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FirstFT: Sunak banks public finances windfall for pre-election tax cut

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Rishi Sonak suggested yesterday Pain relief for households Faced with a crippling cost of living crisis, it has put in most of the £ 50bn profit in public funds as Britain enters dark economic times.

The chancellor hopes to use some of that money to cut taxes before the election, but his allies expect he will have to offer a much larger bailout package to the household in the fall, as inflation escapes and higher energy bills.

Labor claimed that the tax cuts included in Sunak’s spring statement were Not close enough To offset a decline in living standards that has not been seen since similar registrations began in 1956, some Tory MPs have privately agreed. The message confirms a A difficult political and economic situation.

opinion: Rishi Sonak is a low-tax chancellor in the same way that people who play the air guitar in their bedrooms are rock stars. He tried his best, Writes Henry Mans. Robert Shrimsley argues that the Chancellor’s most political move has revived the old idea of The worthy and the unworthy.

Share with us your thoughts on firstft@ft.com And we may present them in a newsletter. Here’s the rest of today’s news – Jennifer

1. USA: Russia has committed war crimes The U.S. said it had officially stated so The Russian military has committed war crimes in Ukraine, Points to atrocities including “indiscriminate attacks directed at civilians.” The accusation came after Nato announced yes Provide Kyiv protections Against chemical and nuclear weapons. Follow after Our live blog For the latter.

More news about Ukraine

2. DeFi projects are full of hidden ‘risks’ The World Securities and Exchange Commission has warned that decentralized financing contains Countless conflicts and hidden risksAs authorities begin to surround one of the fastest-growing corners of cryptocurrency markets.

3. Chelsea will be allowed a cash injection of £ 30 million The parent company of the football club should be allowed Inject up to £ 30 million Help the Premier League side “solve any cash flow or liquidity issues”.

4. The Taliban ban high school-aged Afghan girls The Taliban said students in seventh grade, or about age 13, would not be allowed to return to classes. The U-turn provoked international condemnation and Left students in despair Stuck off campuses.

5. Evergrand bondholders are threatening a lawsuit A group of bondholders is approaching Official legal action Against the most obligatory asset developer in the world after it published a surprising revelation that mysterious lenders to one of its subsidiaries have demanded more than $ 2 billion in cash.

Corona digestion

The day ahead

World leaders meet in Brussels NATO heads of state will want to Discuss the next steps in the conflict in Ukraine A month after Russia began invading. Boris Johnson, the Prime Minister of the United Kingdom, is expected to do so Accelerate leaders Double the economic sanctions against Vladimir Putin’s regime and step up deadly defensive aid, exposing a £ 25m financial package to Ukraine’s armed forces alongside 6,000 defense missiles. US President Joe Biden and European leaders fear Putin could Turn to weapons of mass destruction.

  • Elsewhere in NATO: Leaders will be discussed prolonging The tenure of NATO Secretary General Jens Stoltenberg, beyond his planned departure this summer. The move is in line with the meeting of the European Council of Leaders of the Member States of the European Union.

The Moscow Stock Exchange is partially reopening The trade will be CV About 33 stocks, including Sberbank, Rosneft and VTB, but only between 9:50 and 14:00.

Toshiba shareholders’ meeting The meeting will be e The culmination of a four-year battle Between Toshiba and shareholders who believe they can force the conglomerate to reopen the purchase talks with private capital.

Head of P&O in front of MPs Peter Bellwhite will appear at a special joint sitting of the Parliamentary Committees on Transport and Business, Energy and Industrial Strategy after Boris Johnson accused the ferry company of Breaking the Law By dismissing nearly 800 employees without notice last week.

Economic Data Purchasing Managers’ Index reports For the eurozone, France, Germany, the United Kingdom and the United States are expected to show a A modest slowdown In activity in March, after Russia’s invasion of Ukraine. (FT, WSJ)

What else are we reading

Roman Abramovich’s yachts are sailing in a Turkish storm The Eclipse super yacht, just one of the billionaire’s sailing vessels, Arrived at Marmaris Port This week, his 163-meter-long body embodies Western concerns about Turkey’s unwillingness to sign sweeping sanctions against Russia.

The pendulum of globalization is swinging backwards Powerful investment issues appear in the link between seemingly unrelated events. The outbreak of war in Ukraine exposed such an issue, and Howard Marks, co-founder of Oaktree Capital, Believes this is one that investors should pay attention to.

The global food crisis is the trade dilemma of prisoners The rush to bring more crops to the land goes against the decades-old direction of European agricultural and subsidy policies. It is in everyone’s interest to keep the flow of exports, Writes Alan Beatty.

Iran’s enemies in the Middle East are closing lines Efforts to renew the 2015 nuclear deal May be in dangerDavid Gardner writes, as the possibility that the United States will remove Tehran’s Revolutionary Guards from its list of foreign terrorists is causing panic in the region.

We need to clean up about the dirty money In an attempt to impose sanctions on Russian oligarchs, Western governments are forced to peek into the shadows, Writes Gillian Tet. For example, Roman Abramovich’s collector’s villa worth $ 50 million is registered in his own name, a rarity among the oligarchs’ assets.

film

Writing on fire Follows the female staff of the Hindu news portal Khabar Lahariya. This “observational documentation” not only deals with journalism, but also exposes the complexity of classes and inequality. Here’s how a movie about fearless Indian articles Reached the Oscars.

Indian journalist Suneeta has to fight chauvinism and corruption © BBC / Black Ticket Films

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