Time to recap… The UK economy grew at the fastest pace in a year between January and March, defying warnings of a collapse in activity, as businesses scrambled to invest and export before Donald Trump’s sweeping tariffs. The Office for National Statistics said gross domestic product (GDP) rose by 0.7% in the quarter, beating City predictions of a 0.6% rise and continuing an expansion after growth of 0.1% in the final three months of last year. The strong growth means the UK was almost certainly the fastest-growing member of the G7 group of advanced economies in the first quarter of the year. Driven by Britain’s dominant services sector, the latest snapshot will bolster the chancellor, Rachel Reeves, after business leaders had warned earlier this year that her tax policies would hit jobs and growth. However, economists cautioned that growth later in the year was likely to be much weaker, amid concerns over the fallout from Trump’s erratic tariff plans after his “liberation day” announcement on 2 April. The faster-than-expected UK growth in the first three months of the year is welcome news for a Labour government desperate to make good on its promise of kickstarting the economy. Under siege from Nigel Farage’s Reform and under pressure from its own MPs over tax and spend, Labour will now point to the 0.7% increase in GDP over the first quarter as evidence the hard yards are starting to pay off. Less encouragingly… there has been a jump in the number of direct debit defaults on energy and water bills…. …and a rise in UK mortgage repossessions. In America, the threat of a recession hasn’t totally abated, according to the boss of JP Morgan. Jamie Dimon told Bloomberg: “If there’s a recession, I don’t know how big it’ll be or how long it will last. “Hopefully we’ll avoid it, but I wouldn’t take it off the table at this point.” Donald Trump has warned Apple to row back on its plans to expand manufacturing in India Walmart is planning to pass on the impact of new US tariffs to its customers, by raising prices. And growth in oil demand is set to slow this year, the IEA has warned. The threat of a US recession hasn’t completely lifted, the boss of investment bank JP Morgan has warned. Jamie Dimon told Bloomberg TV today that recession remains a possibility as tariff fallout continues to buffet global economies. Dimon said he would defer to economists, who give a US recession “about a 50% chance”, adding: If there’s a recession, I don’t know how big it’ll be or how long it will last. “Hopefully we’ll avoid it, but I wouldn’t take it off the table at this point.” Earlier this week, Goldman Sachs cut its estimate of the chances of a US recession in the next 12 months from 45% to 35%. Dimon also explained that month some clients are holding back on investments because of all the volatility since Donald Trump began his trade war more than a month ago. The US is on the brink of a technical recession (two quarterly contractions in a row) after its economy shrank by almost 0.1% in the January-March quarter. That was the worst performance of any G7 member so far (with only Japan and Canada yet to report Q1 GDP), and much weaker than the UK which posted 0.7% quarterly growth this morning. The US Q1 contraction was due to a fall in net trade, as US companies imported more goods ahead of Trump’s “Liberation Day” tariff announcement in early April. Just in: US retail sales growth slowed sharply last month, after a splurge of shopping to avoid new tariffs. US retail and food services sales rose by just 0.1% in April, the US commerce department reported. That followed a 1.7% surge in spending in March, which was attributed to consumers stocking up on goods before the US trade war kicked in. Foreign investment in the UK fell below France for the fifth consecutive year in 2024, revealing the failure of successive governments to attract funds from overseas since the 2016 Brexit vote, new data today shows. The UK secured 853 FDI projects last year, according to the EY Attractiveness Index – behind the 1,025 projects registered in France and ahead of Germany’s 608. France as gained 50% more projects since 2014 to take the lead on the European leader board, while the UK has seen the number fall. EY, which has monitored foreign-direct investment (FDI) for more than two decades, said the UK secured 352 fewer projects in 2024 than at its high point in 2017, when 1,205 projects were recorded. The study found that all three major European economies – France, the UK and Germany – have struggled to secure foreign investment since the pandemic. Last year they suffered double digit declines on 2023 numbers. The UK’s total fell by 13%, France by 14% and Germany by 17%. Europe overall saw a 5% decline in FDI projects in 2024, which EY said was largely due a drought of funds from the US, which declined by 11% for continental Europe and by 7% for the UK. The lack of overseas funding underscores the government’s efforts to boost investment from domestic pension funds. Earlier this week the bosses of 17 of the UK’s biggest pension funds struck a deal with