Latest news with #UK-German
Leaders
6 days ago
- Business
- Leaders
UK, Germany Strengthen Ties with New Treaty
In a landmark moment for European security, UK Prime Minister Keir Starmer and German Chancellor Friedrich Merz signed a comprehensive friendship and cooperation treaty in London. This agreement strengthens law enforcement and defence ties, reflecting a shared commitment to confront pressing challenges, particularly organized crime and rising strategic threats. A top priority for the Starmer government involves addressing the criminal gangs behind dangerous small-boat crossings from France. In 2024, authorities detected approximately 37,000 individuals making the perilous journey across the English Channel. Alarmingly, over 20,000 more crossed in the first half of 2025. The new treaty builds on Germany's pledge to criminalize the facilitation of smuggling. Chancellor Merz has committed to enacting this legislation by year's end. This move will strengthen British and German efforts to disrupt criminal supply lines and save lives. A Commitment to Mutual Defence The treaty evolves from last year's defence pact and signifies a significant UK-German commitment to mutual defence, which includes a mutual assistance clause: if either nation faces a direct threat, the other will provide support. Moreover, the agreement paves the way for joint export campaigns for defence equipment, including Boxer armoured vehicles and Typhoon jets. Additionally, both nations will collaborate on developing a next-generation precision strike missile. Bilateral investment deals are expected to further bind Europe's two largest economies and major supporters of Ukraine. As the UK and Germany renew their partnership, France continues to assert its influential role in European defence. President Emmanuel Macron consistently champions both French and European strategic autonomy by investing in independent intelligence, procurement, and operational capabilities. France leads several ambitious multinational defence initiatives, emphasizing the need for Europe to act independently when necessary. Macron strives to reduce dependency on external powers while calling on partners to develop a 'credible strategic concept' for Europe's security. This concept aligns with NATO but enables Europeans to take the lead in their defence when required. Notably, France's nuclear deterrent remains a crucial cornerstone of the continent's security architecture. Increased Defence Spending In response to rapidly evolving threats, Macron has unveiled an unprecedented acceleration in French defence spending. The French military budget is set to double compared to 2017 levels, reaching €64 billion by 2027—three years ahead of schedule. This 'historic and proportionate' effort positions France as a leading European military power. It underscores its commitment to robust, modernized armed forces and the growth of its domestic defence industry. Macron has assured that this rearmament will not be financed by increasing national debt, highlighting both the necessity and sustainability of the investment. Short link : Post Views: 8
Yahoo
11-02-2025
- Business
- Yahoo
Sterling edges down versus euro before economic data and BoE Bailey speech
By Stefano Rebaudo (Reuters) - Sterling edged down versus the euro and was unchanged against the dollar as investors awaited economic data on both sides of the Atlantic and a speech from Bank of England Governor Andrew Bailey later in the day. BoE policymaker Catherine Mann said that UK price rises in the year ahead would be consistent with the bank's target, the FT reported. Mann, previously the most hawkish member of the Monetary Policy Committee, joined Swati Dhingra last week in seeking a bigger rate reduction to 4.25%. The bank instead cut its rate by a quarter of a percentage point to 4.5%. Markets are gearing up for U.S. inflation data on Wednesday and British gross domestic product (GDP) figures due on Thursday, which could affect expectations for the BoE's rate path. "We expect disappointing monthly GDP data to continue in December, with services output flatlining and manufacturing and construction activity both declining," said Sanjay Raja, senior economist at Deutsche Bank. Sterling was down 0.15% at 83.40 pence per euro. It hit 82.88 pence a week ago, its lowest level since January 8. The pound recently rose against the single currency as economists expect the euro area to have more to lose than the UK in case of U.S. tariffs. "This uptrend (versus the euro) is supported by heightened European political risks and UK-German short-term yield spreads, though both have stabilised," said George Vessey, lead forex and macro strategist at Convera. Sterling was roughly unchanged at $1.2364 against the dollar. "The combination of sticky carry advantage and tariff resilience implies an improved near-term outlook for the pound versus the euro," said Barclays strategists led by Themistoklis Fiotakis in a research note. "The longer-term directional path is also constructive thanks to supply-side reforms, including a closer relationship with the European Union, but also demand-supportive fiscal stimulus from April," they added. British Prime Minister Keir Starmer told European Union leaders at a dinner on Monday that he wanted to work together to expand the continent's defences. At the end of January, Starmer met business leaders, seeking to hammer home the message that ministers had been told to refocus their attention on economic growth with every major decision. Sign in to access your portfolio
