Sen. John Thune discusses Schumer's 'no-win situation'
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Fact check: Bank has held rates four out of nine times since Labour took power
Fact check: Bank has held rates four out of nine times since Labour took power The Labour Party has claimed that since it was elected to Government, the Bank of England has cut interest rates 'five times in a row'. The party said: 'Interest rates have now been cut five times in a row since Labour came into power.' The message was also shared in a social media graphic which read: 'Interest rates have been cut five times in a row with Labour.' Evaluation The Bank of England has cut rates five times since Labour got into power. But these cuts were not at consecutive meetings of the Bank's rate setters. At four meetings – every other meeting since July 2024 – the Bank has actually decided to hold rates unchanged. The facts Interest rates in the UK are not set by the Government, but by an independent nine-person committee run by the Bank of England. This group is called the Monetary Policy Committee (MPC) and it meets eight times a year. Since Labour got into power in early July 2024, the MPC has made nine separate decisions on rates. The committee has cut rates on every other occasion it has met since the election – starting on August 1 2024 – with the most recent cut being confirmed on August 7 2025. That has produced five cuts in total. But at the other four meetings the MPC decided to hold rates unchanged. By saying 'in a row' it is possible that Labour means that there have not been any interest rate hikes in between the cuts. However, this ignores all the times that the MPC has actively voted to leave rates unchanged. At the time of publication Labour had not responded to an email asking it to clarify how the five cuts are considered to be 'in a row'. Links Post on Instagram (archived) Bank of England – Monetary policy (archived) House of Commons Library – General election 2024 results (archived) Bank of England – Minutes sitemap (archived) Bank of England – Bank Rate reduced to 5%, August 2024 (archived) Bank of England – Bank Rate reduced to 4%, August 2025 (archived)
Yahoo
22 minutes ago
- Yahoo
What Gov. Mike Braun said about redistricting in Indiana following meeting with JD Vance
Gov. Mike Braun was noncommittal about the prospect of redistricting in Indiana following a meeting with Vice President JD Vance and Indiana legislative leaders at the Indiana Statehouse on Aug. 7. When asked by reporters if the group came to a consensus on redrawing the state's congressional maps ahead of the 2026 midterm elections, Braun said "We listened." He also described the conversation as "pretty good." "It was great to meet with @VPVance today," he posted on X. "We discussed a number of issues, and I was pleased to highlight some of the great things happening in Indiana," Braun tweeted after the meeting. The push in Indiana, where Republicans already hold seven of the state's nine U.S. House seats, comes as the Trump administration is looking to Republican-led states to initiate mid-decade redistricting in order to pad the GOP majority in the U.S. House of Representatives prior to 2026. The party breakdown currently stands at 219 Republicans to 212 Democrats. The effort is already underway in Republican-led Texas, where new congressional maps could give the GOP as many as five additional seats. Texas Democrats fled the state on Aug. 3 to disrupt legislative processes to approve those maps. Political analysts say, if Gov. Mike Braun calls a special session for redistricting, Republicans could easily redraw maps in Northwest Indiana to flip the 1st Congressional District, currently held by Democratic U.S. Rep. Frank Mrvan. That would put the state at eight Republican seats to one Democratic one. Redrawing the 7th Congressional District in Indianapolis, held by longtime U.S. Rep. Andre Carson, to get the state to nine Republicans would pose more challenges. Any breakup of deep blue Democratic voters in Marion County could make other Republican House districts more vulnerable in future elections, analysts said. This story will be updated. Contact IndyStar state government and politics reporter Brittany Carloni at Sign up for our free weekly politics newsletter, Checks & Balances, curated by IndyStar politics and government reporters. This article originally appeared on Indianapolis Star: Following VP visit, will Indiana GOP start mid-decade redistricting?
Yahoo
22 minutes ago
- Yahoo
Trump's planned 100% computer chip tariff sparks confusion among businesses and trading partners
President Donald Trump's plans for 100% tariffs on computer chips that aren't made in the U.S. are stoking confusion among businesses and trading partners — boosting stocks for leading semiconductor companies while leaving smaller producers scrambling to understand the implications. The U.S. imports a relatively small number of chips because most of the foreign-made chips in a device — from an iPhone to a car — were already assembled into a product, or part of a product, before it landed in the country. "The real question everybody in the industry is asking is whether there will be a component tariff, where the chips in a device would require some sort of separate tariff calculation,' said Martin Chorzempa, a senior fellow at the Peterson Institute for International Economics. Trump said Wednesday that companies that "made a commitment to build" in the U.S. would be spared the import tax, even if they are not yet producing those chips in American factories. 'We'll be putting a tariff of approximately 100% on chips and semiconductors,' Trump said in the Oval Office while meeting with Apple CEO Tim Cook. 'But if you're building in the United States of America, there's no charge.' Wall Street investors interpreted that as good news not just for U.S. companies like AMD, Intel and Nvidia, but also for the biggest Asian chipmakers like Samsung and Taiwan Semiconductor Manufacturing Company that have been working to build U.S. factories. But it left greater uncertainty for smaller chipmakers in Europe and Asia that have little exposure to the AI boom but still make semiconductors inserted into essential products like cars or washing machines. These producers "probably aren't large enough to get on the map for an exemption and quite probably wouldn't have the kind of excess capital and margins to be able to add investment at a large scale into the United States,' Chorzempa said. The announcement came more than three months after Trump temporarily exempted most electronics from his administration's most onerous tariffs. During the COVID-19 pandemic, a shortage of computer chips increased the price of autos and contributed to higher inflation. Chorzempa said chip tariffs could again raise prices by hundreds of dollars per vehicle if the semiconductors inside a car are not exempt. 'There's a chip that allows you to open and close the window," Chorzempa said. "There's a chip that is running the entertainment system. There is a chip that's kind of running all the electronics. There are chips, especially in EVs, that are doing power management, all that kind of stuff.' Much of the investment into building U.S. chip factories began with the bipartisan CHIPS and Science Act that President Joe Biden signed into law in 2022, providing more than $50 billion to support new computer chip plants, fund research and train workers for the industry. Trump has vocally opposed those financial incentives and taken a different approach, betting that the threat of dramatically higher chip costs would force most companies to open factories domestically, despite the risk that tariffs could squeeze corporate profits and push up prices for electronics. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
