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World Economy Apr 15, 2026

UK Minister Asserts Welfare and Defence Spending Are Not Mutually Exclusive

The UK government is navigating the challenge of balancing welfare and defence spending amid global…
The UK government is facing pressure to increase its military budget to ensure national security during a period of global volatility. A Treasury minister has argued that balancing welfare and defence spending is not a zero-sum game, suggesting that it is possible to increase investment in both areas.James Murray, the chancellor's deputy, stated that the government is committed to the biggest sustained increase in defence investments since the cold war. However, he did not provide a timeline for the publication of the delayed defence investment plan.Former defence secretary and head of Nato, George Robertson, has accused the Treasury of 'vandalism' for not sufficiently boosting the armed forces. He suggested that defence should be prioritized over welfare spending, warning that the UK cannot defend itself with an ever-expanding welfare budget.The government has committed to reaching 2.5% of GDP on defence from April next year and 3% in the next parliament. However, military chiefs believe there is still a £28bn shortfall after years of the armed forces being hollowed out by successive administrations.Murray countered Robertson's views, stating that the welfare system is not a fixed entity and includes targeted measures like the removal of the two-child benefit cap, which helps hundreds of thousands of children out of poverty.The debate over public spending cuts to fund defence has sparked an angry reaction on the left, with veteran MP Diane Abbott accusing Robertson of prioritizing 'guns over butter' and warning that such an approach could cost Labour votes.
#defence #welfare #spending
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World Economy Apr 15, 2026

Kevin Warsh’s $100 Million‑Plus Net Worth Raises Questions Ahead of Fed Chair Confirmation

Former Fed governor Kevin Warsh, President Trump’s pick to succeed Jerome Powell, disclosed assets …
Kevin Warsh, a former Federal Reserve governor nominated by President Donald Trump to replace Jerome Powell, has filed ethics disclosures showing personal assets well above $100 million. If confirmed, he would become the wealthiest central‑bank leader in U.S. history. The 69‑page filing, released on Tuesday, lists two private‑fund investments each valued at over $50 million in the Juggernaut Fund LP, plus $10.2 million in consulting fees from the investment office of Wall Street titan Stanley Druckenmiller. Many holdings are described only in broad categories because “pre‑existing confidentiality agreements” prevent full disclosure; Warsh has pledged to divest these assets should his nomination be approved. Federal Reserve ethics rules, tightened in 2022, prohibit officials and their families from owning bank stocks, crypto‑related assets, and impose strict limits on buying and selling securities. The Fed’s own standards, set by the Federal Open Market Committee, are stricter than those governing other federal employees. Beyond the large private‑fund stakes, Warsh’s disclosures reveal a portfolio concentrated in emerging sectors such as artificial intelligence and cryptocurrency. Notable entries include the robotic‑coffee‑bar platform Cafe X, wearable‑tech firm Cionic, an Ethereum layer‑two project dubbed “Blast,” and a reversible male‑contraceptive solution called Contraline. Details for many of these positions are omitted, again citing confidentiality. The filing also enumerates assets held by Warsh’s spouse, Jane Lauder—a member of the Estee Lauder family with an estimated net worth of $1.9 billion. Her holdings feature municipal bonds listed simply as “over $1 million.” Liabilities appear modest in comparison: a 2015 mortgage of up to $5 million with JPMorgan Chase at a 2.75% rate, a revolving credit line of up to $5 million from PNC Bank at roughly 6%, and a $1.95 million capital commitment to THSDFS LLC, an interest Warsh has also pledged to divest. Ethics analyst Heather Jones of the Office of Government Ethics confirmed that Warsh’s divestiture promises would bring him into compliance with the Ethics in Government Act. Nonetheless, the breadth of undisclosed holdings is likely to dominate his upcoming confirmation hearing, scheduled for April 21. Political dynamics add further uncertainty. A key Republican senator has signaled intent to block Warsh’s confirmation until a Department of Justice investigation into Powell’s oversight of Fed‑headquarters renovations concludes. Although a federal judge recently dismissed two subpoenas targeting Powell—citing a perceived attempt to pressure him on interest‑rate policy—the Justice Department plans to appeal, potentially delaying any Senate vote. Powell has indicated he will remain “pro tem” if Warsh is not confirmed by the end of his term on May 15, and he could retain his governor seat until 2028 if he chooses.
#warsh #powell #fed
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News Apr 15, 2026

