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The Queen will set out on Tuesday the legislation that Boris Johnson hopes will pave the way for him to win a full second term as prime minister.

Johnson is criticized for a bill in the monarch’s speech demanding voters provide proof of identity, a Labor move called “cynical and ugly” and warned that it risked depriving marginal groups of their rights.

The PM will also take back power to plan the next general election, repealing David Cameron’s Fixed-Term Parliament Act, which decrees that the next election will be in 2024. Labor officials believe Johnson wants to pave the way for some early general elections in 2023..

The speech is also expected to include plans to transform the student loan system and give employers a statutory role in state-funded training.

Johnson will use the ensuing debate to introduce a number of bills intended to flesh out his “race to the top” agenda. Downing Street officials predict that next year will provide ‘the meat’ for the 2019 manifesto, as the government shifts attention from Brexit and Covid-19 to the agenda that will frame the upcoming elections.

Coronavirus digestion

  • the Bank of England the upgrade to its 2021 forecast last week was based on better-than-expected past performance. But a Financial Times analysis found the bank had downgraded its outlook for each quarter through the end of 2022.

  • British will be allowed to cuddle on May 17 for the first time since restrictions were put in place.

  • UK consumer spending exceeded pre-pandemic levels in April for the first time this year. Greggs said its profits could return to pre-pandemic levels as early as 2021, as shoppers return to the streets. The cost of private education in the UK has also increased at its slowest rate on record this year.

  • After diverting resources for more than a year to fight Covid-19, the NHS deploys artificial intelligence tools to deal with the huge backlog of patients sidelined by the crisis.

  • EU governments have spent billions to support their airlines, as Covid-19 has reversed a privatization campaign.

  • Norway and Sweden vaccine deployments have failed to engage at-risk migrant groups, who remain skeptical of safety.

  • New infections in the we fell to the lowest level in 11 months – a sign that the country is on track to regain a sense of normalcy by the summer.

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In the news

Hamas rocket attacks prompt Israeli retaliation The militant group fired rockets deep into Israel after days of violence between Israeli policemen and Muslim protesters at Jerusalem’s al-Aqsa mosque that left hundreds injured. Health officials in Gaza said up to 20 people were killed, including nine children, and 65 injured in the airstrikes.

Pipeline hackers regret they ‘created trouble’ DarkSide, the hacker group blamed for the weekend ransomware attack on the Colonial oil pipeline in the United States, insisted it was all about making money and regretted “creating problems for society ”. The pipeline plans to restore most operations by the end of the week. The White House has opened up a debate on the merits of companies making ransom payments to cyber attackers, something the FBI has long opposed. (FT, NYT)

Hack took major U.S. oil pipeline offline for three days

The hack took a major US oil pipeline offline for three days © FT montage; Bloomberg

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British King Spac plans EU listing Ian Osborne, the UK investor at the forefront of the US special acquisition company boom, is looking to Europe with plans for the region’s largest tech-driven blank check company. Hedosophia, the fund manager led by Osborne, plans to raise 400 million euros for a Spac in Amsterdam.

British hedge fund Gladstone struggling with market rotations One of Europe’s best performing hedge funds in recent years has been hit by a rebound in stocks that suffered at the start of the pandemic, the latest sign that many managers are struggling to cope with market swings in the wake of the pandemic. 2021.

Yield (%) column chart showing Gladstone hedge fund stumbles after bad bets on US and European stocks

American investors revolt against executive compensation Six S&P 500 companies, including General Electric, AT&T, IBM and Starbucks, have already failed to secure the majority of shareholder support for pay packages this year, up from 10 cases in 2020, a company bonus plan was rejected.

Global passive assets reach $ 15 billion Assets under management in exchange-traded funds for the first time eclipse traditional index-tracking mutual funds, after the global passive investing industry surpassed $ 15 billion in assets last year, according to data compiled for the FT.

  • The Biden administrations’ proposed increases in capital gains taxes on high net worth investors could accelerate the shift from mutual funds to exchange traded funds, executives predicted.

Line graph of assets under management ($ tn) showing passive attack

The day ahead

Brandon Wales testifies on cybersecurity In Washington, the acting director of the Cybersecurity and Infrastructure Agency testifies before the Senate today after the Solarwinds hack.

AstraZeneca shareholders meeting The company is facing a shareholder revolt over the compensation of CEO Pascal Soriot.

Income overview Palantir, Electronic Arts, Occidental Petroleum, Swiss Life, Morrisons, E.ON and Nissan report.

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What else do we read

Walmart vs Amazon: grocery store Amazon’s ambitions to disrupt the $ 1.3 billion U.S. grocery market will set the next stage in a more than two-decade battle with Walmart. And it comes as Walmart steps up efforts to break Amazon’s broader dominance in e-commerce. This article is part one in an FT series examining the future of retail.

  • Amazon set a record in the corporate bond market, raising $ 18.5 billion in maturities ranging from two to 40 years at yields close to those of U.S. Treasuries.

Amazon and Walmart sales exploded during the pandemic, making them the two largest state-owned companies in the world across all industries by revenue

Amazon and Walmart sales exploded during the pandemic, making them the world’s two largest state-owned companies across all industries by revenue © FT montage; Reuters, Bloomberg

The authoritarian turn of Iraqi Kurdistan The convictions of journalists and activists have sparked rare international condemnations and shed light on the authoritarian drift of a quasi-state dominated by two families, whose influence extends deeply into the commercial and security apparatus of the region rich in oil of 5m – and that can be “Reject” democracy.

Djibouti thrives in the “ return to the cold war ” With economic growth of up to 7% expected this year, double the African average, with significant Chinese investment in ports, free trade zones and a rail line to landlocked Ethiopia, the he strategic location of Djibouti helps make it one of the continent’s fastest growing economies. .

Home to five naval bases, including since 2017 the first Chinese overseas military base, the importance of the former French colony is both geopolitical and economic

Home to five naval bases, including China’s first foreign military base, the importance of the former French colony is both geopolitical and economic © Yasuyoshi Chiba / AFP / Getty

Look in the US for “ work week ” laws that work Some states in the US have passed “fair work week” laws in an attempt to tackle unpredictable hours in industries such as retail and fast food restaurants. The measures are a reminder that political interventions don’t have to be brutal to make a difference, writes Sarah O’Connor.

Avoid inbox panic with digital logout The slight anxiety of not knowing what’s in your inbox can be more stressful than quickly checking it the second you wake up. Now that the offices are reopening, there may be a way to moderate the constant and unnecessary contact, writes Elaine Moore.

Elaine Moore: “Lockdown has accelerated bad habits.  Scanning WhatsApp, Slack, emails and texts is a pretty constant activity '

Elaine Moore: “Lockdown has accelerated bad habits. Scanning WhatsApp, Slack, emails and texts is an almost constant activity ‘© Pate

Podcast of the day

Conservatives conquer Hartlepool Last week’s local election resulted in gains for Boris Johnson’s Tories, including a historic Hartlepool by-election victory. What does this mean for Labor leaders and Keir Starmer? Sebastian Payne breaks down what you need to know.

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