the government to release up to £50bn worth of investments, with at least half earmarked for British assets including clean energy projects and homegrown startups. EY said there was better news from Greater London, which remained the leading European region for FDI for a second year in a row. The UK also grabbed top spot for technology investment – accounting for 20% of all European tech projects secured last year. Peter Arnold, the firm’s UK chief economist, said the UK could bounce back this year. “Global uncertainty makes it difficult to predict how investment numbers will change this year, but the UK does have some strong fundamentals that could set it apart. “It now has a government with a large majority in place for the foreseeable future and can project a sense of regulatory and legislative stability. An emphasis on project quality over quantity expressed by policymakers in recent years also appears to be working, with the UK securing a higher number of projects that typically generate greater long-term value such as R&D and manufacturing.” US retailing giant Walmart is warning today that it will be forced to raise prices, to pass on the impact of Donald Trump’s tariffs to consumers. According to CNN, Walmart CEO Doug McMillon will tell analysts on an earnings call today: “We will do our best to keep our prices as low as possible but given the magnitude of the tariffs, even at the reduced levels announced this week, we aren’t able to absorb all the pressure given the reality of narrow retail margins.” This throws a spotlight on the face that tariffs are paid by importers, not exporters, despite Donald Trump’s claims to the contrary. Walmart, which declines to issue guidance for operating income growth and earnings per share for the second quarter of the year, reported revenue growth of 2.5% in Q1, and 4.3% growth in operating income growth. Over in Qatar, Donald Trump has blasted Apple over its plan to move iPhone manufacturing from China to India, to avoid US tariffs on Chinese-made goods. Speaking during his state visit to the Middle East, president Trump revealed he had “little problem with Tim Cook yesterday.” Trump explained that he had told Cook about his concerns over Apple’s expansion in India, saying: I don’t want you building in India. You can build in India if you want, to take care of India, because India is one of the highest tariff nations in the world. It’s very hard to sell into India. Trump then revealed that India has “basically” offered the US a trade deal with no tariffs. Apple has been aiming to import most of the iPhones it sells in the US from India by the end of next year, as it tries to protect itself from the US-China trade war. When National Grid unveiled plans for £60bn, five-year investment program on both sides of the Atlantic last year, they were simpler times for the FTSE 100 company. Today, Donald Trump’s tariffs on imported goods have cast a shadow over the market where it plans to carry out major infrastructure investments, and in the UK high profile power outages at Heathrow and the London underground have raised questions over the resilience of its grids. But John Pettigrew, the outgoing chief executive of National Grid, is confident that the company will continue to deliver after revealing a better than expected 20% hike in pre-tax profits to £3.65bn for the last financial year. He told the Guardian that 90% of its planned spending in the US relies on domestic goods and labour meaning the threat of import tariffs on key grid components is “pretty marginal” for the business. He is also relatively sanguine about rising concerts over the UK power system’s resilience which, he points out, has improved by 50% over the last ten years, according to official measures of unplanned outages. He says: “As we think about society becoming more reliant on electricity, resilience will become more important. And we have spent a lot of time - particularly when we were owners of the energy system operator - thinking about grid stabilising technologies. But as you’ve heard me say many times before, the UK is world-leading in grid stability.” Pettigrew will step down from the helm of National Grid in November after almost a decade in the role, and 35 years at the company. He will be succeeded by Zoë Yujnovich, who until recently was a member of Shell’s executive committee and the oil company’s director for integrated gas and upstream. Car insurance premiums are coming down, after a turbulent couple of years during which many drivers were hit with record premium hikes and some saw their costs double. The insurer Aviva said its motor prices for new customers fell by 4% between January and March, similar to the rest of the industry. Home insurance prices have been held flat, while other insurers have cut their rates. Claims inflation is running at mid to single digits levels across all areas. Lower speed limits in Wales and parts of England have led to fewer motor claims. However, there is a limit to further price cuts as the cost of claims is still significant - there are more cars on the