Friday 23 May 2025
The Mighty Headlines
Economics: UK Government borrowing rises to £20.2 billion in April
Business: China’s BYD overtakes Tesla in European car sales
Markets: Bond markets unhappy with Trump’s tax cuts
Foreign Affairs: Georgia jails opposition leader
Security and intelligence: Germany’s first troop deployment since WWII
Domestic politics: UK signs over Chagos Islands to Mauritius
The Mighty Stats
FTSE = 8,739.26 (down 0.54%)
S&P 500 = 5,842.01 (down 0.044%)
Nasdaq = 18,925.73 (up 0.28%)
CAC40 = 7,864.44 (down 0.58%)
£1 = $1.34 / €1.19
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The Mighty Detail
Economics: UK Government borrowing increased to £20.2 billion in April. This is £1 billion more than in April last year and greater than the £17.9 billion that had been expected. Despite tax rises in April, the Office for National Statistics said that the increased cost of benefits, pensions and running public services outweighed the additional money the Government received.
Business: China’s BYD car company sold more electric vehicles in Europe than Tesla in April. BYD sold 7,231 battery electric vehicles last month compared to 7,165 for Tesla. Registrations of Chinese battery electric vehicles has increased by 59 per cent compared with a year earlier, despite EU tariffs on such cars.
Markets: US Government 30-year bond yields have risen to their highest level since 2023. Bonds yields rise as prices (and demand) for bonds fall. It comes as the US House of Representative passed a bill on Thursday to cut government spending and extend tax cuts. There are concerns the move could increase the US Government’s budget deficit.
Foreign Affairs: A court in Georgia has put one of the country’s opposition party leaders in jail. Zurab Japaridze is one of the leaders of the Coalition for Change party and has been put in pre-trial detention for failing to appear before a parliamentary inquiry. Japaridze has accused the ruling Georgian Dream party of turning Georgia “into a dictatorship”.
Security and intelligence: Germany has made its first permanent deployment of troops abroad since World War Two. The German armoured brigade is being stationed in Lithuania in a bid to increase NATO defences against Russia. The 45th tank brigade will consist of 4,800 soldiers and 200 civilian staff. It will reach full operational capacity by 2027.
Domestic politics: The UK has signed a deal to give the Chagos Islands in the Indian Ocean to Mauritius. It will lease back a military base – Diego Garcia – for an average of £101 million a year for 99 years. The deal has received criticism from native Chagossians who have said they have not been consulted on the deal. There are also concerns about Mauritius’s close relationship with China.
The Mighty Calendar
What’s happening today?
US Vice President Vance delivers Naval Academy commencement address
Sotheby’s auctions Shakespeare’s Four Folios
UK Parliament in Recess
UK retail sales data (April)
US new homes data (April)
France consumer confidence data (May)
Lookahead to the weekend
Saturday
President Trump delivers West Point Military Academy commencement address
UEFA Women’s Champions League Final, Portugal
Cannes Palme d’Or Award winner announced
Sunday
Pope Leo XIV installed as Bishop of Rome
Legislative elections in Venezuela
F1 Monaco Grand Prix
IndyCar: Indianapolis 500, Indiana, USA
French Open (tennis) begins
The Mighty Finale
🌤️Weather today
Patchy cloud to the east, sunny towards the west of England. High of 19C and low of 11C in London. Rain in Belfast. Sunshine in Edinburgh.
✏️Life coaching quote of the day
“I have regrets, definitely. They are little life lessons – reminders that if there is a next time, be braver.” —Lauren Child, children’s author
Mighty takeaway: Try to learn from your mistakes and to be more confident in yourself.
That’s it for this week. Enjoy the bank holiday weekend to our UK readers and enjoy the Memorial Day weekend to our readers in the United States. We’ll see you on Tuesday.
Cheerio!
The Mighty Memo team