Live news updates: The very British election starts

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This week’s year of significant elections has seen the UK hold the most important election, though it is only open to a handful of backbench Westminster MPs. It is the vote to refresh the Conservative party’s parliamentary governance body, the 1922 committee.

The first task for the new group of 18 backbench Tory MPs after Monday’s plebiscite will be to agree the rules for the election of their party’s new leader (ie the British prime minister). This is likely to take place. Completed by September. A few MPs already The ring was full of enthusiastic participants, but these could be whittled down to a shortlist of two in a matter of days, according to the FT’s parliamentary team.

The timetable for deciding the new PM is important and serious, with UK inflation the highest in the G7 and the country’s growth next year (if it grows at all) forecast to be the slowest, According to IMF. This is a crucial need Someone competentTo guide the country during the interim period before the public can decide again its government through a general elections.

The British summer of discontent continues. It’s actually growing in momentum. For reasons discussed in this article, criminal law barristers will again walk out on Monday. A legal insider’s view.TSSA and Aslef represent more than 6000 Network Rail staff. There is further train trouble. Strike action balloting. A ballot for industrial actions closes Friday for University and College Union member in a separate dispute regarding low pay, unmanageable work loads, and professional respect. This could result in Further disruptionThis long, hot summer of unrest has ended for UK students and colleges.

Economic data

It is a busy week for significant economic data announcements, including inflation figures for the US, UK, France and Germany — possibly giving an indication of whether the cost of living rise is nearing a peak — plus GDP data from China and the UK.

The Federal Reserve publishes its latest Beige Book on the current state of the US economy and the rate-setting committees of New Zealand and South Korea’s central banks could raise their respective rates by 50 basis points. Croatia is also being accepted as a member of the latest eurozone group.

Companies

US banks will kick off the American earnings season this week, with bumper results forecast thanks to the Fed’s run of interest rate increases. Analysts expect JPMorgan Chase, Bank of AmericaAnd CitigroupTo see an increase in net interest income. This is the difference between what banks pay depositors, and what they make from loans.

Recession is the big threat. Banks are often the worst hit stocks in downturns. If trouble is afoot, there will be pressure to increase capital reserves in the event of defaults on existing loans.

The full week ahead calendar is available here Here

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