Eric Swalwell Resigns from Congress After Fifth Sexual Misconduct Allegation Triggers Expulsion Push

Democratic Rep. Eric Swalwell stepped down from Congress following a fifth accusation of sexual mis…
Eric Swalwell, a Democratic U.S. Representative from California, announced his resignation from Congress after a fifth woman accused him of unwanted sexual contact, alleging he drugged and raped her during a 2018 encounter. The claim was made public on Tuesday, intensifying a series of allegations that have already derailed his bid for the California governorship. Swalwell had suspended his gubernatorial campaign earlier in the week, a race in which polls had shown him as the front‑runner to replace Governor Gavin Newsom. The campaign collapsed after the San Francisco Chronicle and CNN reported multiple accusations, including a 2024 rape allegation by a former staffer in a New York City hotel that left the victim bleeding and bruised. Additional allegations surfaced that three other women received inappropriate Snapchat messages from Swalwell, a platform that automatically deletes interactions, complicating verification. In response, Lonna Drewes—one of the accusers—stated at a Los Angeles press conference that her hesitation to act earlier was driven by fear of Swalwell’s political power, not doubt about the allegations. Drewes’s attorney, Lisa Bloom, announced that a police report would be filed with the Los Angeles County Sheriff’s Office. The backlash was swift: supporters withdrew endorsements, and a coalition of bipartisan lawmakers called for an immediate vote to expel Swalwell from the House. The Manhattan District Attorney’s Office also confirmed it is investigating the sexual assault claims. Swalwell issued an apology to his family, staff, and constituents, describing his actions as “mistakes in judgment.” He emphasized his intent to fight what he called “serious, false allegations” and criticized the prospect of an expulsion vote without due process, stating, “Expelling anyone in Congress without due process, within days of an allegation being made, is wrong.” Republican Representative Anna Paulina Luna said she would withdraw her motion to expel Swalwell once his resignation became effective, confirming that his resignation letter had been submitted “effective immediately.” Meanwhile, Republican Representative Tony Gonzales announced his own retirement from Congress amid similar calls for expulsion over unrelated sexual misconduct allegations. Swalwell’s departure marks a dramatic end to a campaign that once positioned him as a leading contender for California’s top executive office, underscoring how personal misconduct allegations can swiftly upend political trajectories and trigger extensive legal scrutiny.
#swalwell #his #allegations
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Politics Apr 14, 2026

Trump Slams Italian PM Meloni for Refusing Iran Strike, Deepening Rift Over Israel Defence Pact

