The oil is the money.
Even more so if Tehran can repatriate the funds.
The Qatari frozen money is nice-to-have, but at, say, $75 a barrel, Iran makes ~$175 million a DAY in oil export revenue. That's >$5 billion in just one month. That's the real money. Check for oil waivers.
***EXCLUSIVE*** Andy Burnham fully rules out changing Rachel Reeves’ fiscal rules if he becomes PM
At the weekend his team had left it open whether he might change them in future
But tonight his spokesperson tells Bloomberg he is explicitly ruling out any changes to the existing fiscal rules
AND crucially Burnham is now also ruling out exempting defence spending from the fiscal rules to spend more on the military
He had floated that idea in a Bloomberg interview a few weeks ago but his spokesperson tonight says he won’t pursue it
This is a big attempt by Burnham’s campaign team to reassure markets who were spooked on Friday by his potential premiership
But it may risk disappointing some on the left who had hoped for a more radical fiscal policy
It may also mean tax rises are the likely main revenue raiser in the event Burnham wants to increase spending
EXCLUSIVE: Rachel Reeves interview with @MyStephanomics
— Says the UK won’t let trade terms with the US sway its position on Trump’s war in Iran.
— “You can’t make a decision about whether to get British armed forces involved in a conflict because it may or may not make it more likely to get a trade deal. We judged that there was not a legal basis for offensive action on Iran.”
— Warns the UK and the world likely faces an economic “shock” lasting months due to the war.
— Says the UK is in a “stronger position to be able to withstand the shocks, including the shock that we are likely to be responding to in the weeks and months ahead.”
— Vows she will do “everything in our power to protect businesses and and families in the UK” from the economic fallout.
Story by @Joe_Mayes >>> https://t.co/czemTEzqkf
As featured in @Bloomberg by @philaldrick:
The Budget turmoil of recent weeks highlights a broken system. The OBR’s short-term forecasts dictate policy and sideline investment in skills, health & productivity.
Britain stays stuck in low growth as a result.
Here’s our report on the odd timeline around the manifesto breaking income tax rise plans. Basically there was no improvement in the forecast to explain the decision to scrap the plan, because Reeves already had a better forecast than anybody expected
https://t.co/U4ZzsK4rRi
Originally a Bloomberg scoop from @PhilAldrick@chepker!
The OBR's David Miles told Bloomberg Radio yesterday that Reeves had received the favourable forecast before her tax speech: https://t.co/RY0JhdCXb1
As Trump rewrites trade rules, Asia is pushing back, putting $7.5 trillion in US assets and the dollar’s supremacy at risk.
🎧 Get the full story and the rest of the news you need to start your day on the latest edition of The Daybreak Europe Podcast https://t.co/unKRFANyJ9
🎙 EXCLUSIVE: @Nigel_Farage on Reform UK, Fiscal Policy, and UK-US Relations
On Bloomberg’s UK Politics podcast, Nigel Farage outlined his vision for Reform UK and praised @elonmusk as a “hero” for championing free speech.
Watch the full interview here: https://t.co/EvXG3iJM81
🌍 Here's Why Inflation Could Be A Bigger Problem In 2025 🌍
Inflation is falling, but uncertainty looms. Host Stephen Carroll and Bloomberg Opinion's Daniel Moss explores how central banks might navigate these challenges. https://t.co/ZaG78aEK5o
Europe’s September PMI’s are sending worrisome signals about growth prospects as fragile readings for services compound the continued weakness in manufacturing.
This theme is particularly relevant for Germany where the composite measure fell from August’s 48.4 to 47.2 due to weaker manufacturing (42.4 to 40.3) and services (51.2 to 50.3). Also of note, the new orders component fell from 39.6 to 37.2.
#economy #europe #markets #growth #econtwitter
Looking for a hot take podcast on the Rachel Reeves speech...you're in luck. @lizzzburden and @James_Woolcock have you covered with today's episode of the Bloomberg UK Politics Podcast: https://t.co/NxCToADZnu
@DanielMorain hi Dan. I run Bloomberg Radio's European operation. Would you be able to join us tonight at 2130 LA time for a zoom pre recorded interview on Kamala Harris