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Energy crises do more than lift household bills; they can reshape an entire economy. In the 1970s the United Kingdom responded to oil shortages by expanding North Sea extraction and becoming a net energy exporter. Today, with a 10 million‑barrel‑per‑day supply deficit and a fifth of global LNG trade under strain, that strategy no longer offers security.The UK is now acutely vulnerable to volatile gas prices. Inflation expectations are rising, markets anticipate higher interest rates, and borrowing costs have surged to levels not seen since the 2008 financial crisis. The ripple effect is already evident in food markets, where inflation hit 3.3 % in February and could climb sharply within three months.New data reveal that the hundreds of North Sea licences granted since 2010 have added merely 36 days of extra gas production. Major oil majors such as BP are re‑emphasising oil and gas to reassure investors, while Shell continues aggressive share‑buy‑backs. The reality is clear: fossil‑fuel giants cannot be the rescue plan.Gas should no longer set the price floor for electricity. As the grid leans more on wind and solar, gas must be treated as a backup resource, compensated with a fixed or regulated price rather than wholesale market volatility. Research from University College London and Common Wealth outlines a practical model for this approach.Beyond market reforms, households need a safety net. An essential energy guarantee—a capped, affordable band of consumption for every home—mirrors schemes adopted in Austria, the Netherlands and Poland after the 2022 crisis and would be more targeted than the current blanket price‑support guarantee.Similarly, a protected basket of staple foods, backed by long‑term procurement and direct support for domestic producers, could stabilise prices. France’s 2023 anti‑inflation shopping‑basket experiment offers a template, and the UK already supplies over 60 % of its own food, though it remains dependent on imports for fruits, vegetables, rice and fertilisers.The long‑term solution lies in renewable power. Record wind generation this year has already reduced gas‑fired output, while consumer interest in solar panels, batteries and heat pumps is soaring. A typical solar‑plus‑battery system can slash a household’s electricity bill to under £2 per month, and electric‑vehicle owners can save more than £1,000 annually on fuel costs.To unlock these savings, the government must back financing mechanisms such as zero‑interest loans, subscription‑style purchases for solar and heat‑pump kits, and leasing schemes for electric vehicles. On a larger scale, a dual‑interest‑rate policy—standard rates for the broader economy and preferential, low‑cost funding for clean‑energy projects—could mirror the green‑lending models already used by China’s central bank and the Bank of Japan.In short, the United Kingdom faces a decisive moment. The 1970s taught that energy shocks can remake a nation; the question now is whether the UK will seize this crisis to protect living standards and build a resilient, low‑carbon energy system for the decades ahead.

The United States Department of Defense has strongly denied allegations that a broker for Defence Secretary Pete Hegseth attempted to make a large investment in weapons companies in the run-up to the war on Iran. The denial comes after a report by The Financial Times claimed that a wealth manager for Hegseth contacted BlackRock about making a multimillion-dollar investment in a defence-related fund.Pentagon spokesman Sean Parnell demanded the immediate retraction of the report, stating that the allegations were 'entirely false and fabricated.' He emphasized that neither Secretary Hegseth nor any of his representatives approached BlackRock about any such investment.The proposed investment was reportedly in an exchange-traded fund whose holdings include Lockheed Martin and Northrop Grumman. However, according to The Financial Times, the investment did not go ahead because the fund was not yet available for purchase at the time.The report has sparked scrutiny of well-timed trades in financial and prediction markets, fueling speculation that figures with insider knowledge may be profiting from US President Donald Trump's war plans.Despite the denial, the incident has raised concerns about the integrity of defence-related investments and the potential for insider trading.

