Dire BoE Forecast, ‘Gigantic Savings’ From Musk & Seeing Wood For The Trees

Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Bank of England Governor Andrew Bailey does “very strongly agree” with Chancellor of the Exchequer Rachel Reeves’ plans to boost UK growth. His deputy, Clare Lombardelli, is also “very supportive.” They may well be, but the central bank’s latest forecasts are certainly not.

(2) The rush to ship gold from London to the US to take advantage of premium prices is fuelling strong demand for slots to withdraw metal from the Bank of England’s vault, an official said.

(3) US Treasury Secretary Scott Bessent said he favors a strong dollar and has no plans to alter the government’s debt-issuance plans, showing a cautious approach toward financial markets from an administration that’s elsewhere rapidly upending the status quo.

(4) The Trump administration’s campaign to root out perceived disloyalty or waste at the Justice Department, the US Agency for International Development and other federal agencies has lawmakers and former senior spy officials worried that the intelligence community is up next for a purge.

(5) Amazon warned investors that it could face capacity constraints in its cloud computing division despite plans to invest some $100 billion this year, with most of the money going toward data centres, homegrown chips and other equipment to provide artificial intelligence services.

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