Donald Trump accused Italian Prime Minister Giorgia Meloni of lacking courage for not joining a U.S…
Donald Trump publicly rebuked Italy’s Prime Minister Giorgia Meloni, claiming she showed no courage for refusing to support a U.S. strike on Iran. The remarks were made during an interview with Italy’s Corriere della Sera, where Trump said, “I’m shocked at her. I thought she had courage, but I was wrong.”Meloni’s stance follows her government’s decision to suspend the automatic renewal of the defence cooperation memorandum with Israel, citing the “current situation” as justification. The move marks the first time Italy has halted the agreement, which had been in place since 2016 and facilitated military exchanges and technology sharing.Trump escalated the dispute, stating, “Giorgia Meloni doesn’t want to help us in the war… Does she like it? I can’t imagine.” He also linked his criticism to broader frustrations with European allies, accusing them of “abandoning” the United States and urging them to “go get your own oil.”Relations between Washington and Rome have already been strained after Trump’s earlier attacks on Pope Francis, whom he described as “not doing a very good job” and urged to stop “catering to the radical left.” Meloni condemned those comments as “unacceptable,” emphasizing that religious leaders should not be forced to follow political directives.Amid the diplomatic fallout, Italy is grappling with domestic challenges. A recent justice referendum, backed by the government, was defeated, a result analysts interpret as a broader vote of no confidence in Meloni’s leadership. Economic anxieties are rising as the ongoing Iran‑Israel conflict threatens global energy supplies, with the Strait of Hormuz blockade contributing to a sharp increase in diesel prices across Europe.Political historian Lorenzo Castellani of Luiss University described the situation as a “repositioning,” noting that Meloni may be wary of alienating centre‑right voters who are increasingly critical of Trump, Israeli Prime Minister Netanyahu, and the war’s economic repercussions.Despite the tension, Meloni reiterated that Washington remains a “priority ally,” adding that true alliances require candour: “When you are friends, particularly strategic allies, you must also have the courage to say when you disagree.”Trump’s remarks also targeted other NATO members, suggesting that countries like Spain could face troop withdrawals and accusing the United Kingdom of failing to “step up.” His comments underscore growing fractures within the alliance as the Iran conflict escalates.In parallel, Italy’s diplomatic ties with Israel are under pressure. The suspension of the defence memorandum follows a series of incidents, including Israeli airstrikes that have caused thousands of casualties in Lebanon and a near‑miss involving Italian UN peacekeepers in southern Lebanon. Italy’s ambassador to Israel was summoned after Foreign Minister Antonio Tajani condemned the Israeli raids during a visit to Beirut.The confluence of these diplomatic disputes—Trump’s criticism of Meloni, the halted Israel‑Italy defence pact, and broader NATO tensions—highlights a volatile period for European‑U.S. relations amid an intensifying Middle‑East conflict.
#Donald Trump #Giorgia Meloni #Iran
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Politics Apr 14, 2026

UK Defence in Crisis: Gulf War Exposes Britain's Military Readiness

The ongoing conflict in the Gulf has highlighted the UK's military readiness and capabilities, reve…
The recent conflict in the Gulf has served as a harsh wake-up call for the British public regarding the state of the UK's armed forces. While air defence systems and fighter jets were swiftly deployed, the delayed arrival of a single destroyer, HMS Dragon, to Cyprus underscored concerns about Britain's military preparedness. Former Nato secretary general George Robertson criticised Keir Starmer for showing a 'corrosive complacency towards defence', warning that this put the UK in peril. In response, ministers pointed to 'decades of underinvestment' by previous governments and announced plans for the largest sustained increase in defence spending since the Cold War. The Ministry of Defence aims to spend 3.5% of GDP on defence by 2035. However, defence analysts argue that the UK's military has suffered from a 'lethal combination' of Treasury hostility to defence spending and the Ministry of Defence prioritising investment in ships and aircraft over the army. The British army has shrunk significantly since 1991, from 155,000 troops to 75,000 troops, with a reduction in armoured and infantry brigades. Defence experts, such as Ben Barry of the International Institute for Strategic Studies, blame this decline on inadequate resource allocation. Matthew Savill, director of military sciences at the Royal United Services Institute, notes that the UK has a decent spread of reasonably modern capabilities but faces several problems, including a lack of mass and reliance on allies. 'We've cut a lot of corners and in many cases we rely on our allies. That means we're particularly reliant on the US and others in certain areas and it can come back to bite,' Savill added. Britain's commitment to increase defence spending to 2.5% of GDP from April 2027 is more ambitious than France's, but experts suggest that the UK can learn from France's approach. The UK's plans have been influenced by Poland's military transformation, which has seen defence spending rise to 4.8% of GDP, the highest among Nato countries.
#UK Ministry of Defence #Royal Navy #Eurofighter Typhoon
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Film Apr 14, 2026

Endless Cookie Delivers a Psychedelic Portrait of Cree Family Life in Groundbreaking Canadian Animation

