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Live news: ballot papers to go out to Conservative party members

This week the caravan of the conservative leadership competition is moving from parliament to the members of the country. The ballots are expected to land on the doormats of 150,000 Tory Party members over the next few days, while finalists Liz Truss and Rishi Sunak will face off in another televised debate on Sky News on Thursday at 8pm.

But have Tory members made up their minds yet? Polls have shown Truss to be ahead of the former Chancellor in the base. Stephen Bush, who runs the Inside Politics newsletter, warns that Sunak only has limited time to close the gap with Truss, as “most Conservative members will vote immediately when their ballots arrive.”

Whoever wins the race for leadership will inherit a wave of industrial discontent. Thousands of BT workers will go on Monday for the second of two strikes led by the Communication Workers Union in a dispute over pay. In response to BT’s £1,500 wage offer The CWU, offered to employees in April, said company bosses “held up two fingers” at workers. Dockers at the UK’s largest container port are expected to do the same strike in August.

Across the Atlantic, Hungary’s Prime Minister Viktor Orbán is set to speak at the Conservative Political Action Conference in Dallas despite an international backlash after a speech he delivered on race leading to the resignation one of his close associates who called it “pure Nazi”.

Speaking of controversial trips abroad, Kathrin Hille reports that it is China pull out all the stops — including possibly the military — to dissuade US House Speaker Nancy Pelosi from visiting Taiwan in the next few days.

After sunset and darkness, we can look forward to a weekend of celebration. Alongside Friday’s International Beer Day, the streets of Brighton will be awash with glitter as one of Britain’s biggest Pride events gets underway. Thousands of people will flock to the south coast of England for the annual LGBTQ parade. And don’t miss the fire of love on the big screen, writes our film critic Danny Leigh.

economic data

The Bank of England will find itself in a difficult position on Thursday as its monetary policy committee weighs how much to raise interest rates to bring inflation down to its 2% target. It is currently trading at a 40-year high of 9.4 percent and is expected to continue rising. Governor Andrew Bailey said an increase of half a percentage point – that would be the largest increase in 27 years – is on the table.

The BoE is under pressure to step up anti-inflation efforts after the US Federal Reserve hiked interest rates by 0.75 percentage points for the second straight month on Wednesday. The White House will trumpet any good news from US jobs numbers this week to downplay recession fears. The economy contracted for a second straight quarter and “core” personal consumption spending rose 0.6 percent in June.

companies

The earnings slump in August is not quite there yet. After last week’s hustle and bustle, things will ease just a little in the coming days, says FT corporate commentator Cat Rutter Pooley.

The narrative of consumer goods and beverage companies raising sales forecasts on rising inflation was firmly placed ahead of Monday’s Heineken and Thursday’s Kellogg results.

The windfall earnings of oil and gas majors were also the focus of the earnings season. After Shell raked in $11.5 billion in profits in a record quarter, it is BP’s turn to step into the political storm on Tuesday. The UK has imposed additional taxes on energy companies this year, but another round of record profits could fuel calls for additional levies.

And while the big US banks released their updates for what felt like ages, reports are still leaking out from the European banking sector. HSBC will update whether lockdowns in China have continued to weigh on its Asian profitability, while Bank of Ireland and Commerzbank both report on Wednesday.

Read the complete calendar for the week ahead here.

Live news: ballot papers to go out to Conservative party members Source link Live news: ballot papers to go out to Conservative party members

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