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The Latest Breaking News from GDP

Starmer pledges to spend 5% of GDP on national security and defence by 2035

But Downing Street will not say how the new Nato commitment will be paid for

The Independent UK

All eyes on Donald Trump as Nato faces an existential test

NEWS ANALYSIS: Sir Keir Starmer is desperate to demonstrate that Britain is a leader in Nato, but all eyes will be on the volatile US president as the alliance faces an existential test, writes Millie Cooke

The Independent UK

Starmer to commit to spending 5% of GDP on defence by 2035 at Nato summit

The figure is in line with the demands of President Donald Trump, who has called for Nato allies to shoulder more of the burden of European defence.

Evening Standard

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Trump’s budget demands, Iran to split NATO summit focus

NATO leaders gather Tuesday in The Hague for what could be a historic summit, or one marred by divisions.

Al Jazeera

Nato to unveil new 5% defence spending target this week, chief indicates

Prime Minister Sir Keir Starmer is among the world leaders expected in The Hague in the Netherlands this week for the Nato summit.

The Independent UK

Rutte: NATO's new 5% target is 'quantum leap' to improve air defence and buy 'thousands' of tanks

The crisis unfolding in the Middle East is expected to create a showdown over the summit where allies will announce a new defence spending target of 5% of GDP.

Euronews

NATO agrees to 5% higher defence spending target ahead key summit at The Hague

This week, allies are expected to commit to spending around 3.5 percent of GDP on "hard defence" that will include weapons and troops and an additional 1.5 percent on defence-related investments such as cybersecurity and military mobility.

Euronews

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NATO Strikes Spending Deal, But Spain Exemption Claim Risks Trump Ire

NATO on Sunday signed off on a pledge to ramp up defence spending before its upcoming summit, but Madrid insisted it would not need to hit the five percent of GDP demanded by US President Donald Trump.

International Business Times

Russia’s economy boomed after the invasion of Ukraine—it’s now running out of steam

Record-low unemployment and ultra-hot inflation have put Russia “on the brink” of a recession, its economy minister said.

Fortune

Japan pulls out of talks with Trump administration after ‘being ordered to spend more on defence’

The two countries were set to hold annual security talks on 1 July

The Independent UK

Why Elon Musk’s US$34 billion loss wasn’t really that – and what it tells us about the philanthropy of the ultra-wealthy

Following a sharp drop in Tesla’s share price, outlets reported that the world’s richest person, Elon Musk, had “lost” US$34 billion (£25 billion) in a single day. That figure exceeds the annual GDP of countries like Iceland, Jamaica or Mauritius. Gaining or losing even 0.001% of that wealth would be…

The Conversation

Spain’s PM Pedro Sánchez rejects NATO's 5% of GDP spending plan as 'unreasonable'

Spain was the lowest spender in the trans-Atlantic alliance last year, directing less than 2% of its GDP on defence expenditure.

Euronews

Spain rejects Nato plan for member states to spend 5% of GDP on defence

PM Pedro Sánchez says he wants a ‘more flexible formula’ that would make target optional or allow Madrid to opt out

The Guardian - UK

Spain rejects NATO’s anticipated defense spending increase as 'unreasonable'

Spain has rejected a NATO proposal to spend 5% of GDP on defense needs that’s expected to be announced next week, calling it “unreasonable.”

The Independent UK

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Newslaundry

Unpacking the data: Why India’s poverty decline may not be what it seems

Discussions on poverty in India have long centred on the Household Consumption Expenditure Surveys (HCES) which are conducted nationwide. These surveys measure how much households spend and are often used as a stand-in for household income since reliable income data is hard to collect in developing countries.

AAP

New Zealand enjoys GDP bump of 0.8 per cent in Q1

New Zealand has posted its best quarterly GDP growth figures in almost two years, though the economy is still 1.1 per cent smaller than it was a year ago.

The Conversation

Canadian international relations experts share their views on global politics and Canada’s role

A survey of Canadian international relations professors has found they disagree on how to respond to potential Chinese aggression against Taiwan and which global regions will matter most to Canada in the future.

The Conversation

Trump may push Albanese on defence spending, but Australia has leverage it can use, too

Ahead of a prospective meeting between Prime Minister Anthony Albanese and US President Donald Trump at the G7 Summit Canada, two key developments have bumped defence issues to the top of the alliance agenda.

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The Independent UK

Keir Starmer must come to the defence of his chancellor’s spending review

THE INDEPENDENT VIEW: Editorial: In spite of Rachel Reeves’s much-vaunted increase in MoD expenditure, a rise to 2.6 per cent of GDP can only be achieved by draining the overseas aid budget, reallocating intelligence agency funds, and other sleights of hand. When the prime minister faces Nato leaders, including Donald…

Evening Standard

Stocks mixed amid GDP miss and fresh trade worry

The UK economy fell at a faster pace than expected in April, numbers on Thursday showed, as services output slumped.

The Conversation

The UK’s small businesses should be fuelling the country’s growth ambitions. Here’s why that’s not happening

The UK government’s spending review has set out its priorities for the next three years. But behind the rhetoric about boosting growth lies growing concern about small businesses being locked out of the wider UK economy. Government funding and regulation are increasingly out of step with the reality of micro-enterprises…

The Independent UK

Ben Wallace accuses Labour of ‘conning’ public over defence spending boost claim

Concerns have been raised that the increase in defence spending pledged by Keir Starmer’s government is ‘smoke and mirrors’

Euronews

UK economy contracts sharply in April: Will the BoE respond?

UK GDP shrank 0.3% in April, the sharpest drop since October 2023, led by declines in services and manufacturing. Labour market data weakened, fuelling speculation of a Bank of England rate cut in August as recession fears grow.

Evening Standard

Economy shrinks by more than expected amid record fall in exports to the US

Exports to America fell at the fastest pace on record, down £2 billion in April, according to the ONS.

The National (Scotland)

UK economy sees biggest drop since October 2023 in blow for Rachel Reeves

THE UK economy saw the biggest monthly contraction for a year-and-a-half in April in a setback for Chancellor Rachel Reeves ...

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