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President Donald Trump has set out plans for new import taxes on all goods entering the US, with a baseline tariff on all imports of at least 10% and higher rates for countries that the White House described as the "worst offenders." Officials say the 10% tariffs will come into force on April 5, with the higher duties starting on April 9. While goods from the UK are set to face a new 10% tariff, import taxes on items from the EU will be set at 20%. Nations facing the highest charges to import goods to the US include China (34%), India (26%) and Japan (24%). Mr Trump has also confirmed a 25% tax on imports of all foreign-made cars. Susannah Streeter, head of money and markets at Hargreaves Lansdown, said the "plan for blanket tariffs on US trading partners has unnerved investors," adding: "As Trump has ripped up trade norms, it’s spread fresh worries about the implication for the global economy." The National Institute of Economic and Social Research think-tank has warned that the US tariffs could knock UK growth down to zero next year, noting: "Even if the UK were exempt from these tariffs, economic activity could still suffer due to broader global disruptions."

 

BBC News

City AM

Daily Mail

Deutsche Bank-owned asset manager DWS has been fined €25m ($27m) after an investigation found it to be guilty of misleading statements about its environmental and social investing credentials. German prosecutors said statements in which DWS had publicly claimed that it was a "leader" in environmental, social and governance investing, and that ESG was an integral part of its DNA, "did not correspond to reality." DWS misled investors from around mid-2020 to the end of January 2023, the Frankfurt state prosecutor's office said.

 

Financial Times

Reuters

MPs have been told that bosses at Heathrow Airport were warned that its power supply was vulnerable less than a week before a fire at a substation caused a major outage in March. Nigel Wicking, the chief executive of Heathrow Airline Operators' Committee, which represents more than 90 airlines, told the Transport Committee: "I'd actually warned Heathrow of concerns that we had with regard to the substations and my concern was resilience." His warning had come after wire and cable thefts "took out the lights on the runway for a period of time."

 

Sky News

BBC News

The International Civil Aviation Organisation (ICAO) has expressed “grave concern” over increasing incidents of GPS jamming and spoofing, particularly near conflict zones. ICAO Secretary-General Juan Carlos Salazar said: “Radio Navigation Satellite Service interference can impact aircraft operations far beyond the immediate affected area.” In response, ICAO, along with the International Telecommunication Union and the International Maritime Organisation, has urged Member States to enhance protection of critical radio-frequency bands. Key actions include safeguarding RNSS from harmful interference and improving collaboration among regulatory and enforcement authorities.

 

Gulf Times

The Pensions Regulator (TPR) has raised the alarm over the accuracy of pension records, pointing out that some schemes may be losing significant funds due to outdated information. A report from Heywood revealed that 2% of the 3m pension records analysed showed members were dead but their records had not being updated. The report said: "Paying benefits to this share of pensionable members who have died would cost a scheme over £250,000 each month per 10,000 members, based on an average monthly payment of £1,100. Never mind the increasing fraud, regulatory and reputational risks." A TPR spokesperson said: "We are engaging with schemes that fall short of our expectations, and where needed, we will take enforcement action to drive compliance."

 

Daily Express

Britain's largest retailers have voiced opposition to proposed reforms by the Payment Systems Regulator regarding Visa and Mastercard's payment systems and fees. The British Retail Consortium described the proposals as a "failure of vision," and urged the regulator to take decisive action to prevent card schemes from exploiting their market dominance. Chris Owen, payments policy adviser at the BRC, warned that without regulatory intervention, the financial burden on businesses, which has increased by at least £170m annually due to a 25% rise in fees, will continue to be passed on to consumers.

 

The Times

The Bank of England's Prudential Regulation Authority has fined Jay Hambro £72,000 over his conduct while a director of Wyelands Bank, which collapsed in 2021. The regulator said Mr Hambro's conduct demonstrated a "serious lack of due skill, care and diligence" in relation to areas including capital recognition, large exposures assessments and managing conflicts of interest with the wider GFG Alliance.

 

Financial Times

The Times

The government is implementing reforms to environmental regulations aimed at fostering economic growth while protecting nature. Environment Secretary Steve Reed announced the fast-tracking of recommendations from a review led by economist Dan Corry, which highlighted the need for streamlined guidance and a single lead regulator for major projects. The review noted over 3,000 pieces of "green tape" complicating the planning process, saying: "Simply scrapping regulations isn't the answer." The reforms include a nature restoration fund and a new approach for trusted nature groups to operate with fewer permits. While the reforms are designed to expedite planning applications and avoid costly mistakes, conservationists have expressed concerns about potential risks to nature. 

 

Daily Mail

An independent investigation into the Office for National Statistics (ONS) has been initiated to address concerns regarding the accuracy of official economic data. Commissioned by the Cabinet Office and the UK Statistics Authority, the review will be led by former senior civil servant Sir Robert Devereux. The ONS has faced criticism for errors in economic indicators and delays in data publication, raising the alarm at the Bank of England and other policymakers. David Miles from the Office for Budget Responsibility (OBR) noted that revisions to ONS estimates significantly impact fiscal targets, saying "absolutely enormous" differences arise from these changes. The ONS has expressed its willingness to engage with the review process.

 

Financial Times

The Times

Eurozone inflation has decreased to 2.2% in March from 2.3% in February, driven by lower energy costs and a slowdown in service inflation, according to Eurostat data. The European Central Bank (ECB) is expected to cut interest rates again, with a 70%-75% chance of a reduction in April. ECB Vice President Luis de Guindos said that the impact of a potential trade war with the US would be "short-lived" on prices, despite concerns about stagnation and inflation. The ECB anticipates inflation will remain around the current level for the year before reaching its 2% target by early 2026. Unemployment in the eurozone has also fallen to a record low of 6.1%.

 

Reuters

English teenagers exhibit significantly weaker social and emotional skills than their counterparts in many other developed nations, according to a report by the National Foundation for Educational Research (NFER). The study, which assessed attributes such as assertiveness, emotional control, and cooperation, found England ranked in the bottom ten of 31 countries measured by the OECD. Researchers warn that these deficiencies could impact young people's employability, because socio-emotional skills are crucial for workplace competencies like communication and collaboration. The study also highlighted a stark socio-economic divide, with children from deprived backgrounds particularly disadvantaged, and urged the government to invest in early years education.

 

The Times

Annual pay growth for low-wage positions in the UK slowed to 6.2% in February, the lowest since February 2022, according to jobs website Indeed.  Jack Kennedy, a senior economist at Indeed, said: “For some time now, low-paid sectors have been seeing significantly stronger pay growth than the rest of the market . . . That gap is starting to close.” Kennedy said that a wave of costs this month, including a change to national insurance contributions, a payroll tax, and a higher minimum wage, may force companies to hold down salaries across the board. Mohammad Jamei, director of economic policy at the Confederation of British Industry, said some employers are halving pay rises from around 5% to 2% to help offset the government's cost increases.

 

Bloomberg

Data shows that while the London Stock Exchange (LSE) has seen 15 takeover bids so far this year, there have only been four IPOs, with three of these seeing companies join AIM, the LSE’s junior market. AJ Bell investment analyst Dan Coatsworth said the pace of IPOs is "nothing more than a dribble," and warned that tax increases and US tariffs are causing "considerable uncertainty" for firms. Meanwhile, Charles Hall from Peel Hunt has emphasised the need for "urgent" support to enhance the market's attractiveness.

 

City AM