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London, 17 April 2026 – The International Monetary Fund (IMF) has advised the Bank of England (BoE) to keep its policy rate at 3.75% for the remainder of the year, warning that the ongoing Iran war is fuelling inflation and could shave 0.5 % off euro‑area growth.Alfred Kammer, director of the IMF’s European Department, told reporters in Washington that the BoE should maintain “a restrictive monetary policy stance” and keep the rate unchanged, stating: “That means keeping the policy rate unchanged for the remainder of the year, i.e., not proceeding with the expected cuts.”BoE Governor Andrew Bailey echoed a cautious tone, saying the bank would not “rush to judgments” on how to respond to an inflation shock driven by higher energy prices – a shock the central bank cannot directly offset with rate moves. Money markets are already pricing in at least one quarter‑point rate rise later in 2026, despite the current hold.The IMF also signalled a similar stance for the European Central Bank, urging a “neutral monetary policy stance” that would involve two quarter‑point hikes in 2026, with the possibility of reversal in 2027 if conditions improve.These monetary‑policy warnings come as the live‑blog highlighted broader economic stress: Chicago wheat futures have surged 4.5 % this week, the biggest weekly jump since February, driven by dry weather in the U.S. Plains and the Iran war’s impact on fertilizer and diesel costs. Humanitarian group Mercy Corps warned that fuel, fertilizer and shipping disruptions are already locking in food‑insecurity risks for fragile economies in Somalia, Ethiopia and Pakistan.Analysts note that the IMF’s advice underscores the delicate balance the BoE faces between curbing inflation and avoiding a premature rate cut that could undermine credibility. With inflationary pressures from energy and food still elevated, a hold‑and‑monitor approach may preserve policy flexibility, but markets will watch closely for any shift toward tightening if inflation proves stickier than anticipated.

Air Canada announced a temporary pause on a handful of routes departing from Toronto and Montreal to New York’s John F. Kennedy airport, attributing the decision to sharply rising jet‑fuel costs. The suspension comes as airlines worldwide grapple with fuel price spikes triggered by the ongoing US‑Israel war with Iran. Although the Strait of Hormuz reopened earlier this month, easing some oil‑price pressure, jet‑fuel costs remain markedly higher than before the conflict. In a related development, Spirit Airlines has appealed to the U.S. government for emergency financing worth hundreds of millions of dollars to mitigate its own fuel‑price surge, according to industry source reports. Air Canada explained that jet‑fuel prices have doubled since the start of the Iran conflict, rendering several lower‑margin routes financially untenable. The carrier said it is implementing “schedule adjustments, including frequency reductions,” to preserve overall network viability. Effective June 1, the airline will halt one Montreal‑to‑New York flight and three Toronto‑to‑New York flights, with service slated to resume on October 25. Additional temporary suspensions include the Salt Lake City‑Toronto corridor, which will be paused from June 30 and is not expected to return until 2027, as well as a postponed launch of a Guadalajara‑to‑Montreal service. Air Canada estimates the changes will impact about 1 % of its total passenger‑carrying capacity. Affected passengers will be offered alternative travel options, with the airline continuing to operate to LaGuardia and Newark airports 34 times daily across six Canadian cities. The move mirrors broader industry pressures: British low‑cost carrier easyJet projects a pre‑tax loss of £540‑£560 million for the six‑month period ending March, while Australian airlines Qantas and Virgin Australia have announced fare hikes and reduced flight frequencies. Moreover, the International Energy Agency warned that Europe possesses only six weeks of jet‑fuel reserves, raising concerns that further supply disruptions could trigger additional flight cancellations.

Scotland’s women’s rugby team is set to make history on Saturday by playing a standalone match at Murrayfield Stadium, the national venue traditionally reserved for the men’s side. The fixture against long‑time rivals England marks the first time the team will host a Six Nations game at Scotland’s premier rugby ground.Ticket sales have already surpassed 30,000, obliterating the previous Scottish women’s rugby attendance record of 7,774 set earlier this year at the Hive. The expected crowd also promises to be the largest audience ever for a standalone women’s sporting event in Scotland.Team captain Rachel Malcolm, who earned her first cap in 2016, described the occasion as a "landmark moment" and emphasized the importance of growing the sport’s profile: "Playing at our national stadium with crowds this size is something I never imagined in my career."Former Scotland star Donna Kennedy – the nation’s most‑capped player with 115 caps – credited the surge in interest to the team’s performance at the 2025 Women’s Rugby World Cup, where Scotland reached the quarter‑finals for the first time since 2002. She noted that the tournament provided a commercial and media springboard that has only accelerated in the past five years.England arrive as the dominant force in the competition, having won the Six Nations seven years in a row and maintaining a 28‑game winning streak against Scotland. The last Scottish victory over the Red Roses came in 1999, 27 years ago.Despite England’s pedigree, they head into the match with a significant injury list. Alex Matthews (vice‑captain) is out with a shoulder problem, while prop Hannah Botterman and hooker May Campbell have been ruled out for the remainder of the tournament. In total, England are missing 13 players due to retirement, pregnancy or injury, opening opportunities for newcomers such as Demelza Short, who will earn her first senior cap.Scotland also face a setback, missing scrum‑half Emma Orr through injury, but they remain optimistic that England’s depleted roster could level the playing field.England defence coach Sarah Hunter acknowledged the challenges, suggesting the situation could be a "blessing in disguise" for player development ahead of the 2029 World Cup in Australia. She highlighted the chance for younger talent to gain experience in a high‑pressure environment.With a record crowd, historic venue, and the prospect of ending a decades‑long losing streak, Saturday’s clash promises to be a defining moment for women’s rugby in Scotland and a compelling chapter in the Six Nations narrative.

