Wednesday, September 13, 2023

Advantage Mr Modi.

 "The pound weakened against the dollar on Wednesday (yesterday) after Britain's economy contracted at its sharpest rate in seven months in July as strikes and poor weather weighed on output." Reuters. "The UK economy contracted by 0.5%, figures from the Office for National Statistics (ONS) showed, a worse-than- expected contraction of 0.2% and the largest drop in monthly output since December 2022." "What do a Bugatti supercar, a Hilton hotel and the Chagos Islands have in common? They all feature on a long and increasingly bizarre list of stories behind the financial crisis sweeping Britain's local authorities." TOI. "Councils have borrowed over 133 billion pounds combined, and the fallout is turning into yet another headache for PM Sunak." No wonder that since March 2023, "Almost seven years and four prime ministers since the UK voted to leave the European Union, polling suggests public sentiment has turned against Brexit." CNBC. It has been labeled as 'Bregret'. "Prime Minister Rishi Sunak's ruling party now trails the main opposition Labour Party by more than 20 points across public polls ahead of general election in 2024." However, "Rishi Sunak said he 'won't rush' into a UK trade deal with India, as he arrived in the country for a summit of G20 leaders." BBC. "There have been reports that Mr Modi is keen to strike a slimmed-down deal to reduce import taxes, with some easier access for services firms, ahead of election next year." On the other side of the pond, President Joe Biden is not doing that much better despite an extremely biased media, and most of the universities, trying their best to talk up his popularity. "By almost any objective measure, Americans are doing much better economically than they were nearly three years ago, when President Joe Biden took office. Still a majority - 58% - say Biden's policies have made economic policies worse, according to a CNN poll." "Nearly a quarter of Democrats said Biden's policies have worsened economic conditions. Ninety one percent of Republicans agreed." "A perfect storm is coming for the US economy." BI. "Even as interest rates skyrocketed over the past 18 months, strong consumer spending kept the US economy moving." "But the delayed impact of those higher interest rates, together with student-loan payments restarting and pandemic-era savings running dry, is set to put fresh pressure on consumers." Also, "The number of Americans seeking jobless benefits for the first time fell unexpectedly last week to the lowest level since February," and "the rolls of those continuing to receive jobless benefits beyond the first week fell by 40,000 to 1.679 million in the week ended Aug. 26 from a revised 1,719 million a week earlier." ET. The only thing common between Modi, Sunak and Biden is that all three have to face the people next year. Modi kicks off in May (wikipedia), Biden is on 5 November (wikipedia), and Sunak can hang on till January 2025 (BBC). All three depend on inflation and the economy. Only Modi has  an army of 'Bhakts'. DH.   

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