road and the cost of repairing cars is going up as the incorporate more technology. Aviva is confident that its £3.7bn deal to buy smaller rival Direct Line will be wrapped up this summer, despite the UK’s competition watchdog launching an inquiry into the deal yesterday. Put together, Aviva and Direct Line would control 20% of the motor insurance market, similar to market leader Admiral. Aviva’s chief executive Amanda Blanc said: “The acquisition of Direct Line is firmly on track. Direct Line shareholders voted overwhelmingly in favour of the transaction and we expect to complete the deal in the middle of the year.” Aviva, which operates in the UK, Ireland and Canada, reported a 9% rise in general insurance premiums to £2.9bn in the first quarter. Just over a year ago, it returned to the Lloyd’s insurance market when it bought the insurance platform Probitas. Aviva’s wealth arm posted net flows of £2.3bn, down from £2.7bn a year earlier, because a large workplace scheme switched to another provider. At the end of April, net flows had risen to £4bn, equivalent to 6% of assets under management. Storm Éowyn, which hit Ireland in January, has cost the industry €300m. Aviva’s market share is 10%, implying €30m of claims, according to Jefferies analyst Philip Kett. Aviva is among the UK’s biggest pension providers that signed a voluntary commitment on Tuesday to invest at least 5% of their assets in the UK. Chancellor of the Exchequer Rachel Reeves told Bloomberg Television in an interview that she didn’t rule out mandating pension funds to allocate money to UK assets, as the government seeks to channel more investment into the domestic economy. However, Blanc does not believe that pension funds should be forced to invest in Britain. There’s been a worrying jump in mortgage repossessions this year. New data from the Ministry of Justice show that, compared to the same quarter in 2024, there were increases in mortgage possession claims from 5,182 to 6,765 (31%), orders from 3,013 to 4,624 (53%), warrants from 2,919 to 3,517 (20%) and repossessions by county court bailiffs from 769 to 1,092 (42%). This is another sign of the financial pressures on households, despite the recent cuts to UK interest rates. Adam Butler, public policy manager at StepChange Debt Charity, says: “This is an incredibly uncertain time for mortgage holders. While last week the Bank of England cut the base rate by 0.25%, which could provide some relief for borrowers, it’s unlikely it’ll have an immediate, meaningful impact for those who are struggling to keep up with mortgage payments. Although overall mortgage arrears remain low, the rise in possessions raises concerns that those already struggling may be especially at risk of falling into problem debt. “Last year among our clients with a mortgage, we saw average mortgage arrears jump by a staggering 69% - from £6,054 in 2023 to £10,239 in 2024. At the same time, households are being hit with a fresh wave of cost increases, including higher energy bills, council tax, and water bills, further stretching already tight budgets. “If you are worried about meeting your mortgage payments, don’t hesitate to get in touch with your lender, who can offer support and forbearance options. If you’re struggling with debt, know that you’re not alone - a charity like StepChange is here to help with free and impartial advice.” Newsflash: The UK government has moved a step closer to selling all its stake in NatWest bank. The Treasury’s stake in NatWest has now fallen to 0.90%, down from 1.98% previously. The government has been trimming its stake by selling NatWest shares back to the market, cutting a stake which it took when it rescued Royal Bank of Scotland (as it was then called) in 2008. Last year, the then-Conservative government. had planned to sell the stake to the public in a flashy “Tell Sid”-style campaign (harking back to the Thatcher privatisations of the 1980s), but that plan was scuppered by the general election. Disappointing growth news - the eurozone didn’t expand quite as quickly as first estimated in the first quarter of this year. Statistics body eurostat has cut its estimate for eurozone growth in Q1 2025 to +0.3%, down from its initial estimate last month of +0.4% growth. Ireland recorded the fastest rise in GDP – up 3.2% in the quarter, due to increased activity at its multinationals. Contractions were measured in Slovenia (-0.8%), Portugal (-0.5%) and Hungary (-0.2%). This updated data confirms that the UK outpaced Germany (+0.2%), France (0.1%) and Italy (+0.3%). The number of UK customers defaulting on their energy and water bills has jumped, a sign of the pressures on households. The Direct Debit failure rate for “Electricity and Gas” bills rose by 27%, year-on-year, last month, from 2.13% in April 2024 to 2.71% in April 2025. Water bill direct debit failures rose by 14%, from 0.96% to 1.09%. Overall, the seasonally adjusted “Total” Direct Debit failure rate for April 2025 decreased by 1% from March 2025, but increased by 5% from April 2024. UK chancellor Rachel Reeves has said there