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There will be much to chew over at the International Monetary Fund’s (IMF) spring meetings this week.

Central bankers and finance ministers will descend on Washington for its latest bi-annual gathering, a place where politicians and academics converge, all of them trying to make sense of what’s going on in the global economy.

Everything and nothing has changed since they last met in October.

One man continues to dominate the agenda.

Six months ago, delegates were wondering whether Donald Trump could win the November election and what that might mean for tax and tariffs. How far would he push it? Would his policy match his rhetoric?

Donald Trump. Pic: Reuters
Image:
Donald Trump. Pic: Reuters

This time round, expect iterations of the same questions. Will the US president risk plunging the world’s largest economy into recession?

Yes, he put on a bombastic display on his so-called “Liberation Day”, but will he now row back? Have the markets effectively checked him?

Behind the scenes, finance ministers from around the world will be practising their powers of persuasion, each jostling for meetings with their US counterparts to negotiate a reduction in the tariffs set by the Trump administration.

That includes our own chancellor, Rachel Reeves, who is still holding out hope for a trade deal with the US – although she is not alone in that.

Read more:
PM and Trump step up trade talks
Ed Conway on the impact of US tariffs

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Could Trump make a deal with UK?

Are we heading for a recession?

The IMF’s economists have already made up their minds about Trump’s potential for damage.

Last week, they warned about the growing risks to financial stability after a period of turbulence in the financial markets, induced by Trump’s decision to ratchet up US protectionism to its highest level in a century.

By the middle of this week the organisation will publish its World Economic Outlook, in which it will downgrade global growth but stop short of predicting a full-blown recession.

Others are less optimistic.

Kristalina Georgieva, the IMF’s managing director, said last week: “Our new growth projections will include notable markdowns, but not recession. We will also see markups to the inflation forecasts for some countries.”

She acknowledged the world was undergoing a “reboot of the global trading system,” comparing trade tensions to “a pot that was bubbling for a long time and is now boiling over”.

She went on: “To a large extent, what we see is the result of an erosion of trust – trust in the international system, and trust between countries.”

IMF Managing Director Kristalina Georgieva holds a press briefing on the Global Policy Agenda to open the IMF and World Bank's 2024 annual Spring Meetings in Washington, U.S., April 18, 2024. REUTERS/Kevin Lamarque
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IMF managing director Kristalina Georgieva. Pic: Reuters

Don’t poke the bear

It was a carefully calibrated response. Georgieva did not lay the blame at the US’s door and stopped short of calling on the Trump administration to stop or water down its aggressive tariffs policy.

That might have been a choice. To the frustration of politicians past and present, the IMF does not usually shy away from making its opinions known.

Last year it warned Jeremy Hunt against cutting taxes, and back in 2022 it openly criticised the Liz Truss government’s plans, warning tax cuts would fuel inflation and inequality.

Taking such a candid approach with Trump invites risks. His administration is already weighing up whether to withdraw from global institutions, including the IMF and the World Bank.

The US is the largest shareholder in both, and its departure could be devastating for two organisations that have been pillars of the world economic order since the end of the Second World War.

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Here in the UK, Andrew Bailey has already raised concerns about the prospect of global fragmentation.

It is “very important that we don’t have a fragmentation of the world economy,” the Bank of England’s governor said.

“A big part of that is that we have support and engagement in the multilateral institutions, institutions like the IMF, the World Bank, that support the operation of the world economy. That’s really important.”

The Trump administration might take a different view when its review of intergovernmental organisations is complete.

That is the main tension running through this year’s spring meetings.

How much the IMF will say and how much we will have to read between the lines, remains to be seen.

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PM urged to take three key steps ahead of emergency cabinet meeting on Gaza

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PM urged to take three key steps ahead of emergency cabinet meeting on Gaza

British Palestinians have called on Sir Keir Starmer to take “immediate, concrete” steps on Gaza instead of “focusing on a symbolic gesture” of recognising it as a state ahead of an emergency cabinet meeting.

The prime minister has recalled his cabinet ministers from parliamentary recess for a meeting at 2pm, when they will discuss what the UK’s next steps should be, after Sir Keir held meetings with Donald Trump yesterday.

Ahead of the cabinet meeting, the British Palestinian Committee (BPC), which represents the experiences of Palestinians in the UK, has sent Sir Keir a letter urging him to take actions they say could make a real difference to people in Gaza.

Gaza latest: ‘Worse-case scenario of famine’ unfolding

The war has now been going on for 21 months after it was sparked by Hamas militants killing 1,200 Israelis and taking 250 hostages on 7 October 2023. The militant group still holds 50 hostages, of whom only 20 are believed to be alive.

The BPC said recognising Palestine as a state is now “symbolic” as it “will not end the genocide and must not be used to deflect from accountability”.

Sir Keir has been under pressure from his own MPs and other UK political parties, notably since France said it will recognise Palestine as a state, but has so far resisted – saying recognition needs to be part of a wider peace plan.

He has so far refused to say whether “genocide” is taking place in Gaza – a claim Israel has vehemently denied.

Israel has paused fighting in three areas for another 10 hours today to help aid distribution, the third day it has done so amid mounting international condemnation of the scenes of hunger unfolding in Gaza.

David Mencer, a spokesperson for the Israeli government, said: “There is no intent, (which is) key for the charge of genocide… it simply doesn’t make sense for a country to send in 1.9 million tonnes of aid, most of that being food, if there is an intent of genocide.”

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Sky News on board Gaza aid plane

The BPC, an independent group, said the government has “not only a political and moral obligation, but a legal obligation” to take three steps.

