United Kingdom
Britian’s Deputy PM, Angela Rayner resigned this morning. The week in the UK was dominated by the explosive stamp-duty scandal surrounding Deputy Prime Minister Angela Rayner – a drama now at the heart of political discourse. Ms Rayner was also the UK Housing Miniter, causing many in opposition to state that she should have known the rules. Ms Rayner admitted she underpaid around £40,000 in stamp duty on her £800,000 seaside flat in Hove, after being advised she qualified for the “standard” rate due to having sold her stake in another property to a trust for her disabled son. That advice has come under fire, although her lawyers and conveyancing firm have refuted her claims, and Rayner has since referred herself to the Prime Minister’s independent adviser on ministerial standards, promising to fully cooperate and resolve the tax shortfall. The scandal has triggered intense scrutiny from opposition parties, vandalism at her property, and mounting pressure within her own party as the ethics report looms.
Elsewhere, Labour’s leadership remained under pressure to respond swiftly and transparently. PM Sir Keir Starmer publicly backed Rayner, praising her referral and apparent openness, while insisting that he would act on the outcomes of the ethics report by Sir Laurie Magnus. The unresolved timing of legal advice, and the contrast between Starmer’s initial defence and later acknowledgment of Rayner’s self-referral, have voters raising eyebrows about transparency within the leadership.
Amid the political turbulence, other notable developments included reform calls for the Windrush compensation scheme following reports that dozens of claimants have died awaiting payments. Meanwhile, Labour MPs are grappling with foreign policy tensions: some are urging Starmer to avoid meeting Israeli President Herzog as part of diplomatic outreach amid the Gaza conflict.
United States
Across the pond, global markets were attentive to softer-than-expected U.S. jobs data, triggering optimism that the Federal Reserve might reconsider interest rate stances. Central banks intensified their additions to gold reserves, propelling gold to outpace U.S. Treasuries as a safe-haven asset – coupled with anxieties about inflation and geopolitical instability.
Adding to the geopolitical drama, former President Donald Trump continues to push European nations to sever Russian oil imports – aiming to pressure China over its ties with Moscow amid the Ukraine conflict. In the energy sector, ConocoPhillips announced intentions to cut up to 25% of its workforce, signalling caution amid a complicated outlook for crude markets.
European Union
Within the EU, the momentum behind long-term security guarantees for Ukraine grew more tangible. At a “Coalition of the Willing” summit in Paris, 26 countries united behind a framework that includes military and air defence commitments, reinforcing sanctions on Russia and offering new hope for the embattled nation.
Meanwhile, European SMEs doing business in China reported persistent regulatory challenges, IP concerns, late payments, and heightened competition – factors that are shaping a forthcoming EU inter-chamber policy response aimed at stabilizing exports and maintaining fair commercial relations.
China
China made significant strategic moves this week. It formally sealed a long-term energy deal with Russia, progressing the massive Power of Siberia 2 pipeline capable of delivering 50 billion cubic meters of gas annually. The agreement deepens the Sino-Russian energy alliance and signals a shift in Asia’s energy security dynamic.
At home, China held its largest-ever military parade to commemorate the WWII anniversary – featuring leaders like Xi Jinping, Vladimir Putin, and Kim Jong-un, this military spectacle was a calculated showcase of unity outside Western alliances.
Metals & Oil
Gold firmly asserted its role as a global safe haven, especially as central banks ramped up buying, pushing gold investments ahead of U.S. Treasuries for the first time since the mid-1990s. Investors, facing inflation and geopolitical shocks, turned to gold’s stability.
Oil markets are evaluating possible OPEC+ production increases – an expansion that may temper prices amid rising supply. Simultaneously, policy-driven shifts – like Trump’s push for Europe to abandon Russian oil – signal a potential realignment in energy flows and long-term demand trends.
Summary
This week has been defined by major geopolitical realignments – especially China’s pipeline deal and military parade – while markets responded with heightened demand for gold. The EU’s commitment to Ukraine deepened, though trade frictions persist with Chinese partners. In the UK, Angela Rayner’s stamp-duty scandal has cast a shadow over Labour’s moral credentials and tested leadership unity. Meanwhile, the U.S. continued to recalibrate economic expectations and energy strategies in a week of global flux.
