Democrats are playing with fire in trying to reclaim tax cuts from Republicans

Senator Chris Van Hollen and other Democratic lawmakers are embracing a policy that hardly benefits the middle classSoul-searching within the Democratic party is to be expected after its loss in the 2024 election. Donald Trump’s edge over Kamala Harris in voters’ perceptions of economic competence (perplexing though it now appears following a year of erratic policymaking) was bound to inspire a call to rethink the party platform.Yet the second-guessing is steering the Democrats down a dangerous path to embracing a tax-cutting strategy that risks defeating the project to enable a healthier, more equitable society.The most prominent proposal bouncing around Democratic circles comes in a bill from Chris Van Hollen, a Maryland senator. In a nutshell, it proposes cutting taxes for Americans earning up to $80,500 ($161,000 for married couples) and funding the $1

Oil prices climb after Trump dismisses Iran’s response to peace plan

Oil prices have climbed after Donald Trump condemned Iran’s response to US proposals to end the war as “totally unacceptable”.The president’s rejection of Tehran’s overture in a post on his Truth Social platform triggered a jump in Brent crude, the international benchmark for oil prices, by as much as 4% on Monday to $105.50 a barrel, before easing back to settle at $103.50.The US had presented a peace proposal a week ago, said to consist of a 14-point memorandum of understanding that would reopen the strait of Hormuz, while setting a framework for further talks on Iran’s nuclear programme

US Senate expected to confirm Kevin Warsh as next Federal Reserve chair

The US Senate is expected to confirm Kevin Warsh this week as chair of the Federal Reserve, as Donald Trump continues his campaign to influence the world’s most important central bank.The Fed’s influence over the economy spans from the job market to mortgage rates, and its every move is carefully scrutinized by investors on Wall Street. Warsh’s confirmation comes at a turbulent time for the central bank, which has fallen under intense scrutiny from Trump for not lowering interest rates.The vote is expected to be split along party lines. Democrats criticize Warsh for being Trump’s “sock puppet” at a time when the president has pushed past the typical boundaries between the White House and the nonpartisan Fed

UK households bracing for new cost of living crisis, report finds

British households are bracing for a new cost of living crisis, as the impact of the Middle East conflict dampens confidence in the economy and personal finances, a survey has suggested.Consumer confidence in the UK has dipped over the last three months at the fastest rate since June 2022, when inflation in the UK was soaring as a result of Russia’s invasion of Ukraine and the spike in commodity prices.The quarterly survey from the accountancy firm PwC, which measures factors such as consumers’ spending intentions and how well off they feel, recorded a score of -13 in April, a sharp fall from -1 in January and the lowest level since autumn 2023.PwC said confidence about household finances was down across all age groups, although young people were still more optimistic than older people, despite there being a 20% fall in those under 35 who feel financially healthy and a 9% increase in those who are struggling or in trouble with their bills and finances.Almost 90% of 2,068 consumers surveyed by PwC said they were concerned about the cost of living, and almost 80% plan to cut back on their spending in the next three months

Delayed Great British Railways’ first station to open at Cambridge South in June

The delayed Cambridge South station will finally open in late June – and become the first station to be given full Great British Railways branding, the government has announced.The station sits beside the city’s Biomedical Campus, Europe’s largest medical research centre, and will connect it with direct trains to London, Brighton and Stansted airport, as well as up to nine trains an hour to the centre of Cambridge itself.Services will begin calling at Cambridge South on Sunday 28 June, the Department for Transport said, with 1.8 million passengers expected annually.The DfT said the adjacent Biomedical Campus was forecast to contribute £18

Full nationalisation of British Steel expected in king’s speech

The full nationalisation of British Steel is expected to be announced in the king’s speech this week, a year after the government took over the daily running of the loss-making business from its Chinese owner.The steelmaker, which employs 3,500 people at its plant in Scunthorpe, came under government control last April amid fears that its owner, Jingye, was planning to shut down the site.British Steel operates the last two remaining blast furnaces in the UK, but its economic control remains with the Chinese company, which bought it out of insolvency in early 2020.An announcement confirming the plans is expected in the king’s speech on Wednesday, according to the Sunday Times, but details of the speech are still being finalised.British Steel was bought by the private equity group Greybull Capital in 2016, but it collapsed into insolvency three years later