News Snapshot:
Photo by Dan Kitwood/Getty Images A new economic order for the globe is being constructed, based around heavy government intervention, a disregard for existing trade and subsidy rules, and the sometimes aggressive defence of perceived national interests. The days of globalisation are long gone and the UK, under the unashamedly free-market Rishi Sunak, has been left on the wrong side of these shifts. The US’s Inflation Reduction Act has been the most striking example to date. At its core is $375bn of subsidies for green industries. These are mostly delivered via tax breaks rather than direct government investment and focus...
