Sweden finally joined NATO in a historic shift charged by Putin's invasion of Ukraine. This move drastically changes the status quo in European security with a new 32nd member of NATO joining just after Finland this past year. Russia is now surrounded by NATO countries with especially strong opposition in the far north where Russia keeps much of its second strike nuclear capability. In addition, the inclusion of these two countries creates a stronger presence in the Baltic Sea particularly near the Russian exclave of Kaliningrad. The Swedish navy has experience in the Baltic waters and they’ve already sent troops to aid in Latvia. The country will pursue a defense spending target of 2% of their annual GDP from now on. Their NATO membership was originally declined by Turkey and Hungary but their acceptance now proves that Europe is moving together against Putin. Military nonalignment has always been big for Sweden but Russia's actions have forced all of Europe to begin to think more about security. Finland also had to battle politically with the two countries but after years of debate, they’ve settled their differences. Putin originally tried to use NATO expansion as his excuse to why he was at war with Ukraine, but now he has more opposition than ever from the group. NATO Secretary of State Antony Blinken said that “everything that Putin sought to prevent, he has actually precipitated by his actions, by his aggression.” Blinken pointed out that Sweden hadn’t given much thought to joining NATO until Russia invaded Ukraine. The EU is slowly moving off of Russian oil and gas, they’ve sent weapons to Ukraine, and increased defense spending. The new NATO plans are to heavily defend each inch of NATO territory.
Monday, March 11, 2024
Sweden finally joins NATO in expansion spurred by Putin’s Ukraine war
‘Last chance saloon’: UK finance minister expected to pledge pre-election tax cuts
Title: ‘Last chance saloon’: UK finance minister expected to pledge pre-election tax cuts
Link: https://www.cnbc.com/2024/03/04/last-chance-saloon-uk-finance-minister-expected-to-pledge-pre-election-tax-cuts.html
The upcoming Spring Budget in the UK, likely the last before the General Election, is anticipated to feature modest tax cuts as a bid by Finance Minister Jeremy Hunt to appeal to voters amidst his party's lagging popularity against the opposition. Despite constraints posed by economic challenges, including a recent technical recession, Hunt is expected to leverage a slight fiscal windfall for tax reductions. Measures to boost public sector productivity and fund research and development projects are also on the agenda. Economists project a marginal increase in fiscal headroom, with tax cuts, particularly in national insurance contributions, likely to be prioritized. However, concerns persist over the fragility of the public finances and the need to balance fiscal policies. BN Paribas anticipates a more conservative approach with tax cuts, focusing on stimulating labor supply and postponing fuel duty increases. Overall, the Budget is seen as a crucial opportunity for fiscal policy adjustments given the electoral landscape.