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IMF upgrades UK growth forecast as fears over impact of Iran war diminish
July update projects GDP growth of 1% this year, making UK the third fastest-growing economy in the G7
The International Monetary Fund (IMF) has upgraded its growth forecast for the UK, while leaving those for other G7 countries weaker or unchanged, amid hopes the economic impact of the Iran war may be less severe than feared.
In a July update of its World Economic Outlook, which was finalised before the latest outbreak of hostilities in the Middle East, the Washington-based organisation projected UK gross domestic product to grow by 1% this year – up 0.2 percentage points from its April forecast.
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First Thing: Trump calls Iran’s leaders ‘scum’ and declares fragile ceasefire over
Hostilities between US and Iran resume as US president lashes out at ‘vicious, violent people’. Plus the fallout from the USMNT’s exit from the Fifa World Cup
Good morning. Hostilities have resumed between the US and Iran. Tehran accused the US of violating the agreement intended to end the war, after the US military launched strikes around the strait of Hormuz and revoked a temporary sanctions waiver for Iranian oil exports. The attacks were the latest in a string of ceasefire violations by the two sides, despite a truce that came into effect in April, and have led to an immediate 3% rise in oil prices.
Speaking at the Nato summit in Ankara, Donald Trump said the memorandum of understanding with Iran was over and called the country’s leaders “vicious, violent people” whom he would not deal with because they were, in the US president’s words, “scum”. He nevertheless appeared to indicate that talks would continue. Nato’s secretary general, Mark Rutte, backed the US attacks, saying: “When you have a ceasefire and Iran is basically violating the ceasefire, I think it is totally crucial that the US forcefully react.”
What occurred to break the fragile ceasefire? The US military said that it had hit more than 80 targets in the early hours of Wednesday in response to Iranian attacks on three commercial vessels passing through the strait of Hormuz on Tuesday. Iran responded by launching attacks on US military sites in Bahrain and Kuwait. The Islamic Revolutionary Guard Corps said 85 facilities had been targeted.
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Women and university graduates in Australia most at risk of losing jobs to AI, report finds
Those with high levels of vocational training, including tradespeople, are least exposed to AI displacement, according to government review
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Artificial intelligence has yet to cause widespread job losses but the federal government has warned that telemarketers, advertising staff and accountants are among the occupations “most exposed” to being replaced by the technology.
According to a first-of-its-kind national report, people in the more exposed occupations are more likely to be women and have university qualifications.
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