are clearly economic headwinds approaching, Reuters reports. Asked if the strong growth in Q1 was sustainable, Reeves told reporters: “There’s clearly economic headwinds, and the world is changing. We can see that all around us, but we are a strong economy. Reeves also emphasised the significance of the government’s recently-announced trade agreements with the United States and India. She said the government was “working through the detail” on the U.S. deal - a limited bilateral trade agreement that leaves in place Trump’s 10% tariffs on British exports. Prime minister Sir Keir Starmer has welcomed today’s UK GDP data, saying the government is meeting his target of having the highest growth in the G7 group of leading democracies. As we covered at 7.29am, the UK’s 0.7% growth in January-March beats the US, France, Germany and Italy, and will probably outpace Canada and Japan too. Sir Keir said: “The UK now has the fastest growth in the G7 – our plan for change in action. “We’ve had four interest rate cuts since July and wages are rising faster than prices. “But I know the Tory cost of living crisis isn’t over – we will go further and faster to deliver for working people.” Our Politics Live blog is tracking all the reaction in Westminster to the growth report: The International Energy Agency (IEA) has forecast that demand for oil will slow this year, due to economic headwinds and record sales of electric vehicles. In its latest monthly report, the IEA predicts that global oil demand growth will slow from 990,000 barrels per day in the first quarter of 2025 to 650 kb/d for the remainder of the year. The IEA reckons signs of a slowdown in global oil demand growth may already be emerging. It says: Oil prices resumed their downward trajectory in late April and early May as trade tensions impacted financial and commodity markets and OPEC+ agreed to a further unwinding of production cuts. Bearish sentiment subsequently eased somewhat after the United States reached a trade deal with the United Kingdom on 8 May, and a 90-day accord with China on 12 May. Nonetheless, increased trade uncertainty is expected to weigh on the world economy and, by extension, oil demand. Britain’s forecast-beating growth hasn’t brought much cheers to the London stock market. The FTSE 100 index of blue-chip shares has dipped by 0.5% in early trading, down 40 points at 8544 points. Oil companies are among the fallers, with BP falling by 4.6% and Shell down 3%. That follows a 3% drop in the oil price this morning, on hopes of a US-Iran nuclear deal, with Brent crude trading around $64 per barrel. Oil is lower after US president Donald Trump said today that the United States was getting very close to securing a nuclear deal with Iran, and Tehran had “sort of” agreed to the terms. “We’re in very serious negotiations with Iran for long-term peace,” Trump said on a tour of the Gulf, according to a pool report by AFP. A deal could lead to sanctions relief for Iran, releasing more oil onto the market. Away from the UK GDP data…Schools, care homes, hospitals and community centres are in line for more than £630m in government funds to fit heat pumps, solar panels, insulation and double glazing to help cut the energy bills of public buildings. The government revealed the allocations for the Liverpool City Region Combined Authority, the Northumbria NHS Foundation Trust, the Royal Air Force Museum Midlands, Worcester City Council and the University of York, promising an estimated £650m in savings for taxpayers every year for the next 12 years. Its latest clean energy drive was revealed hours after legislation passed to set up its state-owned energy company Great British Energy late on Wednesday. GB Energy was a key pillar of the Labour government’s election manifesto and has pledged to back the company with £8.3bn over the course of this parliament to invest alongside the private sector in community energy projects and new technologies like floating offshore wind. GB Energy’s chair Juergen Maier said the company was created “to ensure British people reap the benefits of clean, secure, homegrown energy”. Maier added: “We now have full backing to scale up the company, crowd in investment, and back clean energy projects across the country.” Energy secretary Ed Miliband will soon outline GB Energy’s strategic priorities – including which technologies it will focus on and how it should consider the public benefits from investment decisions. Britain’s exports to the US have hit their highest level in over two years, helping to boost growth and narrow the UK’s trade deficit. Exports of goods to the United States increased by £2.4bn in January to March, to £17.5bn, the highest level since the fourth quarter of 2022. This could suggest a rush of demand to import goods into the US before Donald Trump announced his new tariffs on early April. The ONS explains: As this release covers trade up to March 2025, there will be no direct impact of tariffs on this data. However, this pattern of increasing exports could be a sign of changing trader behaviour ahead of tariff