US sanctions and military action have complicated negotiations.The situation remains complex, with Iranian leaders walking a tightrope between economic needs and geopolitical risks. Trump's remarks highlight the deep-seated concerns and mistrust that continue to characterize US-Iran relations.

The United Nations has taken a significant step towards acknowledging the atrocities of transatlantic slavery, adopting a resolution that labels it as the 'gravest crime against humanity'. The resolution, proposed by Ghana, was passed with 123 countries in favor, 3 opposed, and 52 abstaining.The resolution is not legally binding but carries substantial political weight. It calls for reparations and urges member states to engage in dialogue on the issue, including issuing formal apologies, returning stolen artifacts, providing financial compensation, and ensuring guarantees of non-repetition.Ghana's President John Dramani Mahama, a key architect of the resolution, hailed its adoption as 'a route to healing and reparative justice'. The resolution's passage is seen as a crucial step towards addressing the ongoing impacts of slavery, which saw at least 12.5 million Africans abducted and sold between the 15th and 19th centuries.Despite the progress, there is growing backlash from Western leaders who oppose discussing reparations, arguing that today's states and institutions should not be held responsible for historical wrongs. The EU and the US expressed concerns that the resolution could imply a hierarchy among crimes against humanity.The Netherlands remains the only European country to have issued a formal apology for its role in slavery. The resolution comes after the African Union set out to create a 'unified vision' among its 55 member states about what reparations for slavery may look like.

US President Donald Trump has extended his deadline for Iran to open the Strait of Hormuz by 10 days to April 6, 2026. The decision comes as talks between the US and Iran are described as 'going very well'.In a social media post, Trump stated: 'As per Iranian Government request, please let this statement serve to represent that I am pausing the period of Energy Plant destruction by 10 Days to Monday, April 6, 2026, at 8 P.M., Eastern Time.'Trump also mentioned that despite 'erroneous statements to the contrary by the Fake News Media,' talks with Iran are ongoing and progressing well. He had previously urged Iranian leaders to negotiate an end to the near-month-long war or face further assassinations of senior officials.The conflict has resulted in significant escalation, with Israel conducting strikes on Iranian targets, including the killing of Alireza Tangsiri, the Revolutionary Guards' naval commander. Iran has retaliated with strikes across the Middle East, including in Tel Aviv, Modi'in, and Jerusalem.Trump has claimed victory in the war, stating, 'In a certain sense, we have already won.' He has also criticized NATO allies and described Iran as producing 'great negotiators' but 'lousy fighters.'The US and Israel have destroyed much of Iran's naval capabilities, but Tehran still possesses smaller boats capable of laying mines and launching anti-ship cruise missiles. These could render the Strait of Hormuz impassable to shipping.Iran's foreign minister, Abbas Araghchi, accused the US of 'double standards,' citing the US support for Israel's actions in Gaza while condemning Iran's defense in the Strait of Hormuz.The conflict has resulted in a significant death toll, with over 1,900 people killed in Iran and nearly 1,100 in Lebanon. The situation remains volatile, with fears of further escalation and potential ground invasion.

Following Donald Trump's recent claims that the US is engaged in 'strong talks' to end the war with Iran, Qatar took the unusual step of publicly distancing itself from any alleged diplomatic negotiations. The Gulf state's government spokesperson Majed al-Ansari explicitly stated, 'Qatar was not involved in any mediation efforts,' adding pointedly, 'If they exist.'This represents a significant departure from Qatar's traditional role as a chief mediator in Middle East conflicts, having previously facilitated negotiations between Israel and Hamas, the US and the Taliban, and peace deals in Lebanon and Sudan.Over the past three weeks, Gulf states have found themselves on the frontlines of the conflict after their mediation efforts to prevent war were ultimately rejected by the US. The pattern of broken negotiations is particularly telling: the US attacked Iran twice during talks aimed at halting the Iranian nuclear program, which were championed by Oman. Discussions last June were halted as the US and Israel conducted strikes on Iran's nuclear facilities, and revived talks in February were similarly undermined when Trump began bombing Tehran before the final round of meetings.Since the war began, Gulf states have been forced to spend billions defending against daily Iranian missile and drone attacks, with their economies and sovereignty suffering substantial damage. Analysts suggest their reluctance to engage with the alleged ceasefire efforts reflects both the heavy toll of continued warfare and lingering suspicion about whether Trump's peace initiatives are genuine or merely a pretext for further escalation.As Bilal Saab, senior managing director of advisory group Trends US and former Pentagon official in the first Trump administration, explained: 'They've been burned by their previous experience. They previously thought they played a useful mediating role – until they realised that it was all for naught. Not to mention that they have been directly implicated in the war and are still being attacked by the Iranians. So there's a lot of pent-up frustration and disappointment.'By Wednesday night, the Iranian regime had outright rejected Trump's 15-point plan to end the war, submitted to Tehran via Pakistani generals, as 'extremely unreasonable' and presented their own substantially different proposal.The concern among Gulf states is that any negotiations could become a front for military escalation or even the assassination of additional Iranian leaders. This anxiety is compounded by the simultaneous deployment of thousands of US troops to the region and the persistent fear of being used as pawns in the US and Israel's Middle East strategy.Professor Bader al-Saif of Kuwait University noted: 'Whenever the word negotiation was used by the Trump administration, we unfortunately ended up under the rubric of war.' He emphasized that while Gulf states are reluctant to engage with what they perceive as a potential Trumpian charade, they recognize the critical importance of shaping any realistic peace negotiations that could affect their future.The existential threat to Gulf economic ambitions is particularly concerning. The prospect of Trump ending the war with the current Iranian regime still in place—potentially more vengeful than before and acutely aware of the damage its missiles can inflict on multi-billion-dollar infrastructure—poses significant risks. Additionally, there remains no clear solution to Iran's effective control over the Strait of Hormuz, through which most of the region's oil and gas exports flow.Analysts suggest that beyond relying on US-led negotiations, Gulf states should pursue their own separate dialogue with Iran. As al-Saif stated: 'They shouldn't only count on the US to do the negotiation. They should go and strike a deal with Iran for themselves. This was not our war, and if we can shield ourselves from being impacted any further, we should do it to protect our own national interests.'