UK Set to Make T+1 Switch in 2027 in Tandem With Europe

The taskforce spearheading the UK's shift to a faster trading regime is recommending the same transition date as the European Union, teeing up a coordinated move favored by the finance industry.
The UK should switch to a one-day settlement cycle known as T+1 on Oct. 11 2027, according to Andrew Douglas, chair of the government-appointed team advising on the transition. That's the same date that the European Securities and Markets Authority has recommended, though formal political approval is still required in both jurisdictions.

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Newsweek

3 hours ago

• Newsweek

Project 2025 Coauthor: Trump Tariffs Could Endanger Health Care

Advocates for ideas and draws conclusions based on the interpretation of facts and data. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. President Donald Trump is right to play hardball on trade with Europe. The European Union targets leading American companies with rules, fines, and other punitive actions that undermine their ability to do business in EU countries and deliver technologies to their citizens and small businesses. However, there are some lines that we should not cross in response to trade tensions—like the tariffs President Trump is expected to impose on imported medicines any day now. The president can levy so-called Section 232 tariffs on imports deemed a threat to national security. While that rationale may apply to medicines from China, imports from Europe and Japan pose no such threat. Tariffs on European and Japanese medicines would harm Americans who rely on prescription drugs. They would disrupt the small firms that underpin our health care system—disproportionately hurting early-stage biotech startups, specialized manufacturers, and independent pharmacies, especially in rural communities. These companies operate lean and are laser-focused. Most emerging biotechs, in fact, revolve around a single drug candidate. They have small teams, tight budgets, and years of regulatory hurdles ahead. Many rely on active pharmaceutical ingredients sourced from Europe to develop their therapies. Tariffs on those imports wouldn't just slow medical progress—they could stop it in its tracks. That's because small firms aren't on the sidelines of drug development. They are the front line. In 2024, nearly two-thirds of all U.S. clinical trials were launched by emerging biopharma companies. Last year, small businesses developed 85 percent of newly approved drugs and brought more than half to market on their own. Breakthroughs require reliable, affordable inputs. A full one-third of the active pharmaceutical ingredients in Americans' medicines come from Europe. Building new U.S. pharmaceutical plants can take up to a decade and cost $2 billion. Waiting that long isn't an option for a startup betting everything on one product. Even established manufacturers aren't immune. Many of America's nearly 1,600 domestic facilities—which produce approximately one-half of U.S. medicines—still depend on European ingredients. Tariffs would spike their costs and strain an already fragile supply chain. Some may be forced to pull workers off the factory floor. WASHINGTON, DC - APRIL 02: U.S. President Donald Trump holds up a chart while speaking during a 'Make America Wealthy Again' trade announcement event in the Rose Garden at the White House on April 2,... WASHINGTON, DC - APRIL 02: U.S. President Donald Trump holds up a chart while speaking during a 'Make America Wealthy Again' trade announcement event in the Rose Garden at the White House on April 2, 2025 in Washington, DC. MoreThen there are the pharmacies. Unlike big chains, independent pharmacies often can't negotiate bulk deals or absorb sudden price hikes. A steep tariff could erase already thin margins, forcing many to shut their doors, including in underserved and rural communities that already lack sufficient access to pharmacies. In 2023 alone, the U.S. imported close to $130 billion in pharmaceutical products from Europe. A tariff, of 25 percent for instance, could translate to tens of billions in new costs for our health care system. Those dollars won't just hit corporate balance sheets. They'll show up in Medicare and Medicaid budgets, insurance premiums, and out-of-pocket costs for seniors and working families. Placing tariffs on medicines is not like taxing handbags or hubcaps. There's often no clear "substitute" for the medicine that works best for a particular patient. If a treatment is made in Ireland or Switzerland, a tariff doesn't create a U.S. version. It creates delay, financial strain, or worse—outright loss of access. Developed countries have long treated medicines as off-limits in trade disputes for one simple reason: patients' lives should never be used as leverage in a trade war. If President Trump's goal is to keep America from relying on adversaries like China for key medicines, life-saving European drugs shouldn't be caught in the crossfire. Entrepreneurs and small business owners are not asking for special favors. They merely want predictability, light government intervention, access to markets, and a fair shot. Drug tariffs will inject turmoil into a sector that needs stability. For biotech startups and other small businesses, these tariffs aren't just a cost increase—they are an existential threat. President Trump is right to confront trade inequities, intellectual property theft, and other countries' lack of compliance with previous trade deals. But when it comes to medicines, tariffs will cause broad-based harm. Practically speaking, tariffs will not build domestic capacity any time soon and they will not protect American innovation. Medicines must remain exempt from tariff actions against allies like Europe and Japan. American patients and the small businesses powering our health care system need this stability and assurance. Karen Kerrigan is president and CEO of the Small Business and Entrepreneurship Council ( in Washington, D.C. She was the author of Project 2025's chapter on the Small Business Administration. The views expressed in this article are the writer's own.

