14th June 2021
Good morning All eyes will be on Boris Johnson this evening as he announces the timing for the next stage of lockdown lifting. It seems likely that 21 June “freedom day” (when all social distancing restrictions end) will be delayed with some saying it could be by as much as four weeks.
- G7 weekend in Cornwall wrap up
- New news
Friday's market moves
FTSE 100 +0.7% 7,134
FTSE 250 +0.6% 22,734
Markets finished the week on a high, buoyed by positive GDP data and growing confidence that interest rates will remain nailed down while the economy recovers.
Across the pond the S&P 500 reached record highs last week as long-term inflation fears subsided.
G7 weekend in Cornwall wrap up
What’s going on?
Over the weekend Boris Johnson hosted leaders from seven of the world’s richest countries aka the G7 in (a very sunny and beautiful) Cornwall to thrash out a number of political and economic issues.
Why is this important?
The pictures of the summit looked a bit like a summer holiday for prime ministers and presidents.
But serious topics were discussed, and some key decisions made including:
- One billion Covid-19 vaccines pledged to developing countries over the next year.
- Call for transparent, expert-led and science-based investigation into the origins of Covid-19 in China.
- Commitment to net zero carbon emissions by no later than 2050 and to conserve or protect at least 30% of land and oceans by 2030.
- $2.75 billion toward the Global Partnership for Education to try and get 40 million more girls into school around the world.
- Resolved to deepen partnership with Africa with target $100 billion fund to help countries most in need.
All in all it was a productive weekend for the G7 who managed to mix in work and play on the Cornish coast.
However the so called “meat wars” between the UK and EU remain unresolved and tensions have risen. UK Foreign Secretary Dominic Raab called the French President’s comments on the matter “offensive”. This diplomatic drama has some way to go before it’s quashed.
Watch out BBC and Sky, there’s a new news channel in town. GB News launched last night and plans to take on the biggest names in British broadcasting. Fronted by the ex BBC presenter Andrew Neil it also has a host of former BBC and ITV names on the line up as well as faces from the world of print journalism.
GB News has pledged to be different from the competition with an emphasis on free speech, honest debate and having a finger on the pulse of issues British people care about.
Its financial backers include American global media giant Discovery as well as Dubai-based investment group Legatum and one of the UK’s most prominent hedge fund managers, Sir Paul Marshall.
The channel has already been embroiled in controversy before its launch, with critics warning that its right-wing, “war on woke” approach could fan the flames of hate. GB News says it is impartial.
Andrew Neil said GB News would serve the “vast number of British people who feel underserved and unheard” by existing television news channels.
The UK is known the world over for its trusted and neutral news delivery. Anyone who has ever watched American channels like Fox News or CNN will know how provocative news can be. Time will tell how British viewers respond to GB News and if the newcomer will be successful in disrupting the British news landscape.
Stat of the day
A mystery bidder paid $28m for a seat on a space flight with Amazon founder Jeff Bezos
Other stories to keep you in the loop