Latest news with #RobertWood
Spectator
5 days ago
- Automotive
- Spectator
The ONS blunders. Again
'The ONS apologises for any inconvenience caused' is becoming an all-too-familiar refrain from Britain's statisticians. The latest mea culpa came after a blunder involving vehicle tax data led the Office for National Statistics to overstate April's inflation figure. Initially reported as 3.5 per cent, the true figure was 3.4 per cent – only revealed once the Department for Transport corrected its own error on the number of cars subject to increased vehicle taxes. While civil servants at the DfT are to blame, it raises serious questions about the ONS's quality assurance process. Robert Wood, chief economist at Pantheon Macroeconomics, said it was obvious there had been an error as soon as the figures were published last month. When asked by The Spectator this morning at an event to relaunch the Conservatives' economic policy, shadow chancellor Mel Stride called the mistake 'thoroughly reprehensible'.
Yahoo
27-05-2025
- Business
- Yahoo
Odds of more Bank of England interest rate cuts fall as food inflation rises
The Bank of England's (BoE) readiness to cut interest rates further has been put into further doubt as food inflation in the UK has risen for the fourth month in a row, in yet another sign of sticky inflation. The annual rate of food price rises hit 2.8% this month, after a 2.6% rise in April, according to the latest shop price data from the British Retail Consortium (BRC). Analysts at Pantheon Macroeconomics argued that persistent inflation and a sharp rise in the minimum wage will likely keep the BoE from cutting interest rates at the current rate. The central bank's base rate currently stands at 4.25% following a 25 basis point cut earlier this month. 'The UK environment is more inflationary than before the pandemic. Only one more rate cut this year looks fair,' said Robert Wood and Elliott Jordan-Doak at Pantheon. Read more: Gold prices fall after Trump delays EU tariffs The primary inflation measure, the consumer price index (CPI), stood at 3.5% in the 12 months to April, a higher-than-expected increase from the previous month. That means price increases are moving away from the BoE's 2% target. Barclays (BARC.L) has also revised its interest rate forecasts following the higher-than-expected inflation data. The bank no longer expects the BoE to cut rates in June and now predicts the base rate will drop to 3.5 % by February 2026, rather than by the end of this year as previously forecast. Huw Pill, who voted against the BoE's decision earlier this month to lower the base rate by 25 basis points to 4.25%, has previously said that Threadneedle has been cutting rates too quickly, given the inflation outlook. 'I remain concerned about upside risks to the achievement of the inflation target," he said. Clare Lombardelli, deputy governor of the BoE, and Megan Greene, an external member of the Bank's monetary policy committee (MPC), both said that while they supported the decision to lower interest rates to 4.25%, they were reluctant to take further action without more evident signs of inflation subsiding. 'I don't think we can pull out the ticker tape and suggest it [inflation] is transitory,' Greene said. 'There is still reason to be concerned about inflation persistence.' Read more: Trending tickers: Tesla, Nvidia, GameStop, Palantir and Whitbread The uptick in grocery inflation was primarily driven by higher fresh food prices, which rose by 2.4% compared with 1.8% the previous month. In contrast, ambient food inflation cooled slightly, falling to 3.3% from 3.6% in April. 'While overall shop prices remain unchanged in May, food inflation rose for the fourth consecutive month,' said Helen Dickinson, chief executive of the BRC. 'Fresh foods were the main driver, and red meat eaters may have noticed their steak got a little more expensive as wholesale beef prices increased.' Despite the increase in food prices, overall shop prices remained 0.1% lower than a year ago—unchanged from April—reflecting continued deflation in non-food goods. Non-food prices declined by 1.5% in the year to May, deepening from the 1.4% drop seen in April. Electrical goods in particular saw faster price falls, with retailers ramping up promotions to boost sales ahead of potential disruption from US tariffs. 'Prices fell faster for electricals as retailers tried to encourage spending before any potential knock-on impact from US tariffs,' the BRC in to access your portfolio
Yahoo
20-05-2025
- Business
- Yahoo
Awful April bill hikes set to send inflation soaring
UK inflation is expected to jump to its highest level for over a year when official figures are released on Wednesday after 'awful April' bill hikes sent the cost of living soaring. Most economists predict the Office for National Statistics will reveal inflation surged to 3.3% last month, up from 2.6% in March. A rise to 3.3% would see Consumer Prices Index (CPI) inflation rise to its highest level since March 2024. It comes after Ofgem's energy price cap rose by 6.4% in April, having fallen a year earlier, alongside a raft of bill hikes for under-pressure households, including steep increases to water charges, as well as rises for council tax, mobile and broadband tariffs, and TV licences among many others. But experts said inflation may also have been pushed higher as many firms responded to the Government's move to raise national insurance contributions (NICs) and the minimum wage last month by increasing prices. Julien Lafargue, chief market strategist at Barclays Private Bank, said: 'April is likely to show UK headline inflation jump back up above 3%. 