Zawya
11-02-2025
- Business
- Zawya
Sterling edges down versus euro before economic data and BoE Bailey speech
Sterling edged down versus the euro and was unchanged against the dollar as investors awaited economic data on both sides of the Atlantic and a speech from Bank of England Governor Andrew Bailey later in the day. BoE policymaker Catherine Mann said that UK price rises in the year ahead would be consistent with the bank's target, the FT reported. Mann, previously the most hawkish member of the Monetary Policy Committee, joined Swati Dhingra last week in seeking a bigger rate reduction to 4.25%. The bank instead cut its rate by a quarter of a percentage point to 4.5%. Markets are gearing up for U.S. inflation data on Wednesday and British gross domestic product (GDP) figures due on Thursday, which could affect expectations for the BoE's rate path. "We expect disappointing monthly GDP data to continue in December, with services output flatlining and manufacturing and construction activity both declining," said Sanjay Raja, senior economist at Deutsche Bank. Sterling was down 0.15% at 83.40 pence per euro. It hit 82.88 pence a week ago, its lowest level since January 8. The pound recently rose against the single currency as economists expect the euro area to have more to lose than the UK in case of U.S. tariffs. "This uptrend (versus the euro) is supported by heightened European political risks and UK-German short-term yield spreads, though both have stabilised," said George Vessey, lead forex and macro strategist at Convera. Sterling was roughly unchanged at $1.2364 against the dollar. "The combination of sticky carry advantage and tariff resilience implies an improved near-term outlook for the pound versus the euro," said Barclays strategists led by Themistoklis Fiotakis in a research note. "The longer-term directional path is also constructive thanks to supply-side reforms, including a closer relationship with the European Union, but also demand-supportive fiscal stimulus from April," they added. British Prime Minister Keir Starmer told European Union leaders at a dinner on Monday that he wanted to work together to expand the continent's defences. At the end of January, Starmer met business leaders, seeking to hammer home the message that ministers had been told to refocus their attention on economic growth with every major decision. (Reporting by Stefano Rebaudo; editing by Hugh Lawson)
Reuters
11-02-2025
- Business
- Reuters
Sterling edges down versus euro before economic data and BoE Bailey speech
Feb 11 (Reuters) - Sterling edged down versus the euro and was unchanged against the dollar as investors awaited economic data on both sides of the Atlantic and a speech from Bank of England Governor Andrew Bailey later in the day. BoE policymaker Catherine Mann said that UK price rises in the year ahead would be consistent with the bank's target, the FT reported. Mann, previously the most hawkish member of the Monetary Policy Committee, joined Swati Dhingra last week in seeking a bigger rate reduction to 4.25%. The bank instead cut its rate by a quarter of a percentage point to 4.5%. Markets are gearing up for U.S. inflation data on Wednesday and British gross domestic product (GDP) figures due on Thursday, which could affect expectations for the BoE's rate path. "We expect disappointing monthly GDP data to continue in December, with services output flatlining and manufacturing and construction activity both declining," said Sanjay Raja, senior economist at Deutsche Bank. Sterling was down 0.15% at 83.40 pence per euro . It hit 82.88 pence a week ago, its lowest level since January 8. The pound recently rose against the single currency as economists expect the euro area to have more to lose than the UK in case of U.S. tariffs. "This uptrend (versus the euro) is supported by heightened European political risks and UK-German short-term yield spreads, though both have stabilised," said George Vessey, lead forex and macro strategist at Convera. Sterling was roughly unchanged at $1.2364 against the dollar. "The combination of sticky carry advantage and tariff resilience implies an improved near-term outlook for the pound versus the euro," said Barclays strategists led by Themistoklis Fiotakis in a research note. "The longer-term directional path is also constructive thanks to supply-side reforms, including a closer relationship with the European Union, but also demand-supportive fiscal stimulus from April," they added. British Prime Minister Keir Starmer told European Union leaders at a dinner on Monday that he wanted to work together to expand the continent's defences. At the end of January, Starmer met business leaders, seeking to hammer home the message that ministers had been told to refocus their attention on economic growth with every major decision.