Washington state has taken a historic step towards a more progressive tax system by passing a 9.9% income tax on millionaires. The tax, which will take effect in 2028, targets the state's ultra-wealthy residents and aims to address the state's regressive tax system.The tax was championed by activists and lawmakers, including Noel Frame, who has been pushing for a wealth tax for over 15 years. Frame's efforts were previously met with resistance from the tech industry, particularly Microsoft and Amazon, which are headquartered in the state.The new tax is seen as a significant departure from the state's previous stance on taxation. Washington state has long been known for its lack of an income tax, instead relying on sales, business, and property taxes. However, this system has been criticized for being regressive, with the state's poorest residents paying a larger share of their income in taxes.The millionaire tax is expected to bring in much-needed revenue for public services, including public schooling and healthcare. The state's budget gap has been growing, and lawmakers have been struggling to find ways to balance the books.The tax is also seen as part of a national movement towards more progressive taxation. Several other states, including California, Colorado, Michigan, and New York, are considering wealth taxes. The movement is driven in part by growing public awareness of the wealth gap and the need for more equitable taxation.Despite the potential for the tax to drive away wealthy individuals and businesses, research suggests that taxation is not a major factor in decisions to move to a different state. Instead, factors such as work opportunities, family, and lifestyle choices play a much larger role.The tax is expected to face legal challenges and potential opposition from opponents who argue that it will harm the state's economy. However, supporters of the tax argue that it is a necessary step towards creating a more equitable tax system and providing more revenue for public services.

British hedge‑fund billionaire Chris Rokos has announced a £190 million endowment to the University of Cambridge to create a new, eponymous school of government. The pledge, comprising an initial £130 million and a further commitment of up to £60 million that the university will match, is believed to be the largest single donation ever made to a UK university. The Rokos School of Government is slated to open in temporary facilities this autumn, offering PhD and master’s programmes focused on public policy, leadership and governance. In the longer term it will relocate to a purpose‑built campus within Cambridge’s West Innovation District, positioning itself as a direct rival to Oxford’s Blavatnik School of Government, which was launched in 2010 with a £75 million gift. Rokos, 55, rose from a state primary school to a scholarship at Eton and a mathematics degree at Oxford before co‑founding the hedge fund Brevan Howard and later establishing Rokos Capital Management, which now employs over 350 staff. He is listed on the Sunday Times Rich List with an estimated net worth of £2.6 billion and is among the UK’s biggest taxpayers. Speaking about the donation, Rokos said, "I was fortunate to be given an education that transformed my life, and I would like to give something back to Britain. My hope is that, in time, the influence of the Rokos School of Government across the world becomes an important element of that soft power, which has been a great asset to the UK." University officials framed the new school as a response to “growing turbulence in domestic and international politics, increasing polarisation of political opinion, and long‑term structural changes in the economy.” The institution aims to provide a “unique forum for radical and remarkable thinking,” leveraging Cambridge’s tradition of scientific innovation and interdisciplinary collaboration. Vice‑chancellor Prof. Deborah Prentice added, "Tackling the enormous challenges facing our world requires radical new ways of thinking and approaches to leadership. Cambridge’s strengths across all disciplines and its convening power make it uniquely positioned to drive this innovation. Thanks to Chris’s generous support, the Rokos School will become a place where current and future leaders, together with experts from across our institution, generate the insights and solutions needed for a rapidly changing world." The school’s establishment also reflects a broader trend of private wealth shaping public‑policy education in the UK, echoing similar high‑profile gifts such as Leonard Blavatnik’s £75 million donation to Oxford. By creating a dedicated hub for governance studies, Rokos hopes to cement Cambridge’s role as a training ground for future world leaders and to reinforce Britain’s international influence. Rokos Capital Management recently made headlines when talks to appoint former UK ambassador Peter Mandelson as an adviser were terminated following renewed scrutiny of the Epstein scandal, underscoring the complex interplay between finance, politics and public perception. The £190 million endowment not only marks a milestone for UK higher‑education philanthropy but also signals a strategic investment in the development of policy expertise that could shape global governance for decades to come.

