Race Against Time: The Readout With Allegra Stratton

This morning, Volodymyr Zelenskiy’s chopper touched down in the leafy pastures of Prime Minister Rishi Sunak’s Chequers estate. The Ukrainian president secured a commitment from the UK that it will supply long-range missiles and armed drones. Sunak also backed the idea of a coalition of countries to provide Ukraine with Western-made fighter jets (but did not promise any UK planes). The pair met in the same room from which Winston Churchill made some of his World War II addresses to the nation. 

Not only is Ukraine gearing up for the long-awaited counter-offensive against Russia by replenishing its arsenal, but it’s also getting fresh back up by with new technical squeezes on Moscow’s might too. The day began with reports the G7 and EU will prevent the resumption of Russian pipeline gas exports on routes to countries like Poland and Germany whose supplies Moscow cut off last year. This would be the first time pipeline gas trading has been blocked by Western powers since the invasion of Ukraine. 

doesn't he have on his side now, compared to the last time the Ukrainian leader toured European capitals three months ago? Probably time. The UK is the second largest military donor to Ukraine but the biggest is the US. The latest polling ahead of America’s presidential election next year suggests a more tightly run fight looking increasingly likely to involve a more isolationist Donald Trump.

Ukraine needs this latest replenishment of weapons, it needs international levers pulled to stop Russian gas. But it also needs to act while America’s leaders can be banked on. 

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What just happened

The stories you need to know about this evening

• Turkey will hold a runoff election with President Recep Tayyip Erdogan just failing to secure enough votes for a first-round victory. 
• Microsoft’s $69 billion takeover of Activision won European Union approval
• British consumers spent as much as ?1.1 billion more on electricity and goods last year after losing access to the EU’s internal energy markets
• Apollo has walked away from a possible ?1.7 billion takeover of John Wood
• The UK and Switzerland are kicking off negotiations for a new free trade agreement to boost the exchange of services between the two countries.
• Currys CEO said some consumers have become more willing to splash out on big-ticket items, despite the cost-of-living crisis.

Stall setting

If you like your politics intellectually challenging and sending you back to your bookshelf of first principles then there’s plenty around at the moment. 

The recent local election results have emboldened any and all wings of the Tory party to set out their stalls. Those same results have seen the Labour party ask how it will find the extra voters to turn the current prediction of a hung Parliament into a full blown stand-on-its-own-two-feet government. 

First, to the Tories and a juggernaut heading their way: the upcoming publication of net migration figures is expected to show that last year, net migration to the UK stood at around the 700,000 mark. Several galaxies away from their general target to reduce numbers. They insist this target remains despite the fact that many of the economy’s travails appear linked to needing more workers. 

This afternoon, Suella Braverman used her moment at the inaugural National Conservatism Conference to set out why numbers of legal migrants need to decrease. Alex Morales has the write up here: “There is no good reason why we can’t train up enough HGV drivers, butchers or fruit pickers,” she said. “Brexit enables us to build a high-skilled, high-wage economy that is less dependent on low-skilled foreign labor.”

Even if Braverman is right that there are more benefits to training Brits up to fill labor shortages than importing, can that happen soon enough to help an economy that right now is feeling the pain of too few workers? 

On the other side of the aisle, the most notable element of Labour’s National Policy Forum over the weekend was that they are considering allowing 3.4 million EU nationals living in the UK, to vote in national elections (they are already able to vote in local elections).

After something of a backlash, the party seemed to imply it might depend on how long they have been living in the UK. But Keir Starmer himself embraced the general principle calling Labour’s ambitions, plus lowering the age of voting to 16, “Clause IV on steroids” — pledging to go further and deeper than Tony Blair on reform. 

The PM may be glad that after today’s Zelenskiy visit, the week takes him around the world to diplomatic events – EU council of leaders tomorrow in Reykjavik and the G-7 Summit in Japan later on this week. But even from 30,000 feet up he’ll be clocking these moves by both Braverman and Starmer. 

Crypto companies often follow their own rules

The lack of effective corporate governance and due diligence conducted on FTX’s books raised eyebrows around the world. But for crypto industry watchers, it’s not an unfamiliar tale.

A review of practices at 60 of the sector’s most influential companies found many lack basic guardrails.

Read more from Emily Nicolle

What I’ve been reading

Four figuresRenters outside London are paying over ?1,000 per month for the first time. 

The UK’s youngest billionaireBen Francis plans to open more physical stores for the Gymshark fitness wear brand that made his fortune.

Potential penalties The Royal Mail is under investigation by the communications regulator after it missed delivery targets.

Greedflation? British companies are not taking advantage of households by using double-digit inflation as cover for unnecessary price rises, according to an ex-BOE rate setter.

A lucrative shortcut for drugs

One key story, every weekday

The FDA’s accelerated approval pathway allows the agency to quickly approve a new drug if early study results look promising. That can come as a relief to patients and families desperate for new options. But critics say regulators haven’t done enough to force companies to produce conclusive data. 

The Big Take

Allegra Stratton worked for Prime Minister Rishi Sunak when he was chancellor and runs an environmental consultancy, Zeroism.

Please send thoughts, tips and feedback to readout@bloomberg.netfollow Allegraon Twitter.