The animated feature Endless Cookie, created by half‑brothers Seth and Peter Scriver over nine year…
Endless Cookie arrives as a daring, hand‑crafted animation that immerses viewers in the everyday chaos of a Canadian Cree household in the remote Shamattawa First Nation. The project, conceived and voiced by half‑brothers Seth and Peter Scriver, took nine years to complete, a fact the film humorously acknowledges through its meta‑narrative and frequent self‑parody. The visual style feels like a cross between Cheech and Chong antics and the digressive storytelling of Tristram Shandy, with scenes that oscillate between vivid surrealism and grounded family moments. From a post‑apocalyptic Toronto backdrop to a sprawling story map described as “bulging like a distended colon,” the animation pushes the boundaries of conventional indie filmmaking. Beyond its eccentric humor, the film tackles weighty themes with a wry yet respectful tone. It shines a light on police racism and historic land theft, while celebrating ancestral continuity and community resilience. The narrative deliberately sidesteps the Scrivers' own cultural positions, allowing the Indigenous perspective to remain front and centre. Key vignettes include a chaotic caribou stakeout, a punk‑era flashback to 1980s Toronto, and a bizarre encounter with a clingy snowy owl—each episode underscored by the presence of the family’s twelve dogs, two of which are humorously named Cheech and Chong. The film’s funding source even appears as a talking slide rule, adding another layer of self‑referential comedy. Critics have likened the animation’s energy to a “SpongeBob SquarePants episode after an afternoon of smoking DMT,” while also noting its lineage to the counter‑cultural spirit of Fritz the Cat. The result is a work that feels both hallucinatory and deeply affectionate toward its subjects. Endless Cookie becomes available for streaming on Mubi starting 17 April, offering audiences a rare glimpse into a vibrant, self‑determined Indigenous narrative that challenges mainstream cinematic conventions.
#seth #endless #cookie
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News Apr 14, 2026

Senator Bernie Sanders Moves to Block $500 Million in US Arms to Israel as Iran Conflict Escalates

Senator Bernie Sanders announced he will force a Senate vote on a resolution to halt roughly $500 m…
Senator Bernie Sanders declared on Monday that he will force a vote later this week on a resolution designed to stop the sale of nearly $500 million in bombs and bulldozers to the Israeli military. The procedural maneuver bypasses the Senate majority leader, signaling a direct challenge to the administration’s policy of unconditional support for Israel.Sanders framed the measure as a response to what he described as the "extremist Netanyahu government" responsible for alleged genocide in Gaza, arguing that American taxpayers should not fund further military operations that exacerbate civilian suffering.While the Republican‑controlled Senate is unlikely to approve the resolution, the vote will serve as a barometer of Democratic sentiment toward Israel, especially as anger over the U.S.–Israel war on Iran and ongoing atrocities in Gaza and the West Bank intensifies.Last year, Sanders introduced a comparable bill that was defeated 27‑70. At that time, a majority of Senate Democrats had supported the effort, reflecting an erosion of the once‑solid bipartisan consensus backing Israel.Public opinion data underscores this shift: a February Gallup poll found that only 46 % of Americans hold favourable views of Israel, and a mere 17 % of Democratic respondents say they sympathise more with Israelis than Palestinians.Since the conflict began, the United States has provided Israel with over $21 billion in military assistance during the first two years of the Gaza war, a figure that critics argue fuels continued violence.Adding pressure from the advocacy side, liberal Zionist organization J Street issued its first call to phase out U.S. aid to the Israeli military, citing the combined impact of the Gaza war, rising extremist activity in the West Bank, and the U.S.–Israel confrontation with Iran.J Street urged Washington to consistently apply existing legal restrictions—such as the Leahy Law—that prohibit security assistance to countries implicated in human‑rights abuses, a standard it says has been routinely overlooked in Israel’s case.The upcoming Senate vote, therefore, not only tests the durability of the U.S.–Israel security partnership but also reflects a broader reevaluation of American foreign‑policy priorities amid a volatile Middle‑East landscape.
#israel #war #sanders
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News Apr 14, 2026

Hungary’s New Prime Minister‑in‑Waiting Peter Magyar Vows EU Re‑engagement, Anti‑Corruption Overhaul and Energy Independence