Mbappé, now 27 and entering his third year as France captain, admits the shift from star player to team caretaker feels "strange" but rewarding. Approaching his 100th cap, the Real Madrid forward says he now prioritises the collective over personal glory.He highlighted that the squad possesses more talent and potential than in 2022, noting that if current form continues he will soon surpass Olivier Giroud’s 57‑goal record, sitting just one goal behind the veteran after a recent strike against Brazil.France’s recent friendlies in the United States underscore that confidence. A 2‑1 win over Brazil saw Dembélé feed Mbappé for the opener, with Hugo Ekitike adding a second, while a 3‑1 victory against Colombia featured first‑time scorer Désiré Doué and a crucial header from Marcus Thuram.The attacking depth is now a hallmark of Didier Deschamps’ side. Alongside Mbappé, Ousmane Dembélé, Michael Olise, Rayan Cherki and Hugo Ekitike rotate fluidly across the front line, offering creativity and unpredictability that render the old “Mbappé‑Giroud foil” obsolete.Defensively, the team showed signs of vulnerability. Misplaced passes and missed tackles were evident, though Maxence Lacroix earned his first cap against Colombia and impressed enough to stake a claim for the World Cup roster.Logistical hiccups also featured in the US tour. Coach Deschamps complained about lengthy airport checks and a mid‑match cooling break that disrupted momentum, describing the three‑minute pause as “not ideal” for teams on the verge of breaking down opponents.Despite these concerns, the camp’s mood remains optimistic. Mbappé believes the squad can “aim high,” while Deschamps continues to fine‑tune his final selection, aware that a wealth of attacking talent alone does not guarantee tournament success.

The betting market for the 2,000 Guineas at Newmarket on May 2 was thrown into confusion on Tuesday morning when two significant candidates from the Aidan O'Brien stable, Gstaad and Albert Einstein, were taken out of the race, apparently as the result of a computer error.Gstaad, the winner of the Breeders' Cup Juvenile Turf at Del Mar in November, was priced up at around 6-1 for the season's first Classic on Tuesday morning, and seen as potentially the Ballydoyle first string for a race that the stable has won a record 10 times.Gstaad assumed the role of O'Brien's No 1 contender after Albert Einstein, the winner of his first two starts as a juvenile in 2025 but unraced beyond May due to injury, finished only sixth of 10 runners on his three-year-old debut in a Listed race at the Curragh three days ago.Despite that reverse, however, and a subsequent suggestion that Albert Einstein might revert to sprinting with the Commonwealth Cup at Royal Ascot as an initial target, the colt was still priced up at 20-1 for the 2,000 Guineas and O'Brien intended to confirm both two-year-olds at the latest declaration stage on Tuesday.O'Brien told the Press Association on Tuesday that both Gstaad and Albert Einstein had been scratched as the result of “a computer error”, adding: “We're trying to get them back in.”The trainer expanded on his explanation, saying: “There was a blip on the computer. Something happened, the computer went bananas and took out a couple of horses that weren’t meant to be taken out.The 2,000 Guineas has a supplementary entry stage, six days before the race, when either or both of the excluded runners could be added back into the Classic at a cost of £30k, and O'Brien later suggested that is now the likeliest route for Gstaad and Albert Einstein.In the initial aftermath of Tuesday's declaration stage, Bow Echo and Publish, first and second respectively in the Ascendant Stakes at Haydock in September, moved to the head of the market as 4-1 joint-favourites, from odds of around 6-1 overnight.

