All I want for Christmas is... lower inflation? 📉

Merry Monday? For those of us still remaining in the office, keep going - it’s just a couple more days and saving the annual leave will be worth it! And safe travels for all of you driving home for Christmas - crawling along the motorway will be worth it too once you’re stuffed full of cheese.

Our favourite stranded astronauts Sunni Williams and Butch Williams won’t be back in time, and to make it worse, their time on the ISS has been extended again. “No earlier than late March”, is the memo from NASA on the mission that will eventually bring them back, now pushed back from February. What was supposed to be an eight-day mission has turned into ten months! Hopefully, they’re paid overtime by the hour…

MARKETS

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PROJECT WATCH

🏗️ Green Marine and Ocean Kinetic complete tidal decommissioning work. Read more

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ECONOMY & FINANCE

No, wait on! For interest rate cuts
The Bank of England are playing it as safe as the designated driver at the office Christmas party. In its final huddle of the year, the Monetary Policy Committee (MPC) decided to keep the base interest rate parked at 4.75%. That's despite inflation trying its best to upstage the King's Speech – leaping to 2.6% in November from 1.7% just two months prior. Not exactly the gift anyone asked for.

The MPC vote was tighter than a turkey’s foil wrap – a 6-3 split among members. The festive rebels (those three policymakers) were ready to trim rates to 4.5%, but the Scrooges prevailed. Governor Andrew Bailey said they’re taking a “gradual approach” to cuts, which roughly translates to “don’t hold your breath, folks”. He hinted we'd need plenty of patience to see the magic 2% inflation target any time soon. Unwrapping that present might take a while.

While every economist and their dog are debating when rates might fall again, traders are betting on just two cuts across 2025, nudging the rate down to 4.25%. Compare that to the US Federal Reserve and the European Central Bank, who are warming up to wield scissors more boldly.

Royal sale
The government has stamped its approval on the £3.6bn takeover of Royal Mail’s parent company by Czech billionaire Daniel Kretinsky’s EP Group. With a legally-binding promise to keep the Universal Service Obligation (you know, the whole letters-six-days-a-week, parcels-five-days-a-week shtick), the deal comes wrapped with a golden bow—or, more accurately, a golden share.

This ensures the UK holds veto power over any HQ relocation or tax shenanigans. Because if there's one thing Britons don’t enjoy, it’s their letters arriving even later than a Southern Rail train.

POLITICS

Reform or deform? Musk-Farage
It’s the photo that launched a thousand debates: Nigel Farage, Elon Musk, and a Trump portrait smiling for a family Christmas card. The trio of disruption is now at the centre of Britain’s latest political melodrama, as whispers of Musk’s millions, waft across the airwaves. Reform UK, has hinted at a hefty donation from Musk via a UK subsidiary—strictly legal, of course, but it’s kicked off a fierce debate on Britain’s permissive political donation laws.

Keir Starmer’s Labour is treading carefully, wary of letting Farage play the "establishment sabotage" card. The government's approach? A stiff upper lip and no hasty legislation, arguing they'll beat Reform with results, not rushed reforms. Meanwhile, Labour's local election jitters grow, as Reform eyes key battlegrounds like Lincolnshire and Kent, not to mention a potential by-election in Runcorn. A similar DOGE-style department suits the very name of Farage’s party, perhaps a floating ‘build the wall’ campaign will seal the deal with voters.

Musk’s hypothetical £80m isn’t just a gift—it’s a challenge. Reform’s dreams of professionalisation may collide with the reality that cash alone doesn’t win elections. History shows that volunteer networks and voter trust are priceless currencies, and those take more time to build than a rocket to Mars.

Thistle pricks: injecting sense into Glasgow’s drug crisis
In Glasgow, Europe’s so-called "drug deaths capital," history will be made as the UK’s first safe drug consumption room opens next month. Dubbed The Thistle, this long-overdue facility offers a clean, supervised space for those injecting drugs—miles safer than the city’s alleyways and bin sheds.

Backed by Scotland’s Lord Advocate, this groundbreaking service is not just a harm-reduction haven; it’s a defiant step against years of Home Office obstruction. Critics argue the facility is no silver bullet, and they’re right. However, with wraparound care, overdose prevention measures, and no recorded deaths in similar centres worldwide, it’s a solid move towards saving lives.

As Glasgow takes this bold step, other UK cities are watching closely. Could this be the moment Britain reclaims its former harm-reduction crown? One thing’s certain: progress may be overdue, but it’s finally on the menu. Let’s hope this Thistle sticks in no one’s side.

ACROSS THE POND

US government avoids shutdown at the eleventh hour
A news story that always leaves us Brits wondering “what the hell is even that?”. In short, here’s the lowdown of a government shutdown: the federal government operates on funding from ‘appropriation bills’, and if these aren’t agreed in time, then “non-essential” services are forced to pause. Essential services (eg national security, law enforcement, air traffic control) carry on, but national parks, postal services, and museums all pause with staff furloughed.

In a move that narrowly avoided turmoil in the festive season, the US government sidestepped another shutdown crisis thanks to a dramatic deadline hustle by Congress. Like a last-minute Christmas shopper, legislators scrambled to pass a funding bill hours past the witching hour, keeping the federal machine whirring.

The drama unfolded as Senate Majority Leader Chuck Schumer celebrated the agreement, a late-night miracle more gripping than a Christmas special. The bill was spearheaded by House Speaker Mike Johnson, who managed to ditch former president Donald Trump's demands to raise the borrowing limit, showing that this season’s true spirit is compromise—not cap.