4 hours ago

Nations react to US strikes on Iran with many calling for diplomacy

Several close U.S. allies urged a return to the negotiating table following American strikes on Iran that fueled fears of a wider conflict, while noting the threat posed by Tehran's nuclear program. Some countries and groups in the region, including those that support Iran, condemned the move while also urging de-escalation. U.S. President Donald Trump described the damage as 'monumental' after the U.S. hit three Iranian nuclear sites, though the U.S. assessment was unfinished. Iranian Foreign Minister Abbas Araghchi said the U.S. had 'crossed a very big red line,' the time for diplomacy was over and Iran had the right to defend itself. Here is a look at the global reaction: U.N. Secretary-General António Guterres said he was 'gravely alarmed' by the use of force by the United States. 'There is a growing risk that this conflict could rapidly get out of control — with catastrophic consequences for civilians, the region, and the world,' he said in a statement on the social media platform X. 'I call on Member States to de-escalate.' 'There is no military solution. The only path forward is diplomacy.' British Prime Minister Keir Starmer warned of escalation beyond the Middle East as he called for all sides to negotiate a diplomatic end to the crisis, saying stability was the priority in the volatile region. The U.K., along with the European Union, France and Germany, tried unsuccessfully to broker a diplomatic solution in Geneva last week with Iran. Starmer said Iran's nuclear program posed a grave threat to global security. 'Iran can never be allowed to develop a nuclear weapon and the U.S. has taken action to alleviate that threat,' Starmer said. Dmitry Medvedev, who serves as deputy head of President Vladimir Putin's Security Council, said several countries were prepared to supply Tehran with nuclear weapons. He didn't specify which countries, but said the U.S. attack caused minimal damage and would not stop Tehran from pursuing nuclear weapons. Russia's Foreign Ministry said it 'strongly condemned' the airstrikes and called them a 'a gross violation of international law, the U.N. Charter, and U.N. Security Council resolutions.' The Iraqi government condemned the U.S. strikes, saying the military escalation created a grave threat to peace and security in the Middle East. It said it poses serious risks to regional stability and called for diplomatic efforts to de-escalate the crisis. 'The continuation of such attacks risks dangerous escalation with consequences that extend beyond the borders of any single state, threatening the security of the entire region and the world,' government spokesman Bassem al-Awadi said in the statement. President Abdel Fattah el-Sissi warned of 'grave repercussions' for expanding the Middle East conflict and urged a return to negotiations. Saudi Arabia, which previously condemned Israel's strikes on Iran's nuclear facilities and military leaders, expressed 'deep concern' about the U.S. airstrikes, but stopped short of condemning them. 'The Kingdom underscores the need to exert all possible efforts to exercise restraint, de-escalate tensions, and avoid further escalation,' the Foreign Ministry said in a statement. Qatar, which is home to the largest U.S. military base in the Middle East, said it 'regrets' escalating tensions in the Israel-Iran war. Its Foreign Ministry in a statement urged all parties to show restraint and 'avoid escalation, which the peoples of the region, burdened by conflicts and their tragic humanitarian repercussions, cannot tolerate.' Qatar has served as a key mediator in the Israel-Hamas war. Both the Houthi rebels in Yemen and Hamas condemned the U.S. strikes. The Houthi political bureau in a statement called on Muslim nations to join 'the Jihad and resistance option as one front against the Zionist-American arrogance.' Hamas and the Houthis are part of Iran's so-called Axis of Resistance, a collection of pro-Iranian proxies stretching from Yemen to Lebanon that for years gave the Islamic Republic considerable power across the region. Lebanese President Joseph Aoun said the U.S. bombing could lead to a regional conflict that no country could bear and called for negotiations. 'Lebanon, its leadership, parties, and people, are aware today, more than ever before, that it has paid a heavy price for the wars that erupted on its land and in the region,' Aoun said in a statement on X. 'It is unwilling to pay more.' Pakistan blasted the U.S. strikes as a 'deeply disturbing' escalation just days after it nominated Trump for the Nobel Peace Prize for his diplomatic intervention with the India-Pakistan crisis. 'These attacks violate all norms of international law,' the government said in a statement. 'Iran has the legitimate right to defend itself under the U.N. Charter.' China condemned U.S. strikes on Iran, calling them a serious violation of international law that further inflamed tensions in the Middle East. In a statement, the Chinese Foreign Ministry urged all parties — especially Israel — to implement a cease-fire and begin dialogue. 'China is willing to work with the international community to pool efforts together and uphold justice, and contribute to the work for restoring peace and stability in the Middle East,' the ministry said. The European Union's top diplomat said Iran must not be allowed to develop a nuclear weapon, but she urged those involved in the conflict to show restraint. 'I urge all sides to step back, return to the negotiating table and prevent further escalation,' EU foreign policy chief Kaja Kallas said in a post on social media. Foreign Minister Antonio Tajani said Iran's nuclear facilities 'represented a danger for the entire area' but hoped the action could lead to de-escalation in the conflict and negotiations. Deputy Prime Minister Simon Harris called the U.S. airstrikes 'an extraordinarily dangerous escalation of a conflict that already best be described as a tinderbox.' Ireland, which has been especially critical of Israel's war in Gaza, echoed other European calls for negotiations that would prevent Iran from getting a nuclear weapon. 'We're now entering a moment of particular danger,' Harris said. 'The chances now of a spiral of escalation are more likely than ever before, and there is a real prospect now of the international community losing all control of this very, very volatile conflict.' Foreign Minister Penny Wong said Australia's government endorsed the U.S. strikes. 'We support action to prevent Iran getting a nuclear weapon and that is what this is,' she said. Her remarks to Channel Nine news Monday were firmer than an official statement supplied Sunday by her government immediately after the strikes that stopped short of backing them. 'Ultimately we want to see de-escalation and diplomacy,' Wong said. She would not say whether Australian satellite communications or signals intelligence were employed by the United States. Both countries are members of the Five Eyes intelligence sharing partnership. But Wong said the U.S. had been clear that 'this was a unilateral strike.' Left-wing Latin American governments expressed fierce opposition to the U.S. strikes. Iran-allied Venezuela called the attacks 'illegal, unjustifiable and extremely dangerous.' Colombian President Gustavo Petro said they were an insult to the Middle East. Chile's President Gabriel Boric said they violated 'rules we have established as humanity.' Mexico's Foreign Ministry made 'an urgent call for peace.' In contrast, Argentina's libertarian President Javier Milei, a loyal ally of Trump and Israeli Prime Minister Benjamin Netanyahu, praised the attacks on social media. 'Terrorism, never again,' his spokesperson said. Japanese Prime Minister Shigeru Ishiba told reporters it was crucial to calm the situation as soon as possible, adding that Iranian nuclear weapons development also must be prevented. He declined to comment on whether he supported the U.S. attacks on Iran. Vietnam called on parties to continue negotiation efforts and respect humanitarian law and International Atomic Energy Agency regulations. 'Vietnam is deeply concerned about the escalating and complex conflict in the Middle East, which poses a serious threat to the lives and safety of civilians, as well as to regional and global peace and stability,' Foreign Affairs Ministry spokeswoman Pham Thu Hang said in the statement. Thailand called on all parties to immediately stop all acts of violence and seek a peaceful resolution. 'Thailand expresses its grave concern over the escalating tensions between Israel and Iran, particularly in light of the recently intensified attacks and expansion of conflict by other parties, which pose a serious threat to regional peace and stability and risk further escalation, all of which is dangerous and affecting countless civilians," the Foreign Affairs Ministry said in a statement. Pope Leo XIV made a strong appeal for peace during his Sunday Angelus prayer in St. Peter's square, calling for international diplomacy to 'silence the weapons.' After an open reference to the 'alarming' situation in Iran, the first American pontiff stressed that 'today more than ever, humanity cries out and invokes peace and it is a cry that demands reason and must not be stifled.'