Peter Magyar, poised to become Hungary’s prime minister after a landslide defeat of Viktor Orban, p…
Peter Magyar, the leader of the Tisza party, announced a comprehensive reform agenda hours after his coalition was declared the winner of Hungary’s parliamentary election, ending Viktor Orban’s 16‑year rule. He emphasized that his government will work to restore the rule of law, plural democracy and a system of checks and balances that he says were eroded under the previous administration.At a news conference, Magyar detailed plans for a new anti‑corruption office and a separate body to oversee government spending, aiming to curb the graft that plagued the former regime. He also announced a constitutional amendment that will limit future prime ministers to two terms, a direct response to Orban’s repeated changes to the constitution designed to extend his hold on power.Regarding foreign policy, Magyar pledged that Hungary will remain a committed member of both the EU and NATO, describing these alliances as essential guarantees of peace. He vowed to phase out dependence on Russian oil and gas by 2035 and to pursue a cooperative, rather than confrontational, dialogue with Brussels.The new government is expected to unlock roughly €18 billion in EU funding, and Magyar highlighted that the parliamentary shift could also release a €90‑billion loan package for Ukraine that Orban had blocked a month earlier.Magyar’s position on Ukraine is nuanced. He called the country “the victim in the war” and said he would press President Vladimir Putin to end hostilities, yet he maintained that “fast‑tracking Ukraine’s EU accession is completely out of the question while the war continues.” He added that the restoration of ethnic Hungarian minority rights in Ukraine would be a precondition for deeper ties.On trans‑Atlantic relations, Magyar affirmed that the United States remains “a very important partner” and expressed a desire for “good relations” with the Trump administration, noting the recent visit of U.S. Vice President JD Vance to Budapest.Domestically, Magyar called on President Tamas Sulyok to expedite the transfer of power and urged the president to resign, reminding readers that the president must convene a new parliament within 30 days, after which lawmakers will elect the new prime minister.
#hungary #nato #ukraine
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News Apr 13, 2026

UK Prime Minister Keir Starmer Rejects US Hormuz Blockade, Urges Immediate Reopening of Vital Oil Route

British Prime Minister Keir Starmer announced that the UK will not join the US‑led blockade of the …
British Prime Minister Keir Starmer declared that the United Kingdom will not participate in the United States’ proposed blockade of the Strait of Hormuz, distancing London from President Donald Trump’s latest escalation against Iran.Speaking on BBC Radio, Starmer said, "We are not supporting the blockade," and added that the UK will not be "dragged into the US‑Israel war on Iran."The Strait of Hormuz is a strategic chokepoint through which about 20 % of the world’s oil supplies transit in peacetime. Starmer stressed that reopening the waterway is vital for global energy security and that the UK’s diplomatic efforts over recent weeks have focused on that goal.Meanwhile, the US Central Command announced it would block all maritime traffic entering or leaving Iranian ports from 14:00 GMT, though it provided few details on how the blockade would be enforced. The statement claimed the action would be applied impartially to vessels of all nations, yet it also noted that ships bound for non‑Iranian ports would not be impeded.President Trump, in a lengthy social‑media post, framed the operation as a mission to clear mines and prevent Iran from profiting from control of the strait.In a parallel diplomatic move, French President Emmanuel Macron said France and the United Kingdom will convene a conference in the coming days aimed at restoring freedom of navigation, reaffirming that “no diplomatic effort will be spared” to end the US‑Israel conflict over Iran.Nicole Grajewski, an assistant professor at Sciences Po, warned that the US blockade constitutes “more than a minor coercive signal” and effectively marks a resumption of hostilities.Other allies echoed criticism: Spanish Defence Minister Margarita Robles called the plan “makes no sense,” Turkish Foreign Minister Hakan Fidan urged “negotiations with Iran and the swift reopening of the strait,” and Chinese Foreign Ministry spokesman Guo Jiakun emphasized that the strait’s security is “in the common interest of the international community.”Starmer’s stance reflects a careful balancing act—maintaining NATO solidarity while refusing to endorse direct military pressure on Iran—highlighting the complex geopolitics surrounding one of the world’s most crucial maritime corridors.
#iran #nato #china
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