Rising fears of Trump tariffs pummel US consumer confidence to four-year low

Tariffs panned by economists for sowing uncertainty that they said made it challenging for businesses to plan ahead

US consumer confidence plunged to the lowest level in more than four years in March, with households fearing a recession in the future and higher inflation because of tariffs.

The Conference Board said on Tuesday that write-in responses to the survey showed “worries about the impact of trade policies and tariffs in particular are on the rise”, adding: “There were also more references than usual to economic and policy uncertainty.”

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Coalition may rethink rules that push car markers to create cheaper EVs and hybrids for Australians

Opposition says Labor’s national vehicle emission standard is ‘poorly designed’, despite data showing uptick in green vehicle sales

Australia’s love-hate relationship with fuel-guzzling utes and SUVs is now a looming election issue, after the Coalition indicated it may rethink Labor’s vehicle emission standard.

On Tuesday the shadow transport minister, Bridget McKenzie, called Labor’s vehicle emission standard “poorly designed” and said the Coalition will have “more to say” about it when the opposition releases its own transport policy before the election.

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City watchdog ponders rule changes to simplify comparisons of financial products

FCA to explore simplifying communications about savings accounts and review parts of its credit advertising rules

The City watchdog is considering changing rules to allow people to receive clearer information from financial firms to make it easier for them to find and compare products.

The Financial Conduct Authority (FCA) is exploring how it can simplify communications about savings accounts. The watchdog, which will announce its five-year strategy on Tuesday, will also review parts of its credit advertising rules, such as lengthy terms and conditions.

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Airlines could take legal action over Heathrow shutdown

Body representing over 90 firms says it could take airport to court over costs of closure if issue not ‘amicably settled’

A body representing more than 90 airlines using Heathrow airport said there might be a case for legal action if a settlement over the costs incurred from Friday’s closure after a fire is not reached.

Europe’s largest airport was closed in the early hours of Friday morning after the blaze at a major electricity substation hit electricity supplies.

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Trump’s shuttering of global media agency endangers reporters, staff say

Employees who may have to return home risk death or imprisonment at hands of authoritarian governments

Foreign workers at US government-backed media outlets being cut by the Trump administration say they face deportation to their home countries, where some risk imprisonment or death at the hands of authoritarian governments.

Earlier this month, the Trump administration moved to defund the US Agency for Global Media (USAGM), an independent federal agency that oversees the Voice of America (VoA), the US’s largest and oldest international broadcaster, and provides grants to Radio Free Asia, Radio Free Europe and other news agencies. The agency had around 3,500 employees with an annual budget of $886m in 2024.

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DNA testing firm 23andMe files for bankruptcy as CEO steps down

Co-founder Anne Wojcicki to pursue independent bid as California attorney general tells users to delete data

The genetic testing company 23andMe has filed for bankruptcy protection in the US to help sell itself, as its chief executive quit to pursue a bid for the business after several aborted attempts.

23andMe said late on Sunday that it had started voluntary Chapter 11 proceedings in the US Bankruptcy Court for the Eastern District of Missouri to “facilitate a sale process to maximise the value of its business”. It added that it is operating as usual throughout the sale process.

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Ministers may siphon off stalled £950m fund for motorway chargers

Talks to take place with operators about the scheme, announced in 2020, which has failed to make any grants

Ministers are considering diverting money from a £950m scheme to install rapid chargers for electric cars on the UK’s motorways, announced five years ago, after it failed to make a single grant.

Much of the cash allocated to the rapid charging fund (RCF) could be redirected to investments in other charging schemes, or to support the transition to electric vehicles more broadly, although decisions have yet to be made, according to a person close to discussions in government.

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Starmer is warned against ‘appeasing’ Trump with tax cut for US tech firms

Labour MP and Lib Dem leader express concern social media companies could be let off hook just as benefits are cut

Keir Starmer has been warned against “appeasing” Donald Trump as he considers reducing a major tax for US tech companies while cutting disability benefits and public sector jobs.

His chancellor, Rachel Reeves, confirmed on Sunday that there were “ongoing” discussions about the UK’s £1bn-a-year digital services tax that affects companies including Meta and Amazon.

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Labour must involve whole country if it wants to achieve its goals, report warns

Age of ‘command and control’ is over, says Demos, with work needed from business, charities, unions and public

Labour’s missions are at risk of failing unless the government does more to involve the whole country from businesses to the wider public, as the age of “command and control” is over, a report from Demos has warned.

The thinktank called on the government to embrace “mass mobilisation” for businesses, charities, unions and the wider public to drive its flagship missions, which promise growth, clean energy, cutting crime, rebuilding the NHS and reforming education.

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Labor vows to support working from home as Coalition touts public servants cuts – as it happened

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Angus Taylor calls Labor’s energy bill rebate ‘Band-Aid on a bullet wound’

The shadow treasurer, Angus Taylor, also says the Coalition will not “get in the way” of the government’s $150 energy rebate, announced last night.

We’re not going to get in the way of it. The starting point here though is very clear which is Labor’s failed on delivering its promise of a $275 power price reduction.

We’re not going to stand in the way of Labor cleaning up their own mess. This is putting a Band-Aid on a bullet wound. The solution here is to get a structural outcome which is a reduction in underlying electricity prices, which has not been achieved, of course. It’s gone the other way.

They are both supplied by the US with little to no sovereign input, are expensive and outdated. Like Aukus, this equipment is much more about signalling our loyalty to the US than defending Australia.

