Wednesday 4 March 2026
The Mighty Headlines
Economics: UK’s 2026 growth downgraded to 1.1%
Business and markets: Dollar acting as safe-haven currency
Foreign Affairs: Russia sues the EU for freezing €210bn of its assets
Security and intelligence: Iran’s strategy to create regional war
Domestic politics: Lord Hogan-Howe appointed to review police forces
The Mighty Stats
FTSE = 10,484.13 (down 2.75%)
S&P 500 = 6,816.63 (down 0.94%)
Nasdaq = 22,516.69 (down 1.02%)
Stoxx 600 = 604.44 (down 3.08%)
£1 = $1.34 / €1.15
Lab / Con / Reform = 16 / 16 / 23 per cent (YouGov, 1-2 March)
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The Mighty Detail
Economics: As part of the UK Government’s Spring Statement yesterday, the OBR said that growth in 2026 was projected to be 1.1 per cent. This is down from the 1.4 per cent which had been projected in November. Inflation is set to fall faster than expected and reach 2.3 per cent this year.
These figures were, however, calculated before the Iran conflict.
Business and markets: Demand for the US dollar has grown this week, as investors seek a safe currency amid the conflict in the Middle East. According to a Bloomberg index, the US dollar has risen by 1.5 per cent this week. Most other major currencies have fallen.
The fact that the US is a net energy exporter is also a factor in demand for the dollar, with buyers needing to settle bills in the US currency.
Foreign Affairs: Russia’s central bank is suing the EU for indefinitely freezing Russian assets worth around €210 billion. Most of the money is held in Euroclear, a depositary in Belgium. The EU says the funds will not be released until the war ends and Russia pays reparations to Ukraine (which Russia has said it will never do).
Security and intelligence: According to reports, Iran is seeking to create a regional war in the Middle East in a bid to prevent further US and Israeli attacks. The plan was devised last year by Ayatollah Khamenei who was killed at the weekend. US Central Command says it has hit over 1,700 targets in Iran since Saturday including missile sites, control centres and marine vessels.
Domestic politics: The Government has appointed former Commissioner of the Metropolitan Police, Lord Hogan-Howe, to lead a review into the number of police forces in England and Wales (there are currently 43 police forces). It follows a Government white paper on the issue published in January.
The Mighty Calendar
What’s happening today?
Greater Manchester Mayor, Andy Burnham, gives speech on “Manchesterism”
Prime Minister’s Questions in UK House of Commons
Company results from: StubHub, Broadcom
Lookahead to tomorrow
Parliamentary elections in Nepal (following Gen Z protests)
Plenary session of China’s National People’s Congress begins
Cabinet Office Questions in UK House of Commons
Company results from: Taylor Wimpey, Serco, Aviva, Gap Stores
The Mighty Finale
🌤️Weather today
Dry and sunny across England. High of 16C and low of 6C in London. Morning rain in Belfast but then dry. Dry with light cloud in Edinburgh.
✏️Life coaching quote of the day
“If you're in doubt about something that's not in your life, try it. Things are so different in practice versus in theory. The only way to know is to experience it yourself. … Err on the side of yes. Try it. If it was a mistake, at least you’ll know first-hand, instead of always wondering.
If you're in doubt about something that's in your life already, get rid of it. Not just things, this goes for identities, habits, goals, relationships, technology, and anything else. Default to not having it, then see how you do without. … Err on the side of no. Get rid of it. Start with a clean slate. If it was a mistake, you'll get it back with a renewed enthusiasm.” – Derek Sivers, writer
Mighty takeaway: Take action to deal with your doubts. Don’t do nothing!
That’s it for this Wednesday morning. Thank you for reading and please pass this edition of the Mighty Memo to others who may enjoy it!
Bye!
The Mighty Memo team
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