UK Chancellor Rachel Reeves is poised to raise the government's windfall tax on low-carbon electricity generators to help limit household energy bills. The levy, introduced in 2022, targets excess profits made by owners of older renewable energy and nuclear plants.The chancellor is ready to hike the electricity generator levy, which currently stands at 45%, as electricity market prices soared following Russia's invasion of Ukraine. The increased tax will help shield consumer energy bills in the short term while the government consults on long-term plans to reform the wholesale market.The government is also expected to consult on plans to shift older, low-carbon projects onto newer set-price contracts, providing electricity at a guaranteed price. This move aims to weaken the link between gas market prices and electricity costs, which has led to a surge in electricity market prices across Europe.Executives across the industry have been informed to expect contact from officials on Monday to outline the government's determination to protect electricity costs from the surge in gas markets. The plans have already impacted shares in energy companies, with SSE falling over 6% and Centrica closing down 5% on Friday.The proposed reforms have sparked concerns within the industry, with some viewing them as a fundamental reform of energy markets. The government is considering radical proposals, including removing gas plants from the market and holding them in strategic reserve.

The Modi administration is accelerating a 2023 statute that would earmark 33 percent of seats in India’s parliament and state legislatures for women. The initiative, presented during a three‑day special parliamentary session, is tied to a broader proposal to expand the Lok Sabha from its current 543 seats to 850 through a nationwide delimitation exercise. Prime Minister Narendra Modi framed the bills as historic steps toward gender empowerment, stating, “We’re set to take historic steps to empower women.” The three bills require a two‑thirds majority in both houses; with the National Democratic Alliance (NDA) holding 293 of the 543 lower‑house seats, it falls short of the 360 votes needed. Women presently occupy only 14 percent of Lok Sabha seats. Parliamentary Affairs Minister Kiren Rijiju emphasized a united effort to secure “rightful positions” for women, while noting that India already reserves one‑third of local‑government seats for female representatives. Opposition parties, however, warn that the delimitation component—redrawing constituency boundaries based on population—could tilt the political balance in favor of the BJP, which draws strong support from the densely populated northern states. Critics argue that expanding seats based on the 2011 census, the last completed count, would disproportionately benefit the north and marginalise southern regions where population growth has slowed. The Indian Constitution mandates constituency revision after each census, but the last delimitation occurred after the 1971 census. The government’s draft proposes applying the 2011 census data for the next general election slated for 2029. Opposition leaders, including Rahul Gandhi of the Indian National Congress, contend that the timing is a ploy to consolidate power, describing the move as “gerrymandering through the backdoor.” Further dissent emerged from the south: Tamil Nadu Chief Minister MK Stalin publicly burned a copy of the bill and raised a black flag, urging statewide protests against what he termed “the arrogance of the fascist BJP.” Several southern MPs attended parliament in black as a symbolic protest. The BJP counters that the seat increase will be applied uniformly— a 50 percent rise across all states— preserving proportional representation. Yet the draft delimitation bill lacks explicit language confirming this uniformity. With the debate set to continue, the outcome will shape not only women’s political representation but also the geographic balance of power in India’s largest democracy, influencing electoral dynamics for the next decade.