introduction. UK imports from the US rose by less, increasing by £1.3bn, helping to boost the UK’s trade balance. Paul Dales, chief UK economist at Capital Economics, says this will have added to GDP: Moreover, net trade added a further 0.4ppts to GDP growth as a 3.5% q/q rise in exports more than offset a 2.1% q/q gain in imports. Again, some of that was probably a result of activity being brought forward from Q2 ahead of US tariffs. Dales adds: Overall, the main reason why GDP was stronger than everyone expected appears to be because US and UK tax changes meant that more activity was pulled forward into Q1 from Q2 than everyone expected, rather than because the UK economy is fundamentally stronger. This means Q2 may well be weaker than widely expected (before today our forecast was 0.0% q/q) and the best part of the year may already be behind us. Raj Badiani, economics director, Europe at S&P Global Market Intelligence, says: The UK economy enjoyed a large boost from rising exports in the first quarter, suggesting some stockpiling of exports from the UK ahead of the imposition of a higher US tariff in early April. Disappointingly, economists are predicting that the UK won’t sustain its strong growth. The Resolution Foundation thinktank fears UK growth stumbled in April – the month when Donald Trump’s trade wars rattled the world economy. Simon Pittaway, senior economist at the Resolution Foundation, says: “The UK economy has made a stronger than expected start to 2025, growing at a healthy 0.7 per cent. “But this growth rebound is unlikely to last, with data for April looking far weaker, and huge tariff-shaped clouds hanging over the global economy. “These growth headwinds are all the more alarming given Britain’s recent economic record – with GDP per person still lower today than it was before the pandemic.” Matt Swannell, chief economic advisor to the EY ITEM Club, predicts that quarterly GDP growth across the rest of this year is likely to be slower than in Q1, explaining: In part, this is because the activity data in Q1 was probably boosted by some residual seasonality. However, tighter fiscal policy, the lagged effect of past interest rate rises, and the imposition of higher US tariffs on goods exports from the UK and the rest of the world mean we also expect the underlying pace of output growth to remain modest throughout this year.” One wrinkle in today’s generally decent UK GDP report is that the construction sector stagnated in the last quarter. Construction output was unchanged January-March, compared with October-December, the ONS reports. This was due to a 1.2% drop in repair and maintenance work, which wiped out a 0.9% rise in new work. In March alone, though, construction output grew by 0.5%, following growth of 0.2% in February. Scott Gallacher, director at financial planners Rowley Turton, says: “Today’s figures will be a welcome boost for Rachel Reeves, finally putting some decent growth on the table. Perhaps there’s hope that the Chancellor’s much-talked-about Growth Agenda may yet deliver. But we’re far from out of the woods. Construction has flatlined, hardly encouraging when the government is banking on 1.5 million new homes to fuel growth and tackle the housing crisis. This morning’s strong growth figures will ‘blow away’ talk of a UK recession, points out the BBC’s economics editor Faisal Islam. Today’s GDP reading is “very good news for the economy”, reports Professor Costas Milas, of the University of Liverpool’s Management School. He tells us: GDP grew (quarter-on the same quarter of the previous year) by 1.3% which is higher than the BoE’s estimate of 1.2% based on their latest Monetary Policy Report. This creates a momentum which should revise growth forecasts for 2025Q2 upwards. Based on my own estimates, GDP in 2025Q1 is around 0.8% below capacity (or equilibrium output). Consequently, the risk for inflationary pressures is quite low and therefore, the MPC can proceed with further interest rate cuts as soon as next month if they decide to do so. The only downside? Today’s GDP reading covers the period before Trump’s Liberation Day (which initiated trade wars). Chancellor Rachel Reeves has hailed today’s growth figures, pointing out that the UK expanded faster than other major economies in January-March. But … Reeves is also cautioning that there is ‘more to do’: She said: “Today’s growth figures show the strength and potential of the UK economy. “In the first three months of the year, the UK economy has grown faster than the US, Canada, France, Italy and Germany. “Up against a backdrop of global uncertainty we are making the right choices now in the national interest. “Since the election we have already had four interest rate cuts, signed two trade deals, saved British Steel and given a pay rise to millions by increasing the minimum wage. “Our plan for change is working. But I know there is more to do and that is why I’m determined we go further and faster to make working people better off.” Britain has outpaced major international rivals for growth in the first quarter of this