Global Scans · UK · Weekly Summary

WHAT'S NEXT?: Achieving Brexit will dominate the UK's agenda up to and beyond 2020 with uncertainty rife until clear decisions are made on the form of Great Britain's future relationship with the EU and the rest of the world.

• [New] The UK Government will introduce new world-leading legislation to ban wet wipes containing plastic. GOV.UK
• [New] In recent weeks, concern over the US economy and stickier-than-expected UK inflation has caused traders to slash their bets on rate cuts from the Bank of England. CityAM
• [New] Higher borrowing costs from the Bank of England pushed lenders' net interest income to record highs last year, but their margins have narrowed into 2024 amid intense competition for mortgages and deposits, and the expectation that rate-setters will make multiple cuts in 2024. CityAM
• [New] Scotland would instead follow the UK and Welsh governments in setting five-yearly carbon budgets in an effort to meet its zero emissions target date of 2045. The Guardian
• [New] Wild deer across the UK will face threats to their welfare as we continue to encroach on their space and force them to live in closer and closer proximity to us than ever before. The British Deer Society
• [New] The risk that the UK will face stubborn inflation pressures is diminishing fast, suggesting interest rate cuts might soon be on the way. CityAM
• [New] As for the Bank of England, following this week's better than expected jobs data and the higher-than-forecast inflation prints, a 25 bps rate cut is fully priced in for September. investing.com
• [New] Ministers have missed eight of the last 12 legally-binding goals to reduce emissions and last month the independent Climate Change Committee said Scotland's 2030 target was no longer credible. Scotland Matters
• [New] Morgan Stanley is more dovish and expects a rate cut in June, arguing that UK inflation has dropped to 3.2% and will fall below the BoE's 2% target in the second quarter. investing.com
• [New] Months after being quizzed by a committee of cross-party MPs, the UK government is still failing to clarify ways to support the substitution of millions of smart meters that will become obsolete when 2G and 3G networks are switched off. The Register
• [New] The Climate Ready Plan lays the groundwork for development of a longer-term adaptation strategy for managing the risks associated with changes in Scotland's climate. New Civil Engineer
• [New] The Climate Ready Plan is part of Network Rail Scotland's Control Period 7 and says it will invest over £100M in earthworks, £100M in lineside infrastructure including drainage and over £40M in structures like bridges and tunnels. New Civil Engineer
• [New] Currently in the planning phase, the subsea cable could connect up to 1.4GW of offshore wind between the UK and Belgium, powering up to 1.4m UK homes. Prometheus Institute
• [New] Alongside the Viking Link, other interconnector projects including the LionLink and Nautilus projects, which will connect the UK to the Netherlands and Belgium respectively, will allow the UK to export excess wind power to Europe. Prometheus Institute
• [New] The Liberty Global-Telefonica project, which is also being backed by Infravia Capital Partners, is investing £1 billion in the UK's broadband infrastructure and intends to have reached 5 million premises by 2026. Broadband TV News
• [New] A failure to protect domestic production would leave the UK reliant on more expensive and greater-polluting imports, and threaten thousands of jobs, particularly in small communities. Kent Online
• [New] In 2024, we have a once-in-a-generation opportunity to finally secure a global, legally binding target to radically reduce plastic production, but it will only deliver the kind of progressive action needed if countries like the UK push for plastic production to be reduced by at least 75% by 2040. Greenpeace UK
• [New] Greenpeace and Everyday Plastic are calling on the UK government and supermarkets to advocate for a legally binding target in the Global Plastics Treaty negotiations, and reduce plastic production by at least 75% by 2040. Greenpeace UK
• [New] The Bank of England has a target to keep inflation at 2% and if wages continue to grow there is a risk it could head higher. BBC News
• [New] Stirling Council is thrilled to announce the creation of Stirling Studios, which will be among the biggest film studio campuses in Scotland and pave the way for thousands of high-skilled jobs as well as major economic benefits. Screen Scotland
• Challenges finding enough repair technicians threatens to further stifle demand in the UK, where consumer uptake has stagnated for the better part of two years. Fortune
• CPI inflation in the UK will fall below US CPI inflation in April and that the Bank of England may first cut interest rates from 5.25 pc in June and reduce them to 3 pc in 2025 rather than to 4 pc as investors expect. The Telegraph

Last updated: 23 April 2024