The Hill

4 hours ago

• The Hill

Iran launches missiles and drones at Israel in the wake of US strikes on its nuclear targets

DUBAI, United Arab Emirates (AP) — Iran fired a salvo of missiles and drones on Monday at Israel while also warning the United States that its military has been given a 'free hand' to attack American targets in the wake of the Trump administration's massive strikes on Iranian nuclear sites. Israel said its defense systems were operating to intercept the threat, apparently targeting north and central areas, and told people to head to shelters. Iran described the attack a new wave of its Operation 'True Promise 3,' saying it was targeting the Israeli cities of Haifa and Tel Aviv, according to Iranian state television. There were no immediate reports of damage. The attack came the day after the United States inserted itself into Israel's war by attacking Iranian nuclear sites, prompting fears of a wider regional conflict. Iran said the U.S. had crossed 'a very big red line' with its risky gambit to strike the three sites with missiles and 30,000-pound bunker-buster bombs. On Monday, Iranian Gen. Abdolrahim Mousavi, the chief of joint staff of armed forces, warned Washington its strikes had given Iranian forces a 'free hand ' to 'act against U.S. interests and its army.' Mousavi described the American attack as violating Iran's sovereignty and being tantamount to invading the country, the state-run IRNA news agency reported. In the wake of the American attacks on Iran, calls came from across the globe for de-escalation and the return to diplomacy to try and resolve the conflict. On Monday, the European Union's top diplomat said the bloc remained 'very much focused on the diplomatic solution.' 'The concerns of retaliation and this war escalating are huge,' Kaja Kallas said at the start of a foreign ministers' meeting in Brussels where Iran has jumped to the top of the agenda. 'Especially closing of the Strait of Hormuz by Iran is something that would be extremely dangerous and not good for anybody,' Kallas said, referring to a maritime route crucial for oil transport. After Sunday's attacks, Iranian officials repeated their longtime threats of possibly closing the key shipping lane. Iranian Foreign Minister Abbas Araghchi was meeting on Monday in Moscow with Russian President Vladimir Putin, one of Iran's key allies.