year, by accelerating in January-March. The UK’s 0.7% growth in Q1 2025 shows it was the fastest-growing economy in the G7 during the last quarter – a clear boost for the government this morning. In contrast, US GDP contracted slightly due to a surge of imports to beat Donald Trump’s trade war. Now, we don’t get Japan’s GDP report until tomorrow morning (a small contraction is expected), and Canada’s data is only an early estimate. But as things stand, here’s the G7 growth league table: UK: +0.7% growth Canada: estimated to have grown by 0.4% Italy: 0.3% growth Germany: 0.2% growth France: 0.1% growth US: -0.075% (or -0.3% on an annualised basis) Japan: reporting tomorrow, -0.1% forecast At 0.7%, the UK’s quarterly growth rate has hit its highest level in a year – since the end of the 2023 recession. On an annual basis, real UK GDP is estimated to have increased by 1.3%, compared with the same quarter a year ago. The UK economy also grew if you adjust for population changes. The ONS reports that real GDP per head is estimated to have grown by 0.5% in Quarter 1 2025, following two consecutive quarterly falls. Here’s ONS director of economic statistics Liz McKeown explaining why the UK economy grew by 0.7% in the first quarter of the year: “The economy grew strongly in the first quarter of the year, largely driven by services, though production also grew significantly, after a period of decline. “Growth in services was broad based, with wholesale, retail and computer programming all having a strong quarter as did car leasing and advertising. These were only slightly offset by falls in education, telecoms and legal services.” More good news: the UK economy kept growing in March. Defying forecasts of stagnation, monthly GDP is estimated to have grown by 0.2% in March 2025 because of growth in the services and construction sectors. This follows an unrevised increase of 0.5% in February 2025 and an unrevised no growth in January 2025. Newsflash: The UK economy expanded by 0.7% in the first three months of this year, new data shows. The Office for National Statistics reports that growth accelerated in the January-March quarter, up from 0.1% in October-December. Services (+0.7%) and production (+1.1%) both grew, while construction (0.0%) was flat, the ONS says. That’s good news for the Labour government in its push for growth, following criticism that last autumn’s tax-raising budget would hurt the economy. It’s also slightly stronger than City economists had expected. Today’s GDP report could spur economists to revise higher their forecasts for growth this year higher. Economist Julian Jessop explains: Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. Britain’s economy is under the microscope today, as we eagerly await the first estimate for UK GDP for the first quarter of the year. Economists are expecting to learn that growth picked up in the January-March quarter, after a weak end to 2024. GDP is forecast to have risen by a relatively pacy – by recent standards – 0.6% in Q1 2025. That would be rather quicker than the sluggish 0.1% recorded in October-December 2024. A pick-up in growth would be warmly welcomed by chancellor Rachel Reeves, as it might indicate that the government’s push for higher growth was finally getting moving. However, last week the Bank of England cautioned that “erratic factors”, such as disruptions to manufacturing output at the end of last year, would inflate headline GDP growth in this quarter. Growth data for March alone will also be released at 7am – it’s expected to show that GDP stagnated in the month, after a strong February (data last month showed 0.5% growth). GDP data always gives a ‘rear view mirror’ of the economy, but today’s data feels particularly historic – as it covers the period just before “Liberation Day”, when Donald Trump launched his trade war at the start of April (before a flurry of backtracking on tariffs). Michael Field, chief equity strategist at Morningstar, sets the scene: “UK GDP is expected to be flat in March, meaning a year over year rise of 1%, not blow-out, but growth nonetheless. Investors will be able to place a little more faith in the trajectory of growth in the UK now that a trade deal has been agreed with the US and the risk of exorbitant tariffs has been removed. But inflation, at 2.6%, is still outpacing growth by some measure, and some areas of the economy like manufacturing and industrial production are expected to have gone backwards over the last 12 months. The agenda 7am BST: UK GDP report for Q1 2025 7am BST: UK trade balance report for March 9.30am BST: UK labour productivity report for Q4 2024 10am BST: Eurozone employment and GDP reports for Q1 2025 1.30pm BST: US weekly jobless claims report 1.30pm BST: US retail sales report for April 1.30pm BST: US producer prices index (PPI) for April 1.40pm Jerome Powell speech (Framework Review at the Thomas Laubach Research Conference, Washington DC) 3pm BST: Swati Dhingra: Speech at the New Economics Foundation conference ‘EU macroeconomic policy in an age of shocks’, Brussels
Author: Graeme Wearden