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United pilot attacked passenger for taking too long in the bathroom, lawsuit alleges

Yisroel Liebb of New Jersey claims pilot broke lock and pulled him out with his pants down, leaving him exposed

An Orthodox Jewish passenger says a United Airlines pilot forcibly removed him from an airplane bathroom while he was experiencing constipation, exposing his genitalia to other flyers during a flight from Tulum, Mexico, to Houston.

Yisroel Liebb, of New Jersey, described his trip through allegedly unfriendly skies in a federal lawsuit this week against the airline and the US Department of Homeland Security, whose officers he said boarded the plane upon landing and took him away in handcuffs.

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All UK families ‘to be worse off by 2030’ as poor bear the brunt, new data warns

Keir Starmer has been dealt a fresh blow to his living standards pledge in advance of the spring statement

Living standards for all UK families are set to fall by 2030, with those on the lowest incomes declining twice as fast as middle and high earners, according to new data that raises serious questions about Keir Starmer’s pledge to make working people better off.

The grim economic analysis, produced by the respected Joseph Rowntree Foundation (JRF), comes before the chancellor, Rachel Reeves, makes her spring statement on Wednesday in which she will announce new cuts to public spending rather than increase borrowing or raise taxes, so as to keep within the government’s “iron clad” fiscal rules.

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Heathrow boss defends running of airport after criticism of shutdown

Thomas Woldbye says most other airports operate similar back-up power systems to Heathrow, as Ed Miliband announces investigation

The chief executive of Heathrow has defended the running of the airport after a fire at an electrical substation stopped about 1,300 planes and disrupted the journeys of hundreds of thousands of global passengers.

It comes after Willie Walsh, the International Air Transport Association’s director general, criticised Heathrow for the disruption, while the energy secretary, Ed Miliband, has now ordered the National Energy System Operator to “urgently investigate” the outage.

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Gold has surged amid economic uncertainty. Should you buy some?

As Trump escalates a global trade war, looking to gold to shield cash might not be the worst option

As economic uncertainty roils the US, the price of gold has roared to record highs amid investors seeking a place to shield their cash from Donald Trump’s scattergun trade wars.

A single ounce of gold cost $3,051.99 on Wednesday, compared with $2,160 in 2024, and gold has historically been seen as the safest place to invest in financially turbulent times.

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Exclusive: 20% of Americans support boycott of firms aligning themselves with Trump agenda

New poll also shows that a significant share of Americans will avoid companies that drop social-inclusion policies

One in five Americans plan to turn their backs for good on companies that have shifted their policies to align with Donald Trump’s agenda, according to a new poll for the Guardian.

As high-profile brands including Amazon, Target and Tesla grapple with economic boycotts, research by the Harris Poll indicated the backlash could have a lasting impact.

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Reeves to raise spectre of Liz Truss to persuade Labour MPs to accept cuts

Chancellor to tell party she is making steep cuts to avoid similar fallout to that which followed 2022 mini-budget

Rachel Reeves will raise the spectre of Liz Truss’s disastrous mini-budget in the lead-up to next week’s spring statement as she tries to persuade her Labour colleagues to accept the steepest departmental cuts since austerity.

The chancellor will tell her fractious party she has decided to cut public spending rather than increasing borrowing because of the risk of a similar fallout to that which followed the then prime minister’s disastrous fiscal statement in 2022.

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US-EU trade war could cost Ireland more than €18bn, says report

Report co-authored by Irish government also finds tariffs could cause job losses and relocation of US multinationals

A trade war between the US and the EU could cost Ireland more than €18bn (£15bn), trigger waves of job losses and cause US multinationals to relocate, according to a report co-authored by the Irish government.

Ireland’s GDP could shrink by 3.7% over the next five to seven years under the worst-case scenario, in which Donald Trump imposed 25% tariffs on all exports on the EU and the EU retaliated with counter-tariffs, the study carried by the Economic and Social Research Institute (ESRI) found.

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Winston Churchill’s grandson reveals he was abused at prep school

CBI chair Rupert Soames tells podcast he is ‘completely unembarrassed’ about abuse that occurred in early life

A grandson of Winston Churchill has revealed he was abused as a child while boarding at a prep school and said he was “completely unembarrassed about it”.

Rupert Soames, the chair of the Confederation of British Industry (CBI), spoke about his childhood on the Crisis What Crisis? podcast.

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UK borrowing rises to £10.7bn in setback for Rachel Reeves

February figure comes in higher than forecasts less than a week before chancellor’s spring statement

UK government borrowing rose by more than expected in February to £10.7bn, underscoring the challenge for Rachel Reeves before next week’s spring statement.

Figures from the Office for National Statistics showed borrowing – the difference between total public sector spending and income – was little changed from the same month a year earlier. However, over the financial year to date borrowing was up nearly £15bn on the same period last year.

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Police investigating alleged online threats to third Sydney mosque – as it happened

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Jim Chalmers was also up on ABC News Breakfast this morning, where he was asked if there’s a reason the government can’t commit to more of the 20 recommendations.

He said it was committing to all of the recommendations “in principle” and, like earlier, that the government was working on some of them already.

The ACCC has handed down a 441-page report and not on any of those pages does it support the divestiture powers which have been proposed by our political opponents.

If you make one of the big chains sell in the community, there’s a risk that it’s just snapped up by the other big player in the supermarket sector and that would be counter-productive. Or if it chases supermarket options out of town in regional communities. It’s got hairs all over it, frankly.

We’re making the food and grocery code mandatory. We’re empowering the ACCC. We’re cracking down on mergers and acquisitions. We’re working to make it easier for new entrants to compete with the two big supermarkets in particular. These are all of the things that we’re cracking down on when it comes to the supermarkets.

We don’t want the supermarkets to be treating Australians like mugs.

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