Israeli military chief Eyal Zamir authorized five soldiers from the Force 100 unit to resume reserve service after the top military prosecutor dismissed all charges linked to an alleged sexual assault on a Palestinian detainee at the Sde Teiman detention camp. The decision comes while an internal military inquiry into the soldiers’ conduct remains open; Israeli Army Radio reports that some of the reservists have already been redeployed to active combat roles. In a statement cited by Haaretz, the army emphasized that “the investigation does not prevent them from continuing to serve … the command‑level investigation will be completed as soon as possible.” Charges were withdrawn last month by Israel’s senior military lawyer, ending a case that had become one of the most contentious in recent Israeli history. The original indictment alleged that the soldiers stabbed the detainee with a sharp object near his rectum, causing cracked ribs, a punctured lung and an internal tear. Prison doctor Yoel Donchin told reporters he was initially shocked by the severity of the injuries, assuming they were inflicted by a rival armed group. Military Advocate General Itay Offir explained that the indictments were scrapped due to “complexities in the evidentiary structure” and “difficulties” arising after the detainee’s release to the Gaza Strip. Human‑rights organisations, led by Amnesty International, condemned the reinstatement as “yet another unconscionable chapter” in a legal system they say routinely grants impunity for grave crimes against Palestinians. The group noted that only one Israeli soldier has ever been sentenced for torturing a Palestinian detainee. Broader reports, including a February study by the Committee to Protect Journalists, document widespread abuse—ranging from beatings and starvation to sexual assault—experienced by Palestinians held in Israeli custody.

A devastating fire has engulfed the largest of Australia's two oil refineries, operated by Viva Energy in Geelong, Victoria. The blaze, which began on Wednesday night, had been brought under control by Thursday noon. The refinery, which processes 120,000 barrels of oil per day, accounts for approximately 10% of Australia's fuel production.The fire was triggered by a gas leak that ignited, sending flames as high as 60m (200 feet) into the air. Fortunately, firefighters managed to contain the blaze without it spreading to other parts of the plant, which produces high-octane petrol, jet fuel, and diesel.The incident comes at a critical time for Australia, which relies on imports for 80% of its fuel needs. The country is racing to replace supply disrupted by the Middle East conflict, which has driven up energy prices worldwide. Fuel security is a growing concern in the Asia Pacific region, with Australia lacking major stockpiles.In response to the crisis, Prime Minister Anthony Albanese announced that Australia had secured an additional supply of 100 million litres of diesel from Brunei and South Korea. The government has urged Australians to avoid panic-buying fuel and to conserve petrol where possible.Australia's fuel reserves stand at approximately 38 days' worth of petrol, falling short of the 90-day minimum recommended by the International Energy Agency. The country is heavily reliant on oil shipped through the Strait of Hormuz, which has seen shipping traffic cease since the US and Israel launched their war against Iran.

UK Chancellor Rachel Reeves has announced that she and Energy Secretary Ed Miliband are working to break the link between gas prices and electricity costs in the UK. Currently, under the marginal cost pricing model, gas prices almost always set the price of electricity. Speaking in Washington, Reeves explained that when gas prices are high, electricity costs increase even though the cost of producing electricity doesn't change. The goal is to delink these prices, especially as renewable energy makes up a larger part of the UK's energy mix. Renewables have already reduced the time gas sets the wholesale price of electricity by about a third since the early 2020s, according to the Department for Energy Security and Net Zero. The head of Energy UK, Dhara Vyas, noted that decoupling electricity prices from gas will occur gradually with the transition to clean power. Reeves also discussed encouraging investment in North Sea oil and gas tiebacks, which involve using existing infrastructure to exploit larger areas of oil and gas. This approach is seen as the quickest way to bring more oil and gas online. Greenpeace has proposed moving gas plants into a regulated asset base to make gas a strategic reserve and reduce its impact on market prices. The organization argues that this could save billions annually and benefit from cheaper, homegrown renewables.

Senate Democrats have moved to stall President Donald Trump's bid to install a new leader of the US Federal Reserve, condemning the move as 'absurd' given ongoing criminal investigations into the central bank's leadership.Democratic lawmakers on the Senate banking committee urged its Republican leadership to postpone the planned confirmation hearing for Kevin Warsh, the financial executive and former Fed governor Trump has nominated to replace Jerome Powell as Fed chair.In a letter to banking committee chair Senator Tim Scott, the 11 Democrats called for a hearing currently scheduled for Tuesday to be delayed until investigations into Powell and Lisa Cook, a Fed governor, are closed.Powell is facing a criminal investigation into the renovations of the central bank's headquarters, which he dismissed as a 'pretext' tied to the Fed's refusal to bow to Trump's demands. The Trump administration also tried to fire Cook, an appointee of Joe Biden, for alleged mortgage fraud.The Democratic senators wrote in their letter to Scott: 'It would be absurd on its face to allow President Trump to handpick the next chair of the Federal Reserve as his Department of Justice actively pursues criminal investigations of not one, but two sitting members of the Federal Reserve board.'Warsh's nomination also faces hurdles from within the president's own party, with outgoing GOP senator Thom Tillis stating he would not support any nomination as long as there is an investigation into Powell.