'This is driven by a number of one-off adjustments including the new national insurance contributions and the increased national living wage. 'There is also the impact of Easter, which fell squarely in April in 2025 but was in March in 2024.' The figures will be watched closely for clues as to when the Bank of England may look to cut rates again. The Bank reduced rates to 4.25% from 4.5% earlier this month after inflation had recently eased back, while it also lowered its CPI forecast for the rest of 2025. It said CPI was on track to peak at 3.5% in the third quarter of this year, down from the 3.7% high previously pencilled in. But Robert Wood at Pantheon Macroeconomics is forecasting a rise to 3.6% for April, as he believes price rises by firms due to the wage cost pressures will have pushed it higher than the Bank predicts. 'Payroll tax hikes and the minimum wage increase that kicked in at the start of April are likely to be the perfect excuse for a range of firms to jack up prices, while food prices jumped in April according to the British Retail Consortium, and the Bank seems to be undercooking energy price rises,' he said. However, it is hoped inflation will begin to climb back down by the end of the year. Mr Lafargue said: 'Beyond the short-term distortions, we believe the overall direction of travel for UK inflation is lower. 'This should provide the central bank with room to consider at least a couple more interest rate cuts this year, supporting favourable economic conditions going forward.' 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
Asharq Al-Awsat
09-05-2025
- Politics
- Asharq Al-Awsat
Syria's al-Sharaa Under Trump's Spotlight, Admiring ‘Strong' Leaders
A hundred days after Ahmed al-Sharaa was sworn in as Syria's president, US officials are still proceeding with caution regarding his administration. There are concerns about the potential for chaos, which could create fertile ground for extremist groups and allow Iran to maintain its foothold in the country. Additionally, there are growing anxieties over Türkiye's expanding influence across Syria and its implications for Israel. These points were highlighted in discussions with Robert Wood, a former US ambassador who held various positions at the State Department and served at the US Mission to the United Nations; Robert Ford, former US ambassador to Syria; Henri Barkey, senior fellow for Middle Eastern Studies at the Council on Foreign Relations and former government official; and Ayman Abdel Nour, a Syrian-American political analyst and journalist. While caution is urged in evaluating al-Sharaa's leadership, it remains unclear whether his actions will translate into meaningful governance. According to Wood, the current situation in Syria can be described as highly complex, especially considering recent violence, and experts are watching closely to see how al-Sharaa navigates these challenges. While his hosting of a national unity conference has drawn some positive attention, concerns remain about the broader implications of his leadership. Ford shares a similar perspective, acknowledging that Shara's actions often align with what one would expect from a head of state. Notably, his agreement with Mazloum Abdi, leader of the Syrian Democratic Forces (SDF), is seen as a potential step toward greater internal stability, provided it is properly implemented. However, Barkey emphasizes that Abdi controls a much larger force than other groups like Hayat Tahrir al-Sham, which likely made it necessary for al-Sharaa to strike a deal with him. If Abdi forms alliances with other minority groups, such as the Druze, he could become a key figure of opposition to al-Sharaa's rule. Additionally, al-Sharaa faces the challenge of reducing his reliance on Turkish support, while also proving his ability to act independently on the international stage. US diplomats, however, remained cautious about al-Sharaa's leadership, with some expressing skepticism about his ability to lead effectively. While he appears to be acting presidentially, concerns persist regarding his control over extremist factions within his government, as well as recent security violations in Latakia and Tartus. Experts note that despite his ascent to power, Sharaa has yet to unite the country, with some pointing to the collapse of the regime's military as a key factor in his rise. A significant point of criticism from Barkey is al-Sharaa's appointment of former jihadists as governors in key areas, including Latakia and Tartus, as well as his reliance on family members and loyalists within his government. While some US officials argue that Sharaa's government may not be directly involved in recent incidents, uncertainty remains about who in his administration might be complicit. For his part, Abdel Nour highlights a shift in public perception of al-Sharaa since the fall of Bashar al-Assad's regime in December 2024. Initially, Syrians—including Alawites—were relieved by Assad's ousting, but nearly 100 days into Sharaa's presidency, tensions have risen due to discrepancies between al-Sharaa's rhetoric and the reality on the ground, particularly in relation to key figures like Foreign Minister Asaad al-Shibani and mid-level officials. Key Questions Raised on Accountability and Rule of Law Ford echoed concerns about al-Sharaa's ability to address critical issues, including accountability and the rule of law, especially following the unrest in Latakia and Tartus. Despite al-Sharaa's formation of a committee to investigate the incidents, Ford questions whether those responsible for violations