Syrian President Ahmed al-Sharaa has embarked on a significant diplomatic visit to Germany, where he met with President Frank-Walter Steinmeier and Chancellor Friedrich Merz to discuss the reconstruction of his war-torn country and the potential return of refugees. During his visit, al-Sharaa highlighted investment opportunities in Syria's energy, transport, and tourism sectors, portraying his homeland as a diverse nation with a wealth of skilled people. He expressed his desire to see some of the Syrians who fled to Germany return to help with reconstruction efforts, particularly those who have acquired German expertise and education. German leaders have expressed their support for Syria's reconstruction. German Foreign Minister Johann Wadephul pledged to support reconstruction efforts, stating that the Syrians deserve a chance to rebuild their country. Chancellor Merz, who has been keen to limit irregular immigration, also suggested that many Syrians would return home voluntarily, citing the end of the war. The visit comes as Germany has resumed deportations to Syria, although only a handful of cases have been processed so far. About one million Syrians fled to Germany in recent years, many arriving in 2015-2016. However, protests have been registered in Berlin against plans to send refugees back to Syria, under the slogan 'No deportation deals with human rights abusers.' Al-Sharaa's visit was initially planned for January but was postponed due to ongoing fighting in Syria. His trip marks a significant step in Syria's efforts to rebuild and reintegrate with the international community, with Germany playing a crucial role in supporting these efforts.

The BBC has been accused of creating 'glossy propaganda films' for Saudi Arabia's sovereign wealth fund, Public Investment Fund (PIF), which has raised concerns about the corporation's impartiality and potential damage to its reputation.BBC Storyworks, the corporation's commercial arm, has entered into a partnership with PIF to produce a series of films and written articles lauding Saudi Arabia's progressive attitude towards women and eco-friendly credentials. These content pieces are hosted on a mini-site bearing BBC branding, but are not accessible in the UK unless users employ a VPN.Critics argue that this partnership is inappropriate, especially given Saudi Arabia's human rights record and the 2018 murder of journalist Jamal Khashoggi in the Saudi consulate in Istanbul. The BBC's reputation as an unbiased news outlet is at risk, according to former Baghdad bureau chief Patrick Howse: 'The BBC's existence depends on its reputation as an unbiased and reliable news outlet that is beholden to no one and pursues the truth without fear or favour.'The partnership comes as the BBC seeks alternative funding sources due to a dwindling number of licence fee payers, with a loss of about £50m in revenue. Saudi Aramco, the world's largest oil exporter, is also promoting its green credentials through a BBC Storyworks piece funded by PIF, despite significant investments in fossil fuels.Human rights organizations, including Human Rights Watch and Amnesty International, have criticized PIF's investments as tools of Saudi soft power and influence, aimed at whitewashing government abuses. They argue that businesses should avoid activities that bolster the reputation of government entities or officials accused of serious abuses.In response, a BBC Studios spokesperson stated that 'BBC News maintains clear separation between its commercial and editorial departments' and that journalists continue to report impartially and without fear or favour.

Donald Trump's Iran war has ended in a humiliating defeat, with the US president now being held hostage by the very country he sought to dominate. Despite his initial boasts of a "short-term excursion", Trump's military adventure has failed to achieve any of its stated objectives, including regime change and access to oil wealth. The Iranian military has successfully asserted its control over the Strait of Hormuz, a critical waterway for global oil shipments, and has demonstrated its capacity to wreak havoc on the Gulf states. The Organization for Economic Cooperation and Development has forecast a spike in inflation to 4.2% in the US, a 40% increase since Trump returned to office, and the stock market has dived into correction territory. Trump's attempts to justify his blunder and extricate himself from its dire consequences have been met with skepticism. His denial of any wrongdoing is too vehement to be convincing, and his calls for NATO countries to rescue him while insulting them as "cowards" have fallen flat. Iran has leveraged its control of the Strait of Hormuz to secure concessions from Trump, including the lifting of oil sanctions and safe passage for eight oil tankers. The Iranian government has rejected Trump's latest offer of negotiations "until complete victory", and Trump's threats of "obliteration" have been met with defiance. The Trump administration's decision-making process has been marred by ignorance, incompetence, and self-interest. Trump's advisors, including Steve Witkoff and Jared Kushner, have been accused of lacking expertise and misunderstanding key technical realities, leading to a series of catastrophic mistakes. In the end, Trump's Iran war has been a classic example of a conflict launched willfully through ignorance and sheer stupidity, with devastating consequences for the US economy and global stability.