They are:

• Preventing and punishing Israel’s “genocide” in Gaza and to end “all complicity in it”

• Apply “immediate and comprehensive sanctions on Israel”

• Safeguard the rights to freedom of expression and assembly in the UK

More specifically, the group has called on Sir Keir to end “all forms of military collaboration, urgently review all public contracts to ensure they are not aiding unlawful occupation or genocidal acts, and support universal jurisdiction mandates”.

Read more:
25% of young children and pregnant women malnourished in Gaza
The view from a plane dropping aid into Gaza

Palestinians wait to receive food from a charity kitchen, amid a hunger crisis, in Gaza City, July 28, 2025. REUTERS/Khamis Al-Rifi
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The BPC said the UK could take immediate steps to help starving Gazans. Pic: Reuters

The group said these steps would help towards ending the starvation crisis in Gaza, which it said had been made possible “due to the impunity granted to” Israel and “compounded by the active military, economic and diplomatic support from states such as the UK”.

The group also accused the UK government of introducing “draconian legislation to limit the rights” of British citizens campaigning to end the atrocities “and British complicity in those atrocities” – in reference to Palestine Action being designated as a terrorist organisation.

‘Immediate steps’ Britain can take

Dr Sara Husseini, director of the BPC, said: “We wrote to the prime minister to remind the UK cabinet of their legal obligations towards the Palestinian people.”

She said there are a “number of immediate steps” the British government “can and should be taking”, as outlined in the letter.

Dr Husseini said 147 countries have already recognised Palestine as a state, and instead of “focusing on a symbolic gesture” it is essential the UK severs diplomatic ties with Israel, institutes a full arms embargo, applies comprehensive sanctions and cuts trade.

“Anything short of this amounts to complicity,” she added.

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Has Trump broken from Netanyahu over Gaza?

Ahead of the cabinet meeting, senior minister Peter Kyle told Sky News the PM had decided to call an emergency meeting “to discuss all of the actions that Britain can and should be taking at a time like this”.

He said recognising Palestine as a state is a manifesto commitment but the “real priority” right now is to try to get aid into Gaza.

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How Corbyn’s new party is preparing for battle – and where insiders think they could win

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How Corbyn's new party is preparing for battle - and where insiders think they could win

Jeremy Corbyn and Zarah Sultana’s new party will offer “unapologetically socialist” policies, with the pair to embark on a nationwide tour to listen to ideas, Sky News understands.

The former Labour MPs are aiming to hold the party’s first conference in the autumn to help decide what it stands for and models of leadership.

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Ms Sultana told Sky News its policies will include “democratic public ownership of key industries, universal free childcare, rent controls, free public transport and much more”.

Mr Corbyn, the ex-Labour leader, added there is “huge appetite for the policies that are needed to fix society”, including “wealth redistribution, housing justice, and a foreign policy based on peace and human rights”.

The autumn conference will be for paid members rather than those who have simply signed up to the party’s website.

How to translate signups into membership, and exactly how members will have their say on policies, will be discussed as part of a “founding process” over the next few months.

This will involve local engagement with communities up and down the country, including rallies and meetings fronted by Mr Corbyn and Ms Sultana, as well as “other public figures”, a source close to the party told Sky News.

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Corbyn’s new party shakes the left

Election goals

While there are many details to be fleshed out, including the name, the pair’s “primary aim” is to make gains at the local elections next May, it is understood.

Mr Corbyn and Ms Sultana announced their new venture last Thursday, and claim more than half a million people have signed up, but “Your Party” is only an interim name. Members will decide the official one in due course.

Insiders have claimed they are attracting support from a wide geographical area, the strongest bases being in London, the North West, and Yorkshire and the Humber.

It remains to be seen whether those who have expressed an interest will go on to join the party.

However, there is a risk it could eat into Labour’s vote share by attracting those on the left unhappy with the direction of the Starmer government, particularly on issues like Gaza and welfare.

Read more:
PM’s warfare vs welfare dilemma
‘Worst-case’ famine warning in Gaza

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Corbyn open to ideas on new party name

Mr Corbyn led the Labour Party from 2015 to 2020 before being suspended following a row over a report into antisemitism. He retained his seat in Islington North after standing in last year’s general election as an independent.

Ms Sultana was suspended as a Labour MP last year after rebelling against the government over the two-child benefit cap, and announced she was quitting the party to launch a new one with Mr Corbyn earlier this month.

Polling by More in Common before the new outfit was officially announced suggested it could take 10% of the vote at a general election, mainly from Labour and the Greens.

This has raised the prospect of Mr Corbyn striking a deal with the Greens, where both sides would agree to stand down in seats where the other has a stronger chance of winning

Could Farage benefit?

The Islington North MP has suggested he is open to collaboration with progressive parties, but it is understood that electoral strategy will be informed by conference. It is also not clear if the Greens would agree to any such pact.

Some MPs are worried the split in the left vote could make it easier for Nigel Farage, already ahead in the polls, to enter Downing Street.

Patrick Hurley, the Labour MP for Southport, told Sky News: “The thing I’m worried about with regard to the unnamed but already chaotic Corbyn Party is that they let Reform through the middle by taking votes off a progressive centre left party like Labour.

“They won’t be a threat electorally, but they may well let the radical right wing into power by splitting the vote.”

However, Labour was dismissive of the threat the party posed, with a source saying: “The electorate has twice given its verdict on a Jeremy Corbyn-led party.”

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Corporations have acquired 1% of Ether supply: Standard Chartered

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Corporations have acquired 1% of Ether supply: Standard Chartered

Corporations have acquired 1% of Ether supply: Standard Chartered

Corporations have accumulated 1% of all Ether since June, with Standard Chartered forecasting 10% ownership as institutional appetite for ETH continues to grow.

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