will be held publicly accountable, stressing that such actions are crucial for maintaining trust within security forces and the broader public. Wood acknowledged the significance of al-Sharaa's national unity conference yet remains deeply concerned about the potential agreements Sharaa may strike with the SDF. While he sees positive signs, he underscores the importance of thorough investigations into recent killings, as the identities of those responsible remain unclear. US Perspectives on al-Sharaa's Leadership Abdel Nour describes two prevalent perspectives in Washington regarding al-Sharaa's leadership. One, held by military and security figures with experience in Iraq, doubts that the new Syrian leadership will bring significant change, regardless of its outward appearance. The other viewpoint suggests giving al-Sharaa several months to adjust to the new reality. Fears Over ISIS Prisoners and Regional Stability A significant concern raised by Wood is the potential release of approximately 9,500 ISIS fighters currently held in over 20 prisons across Syria, should Sharaa reach a deal with the SDF. These fighters could pose a serious security threat not only to Syria but to Iraq and the broader region. Ford added that al-Sharaa's past, particularly his involvement with jihadist factions like Jabhat al-Nusra and ISIS, raises questions about his true political motivations. Ford wonders whether al-Sharaa used these groups for political leverage. Iran's Influence and Regional Dynamics Both Wood and Ford emphasize the importance of monitoring Iran's role in Syria. Ford warns that further instability could provide Iran with opportunities to rebuild its influence in certain Syrian communities, which he believes would not align with US national security interests. Wood stresses that neighboring countries, including Israel and Türkiye, have a strong interest in a unified Syria to avoid further regional instability. Professor Barkey cautions that while Iran's influence in Syria has not been eliminated, Tehran will likely continue to pursue ways to reassert its presence. Türkiye-Israel Tensions and the Future of Syria Concerns over a potential Turkish-Israeli confrontation in Syria are growing. Ford points out that Türkiye, a key player with growing ties to al-Sharaa's government, could play a significant role in Syria's future. He worries that a direct conflict between Turkish and Israeli forces, potentially involving airstrikes or proxy engagements, could escalate tensions in the region. However, Barkey believes that such a scenario is unlikely to escalate into direct military confrontation. Instead, he suggests that the Turkish-Israeli rivalry will remain largely political, with both countries focusing on strategic interests in the region, particularly in Syria's south where Israel is concerned about the resurgence of Hezbollah or other new actors. In discussions surrounding Syria's new constitution, Ford sees little value in UN Security Council Resolution 2254 and the Constitutional Committee led by UN Special Envoy to Syria, Geir Pedersen. Similarly, Barkey shares Ford's skepticism, noting that he sees limited potential for the UN to bring about meaningful change unless Arab countries step in with support. Barkey also echoes the view held by many that US President Donald Trump was unpredictable in his decision-making. He added that Trump had a deep admiration, though not fascination, for Turkish President Recep Tayyip Erdogan, viewing him as one of the 'strongmen' capable of shaping the future of their countries as they see fit. Looking ahead, Barkey remains uncertain about Syria's future, acknowledging that the situation is highly unpredictable. He suggests that if Syria were to experience another war or a severe collapse of law and order, it is highly probable that ISIS could resurge. The US government, Barkey speculates, is likely deeply concerned that without American forces acting as a buffer or deterrent, the stability of the region could be further jeopardized in the event of a breakdown in Syria.
Time Magazine
08-05-2025
- Health
- Time Magazine
Robert Wood
Living with severe food allergies clouds every day with fear. When the tiniest smidge of peanuts or wheat could kill you, everything revolves around managing that risk. Dr. Robert Wood has worked to give people with food allergies greater peace of mind: the first medication to help reduce allergic reactions to multiple foods. In February 2024, the U.S. Food and Drug Administration expanded its approval of the asthma drug Xolair to include treatment of food allergies in patients over age 1. Researchers had been studying the drug's effectiveness for this use for more than a decade. 'We've treated food allergy just as it was 100 years ago, which was trying to avoid what you're allergic to, and if you have an accident, then you treat the reaction, which can be very serious,' says Wood, director of allergy, immunology, and rheumatology at Johns Hopkins Children's Center and principal investigator of the study that finally led to Xolair's expanded approval. 'It's been a huge unmet need.' In Wood's research, 67% of people who were highly allergic to peanuts and taking Xolair could tolerate a moderate to large amount of the nuts without having a reaction, and those outcomes were similar for other allergens, like eggs and milk. That means a college student who once had to decline her friends' invites to go out to eat, for example, can now tag along and not obsess over cross-contamination. Wood sees patients in his office celebrating that newfound freedom every day. 'It was a long time coming,' he says.