You’re hired!
Donald Trump has bestowed his former reality show impresario and chum, Mark Burnett, with the role of US Special Envoy to the UK. With a CV brimming with TV hits like The Apprentice, Survivor, and Shark Tank, Burnett's lack of diplomatic experience seems to be just another episode in Trump's casting of unusual characters for significant roles.

Trump, on his social media soapbox, championed Burnett as possessing "a unique blend of diplomatic acumen"—a statement likely to raise eyebrows faster than you can say, "You're hired!" Though Burnett’s 13 Emmy victories prove he’s a champion in television, his role now pivots to enhancing US-UK relations, covering areas from trade to, presumably, cultural exchanges about 'who wore it better'—Nigella or Martha?

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TECH

New Jersey drones on
The skies over New Jersey have been buzzing with intrigue as mysterious drones—and possibly a few overexcited imaginations—continue to spook residents. Since November, sightings have been flying up near military sites, airports, and even Donald Trump’s golf course. The FAA has responded with a sweeping drone ban across 22 cities, but the mystery remains unresolved.

Homeland Security insists there’s “nothing nefarious”, citing hobbyists and mistaken identities (turns out stars twinkle; who knew?). Meanwhile, conspiracy theories range from alien reconnaissance to rogue nations. Whatever the truth, one thing’s certain: New Jersey’s got a new favourite sport—drone-spotting.

Satoshi, spyware, and stolen stashes
Craig Wright, the self-proclaimed inventor of Bitcoin, was slapped with a suspended sentence for contempt of court after continuing to claim he’s the elusive Satoshi Nakamoto (a pseudonym used by the real Bitcoin inventor). Spoiler: he isn’t, and the real Satoshi remains as mysterious as ever.

Briefly, North Korean hackers have stolen a reported $1.3bn in crypto this year alone, and in a courtroom win, WhatsApp triumphed over Isarel’s Pegasus spyware makers for hacking 1,400 devices. It’s a stark reminder that in crypto, truth and security are often the rarest coins of all.

Google search and (don’t) destroy
Google, still grappling with an antitrust ruling that it crushed competition in search, is proposing its own “fixes” to stay in the game. Its suggestions include allowing users to switch default search engines annually and tailoring defaults for different devices.

The U.S. Department of Justice has taken a harsher line, suggesting Google drop its lucrative revenue-sharing deals and even sell Chrome, its flagship browser. With Google still commanding 90% of global searches, Judge Mehta’s final ruling, due next August, could reshape search as we know it.

WORLD

El Gordo and Spain’s fat Christmas tradition
Spain’s festive season kicked off in jubilant fashion with the annual El Gordo lottery, spreading €2.71bn (£2.25bn) in winnings across the country. The top prize, lovingly dubbed “The Fat One,” landed in Logroño, though many of the winning tickets found their way back to Madrid via a local basketball club.

This tradition, dating back to 1812, turns the lottery into a nationwide spectacle, complete with schoolchildren singing out winning numbers on live TV. While players toast their luck with sparkling wine, the proceeds fund social causes—a win-win for everyone, whether or not their ticket hits the jackpot.

Ivory Coast women march for justice
In the Ivory Coast, nearly 200 women and girls marched through Grand-Bassam to protest gender-based violence and femicide, marking the end of 16 days of activism. Echoing a historic 1949 march by women fighting for freedom, the demonstrators demanded stronger laws and penalties to protect victims.

Activists are pushing for the recognition of femicide in Ivorian law, where it currently doesn’t exist, to ensure harsher punishments for perpetrators. Despite government strides, such as training police and ending the need for medical certificates to report violence, systemic change is still needed. The march sent a clear message: protect women while they’re alive—not just after they’re gone.

Vanuatu quakes
Vanuatu is reeling after a second earthquake—a magnitude 6.1 tremor—shook the island early Sunday, days after a deadly 7.3 quake left at least 16 dead and displaced over 1,000 people. With 20,000 residents lacking access to clean water, aid organizations warn of a looming health crisis.

Australian military flights have evacuated 568 people and delivered nearly 10 tonnes of relief supplies, while Port Vila’s airport is set to reopen, offering hope for increased aid. Recovery will be slow, but international support continues to pour in for the island nation.

QUIZ TIME

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Cuppa Chat: Cheat Sheet

✈️🌪️ Heathrow Airport cancels about 100 flights as strong winds cause travel disruptions across the UK.

🎥🎨 The final black and white "Doctor Who" adventure, "The War Games," has been colourised into a 90-minute film.

🇦🇱🔨 Albania will impose a year-long ban on TikTok as Prime Minister Edi Rama claims the app incites violence and bullying.

🎤🎸 Beatles legends Paul McCartney and Ringo Starr reunited on stage in London for their first performance together in five years.

🇺🇸✈️ A US F/A-18 Hornet was mistakenly shot down by an American missile cruiser over the Red Sea, with both pilots safely ejecting.

🎥🏞️ The new Wallace and Gromit film, "Vengeance Most Fowl", features a finale inspired by the Pontcysyllte Aqueduct in north Wales.

🍫👑 Cadbury has been removed from the royal warrant list for the first time in 170 years under King Charles, losing its royal endorsement originally made by Queen Victoria.

🥊🎄 Tyson Fury contested his loss to Oleksandr Usyk, claiming judges awarded Usyk a "Christmas gift" in their rematch. The fight in Riyadh ended with all three judges scoring 116-112 in favour of Usyk.

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