Andy Burnham Takes Office as Prime Minister
Andy Burnham has become prime minister as Britain faces a series of global economic shocks and years of weak growth in living standards, fuelled by underinvestment and deep regional divisions. Before his arrival in Downing Street, the Labour leader pledged to deliver “good growth in every postcode” by transferring power from Westminster to local communities. However, with public finances under pressure and time running out before the next general election, the task is not straightforward.
Burnham’s economic to-do list includes addressing regional inequalities, boosting investment, and stimulating growth across all areas of the UK. The challenges are compounded by external factors such as rising energy prices and geopolitical tensions.
European Gas Prices Hit Four-Month High
European gas prices have surged to a four-month high as the escalation of the conflict in the Middle East raises fears of supply shortages this winter. The Dutch natural gas benchmark briefly rose above €60 a megawatt hour (MWh) on Monday, nearing peaks seen at the start of the US-Iran conflict. This spike follows the US expanding its aerial offensive and Iran retaliating with strikes on Bahrain and Kuwait.
Analysts at Independent Commodity Intelligence Services (ICIS) noted that Europe’s gas supplies are facing pressure this winter, with the conflict delaying the expected recovery of Qatari liquefied natural gas (LNG) exports during the critical summer storage season. The situation underscores Europe's vulnerability to energy disruptions amid geopolitical instability.
EU Fines AliExpress Record €550 Million
The Chinese online retail platform AliExpress has been fined a record €550 million (£470 million) by the European Union for failing to stop the sale of illegal goods, including harmful clothing, cosmetics, and kitchen gadgets. The European Commission fine is the largest imposed under the Digital Services Act (DSA), legislation that came into force in 2024 to protect consumers from illegal products, deceptive marketing, and addictive techniques.
Henna Virkkunen, the commission’s executive vice-president for tech sovereignty, security and democracy, stated: “The spread of counterfeit clothing, unsafe toys, dangerous cosmetics and other illegal and harmful products is not an unavoidable cost of shopping online – it is a failure by AliExpress to comply with its obligations under the Digital Services Act.” The fine highlights the EU's commitment to enforcing digital regulations and holding platforms accountable for the safety of goods sold on their marketplaces.
