International Economics: IB Economics

What is the impact of Russia halting gas exports to Poland and Bulgaria? Faisal Islam argues that for now there's relatively little to fear - wholesale gas prices are far lower than they were last month - and it seems to be the case that the UK has plentiful supplies of LNG which it is exporting to Europe.

However, will this always be the case? It will depend upon how long this state of affairs lasts for.

Trouble and strife in the EU, as Hungary and Poland have vetoed the latest EU budget. It is being portrayed as having happened as a result of being tied to "respect for democratic norms" - with the Hungarian claiming that such woolly phrasing means that it's impossible for them to agree it. 

And nothing, of course, to do with their absence of respect for democratic norms. A budgetary impasse at this stage could prove detrimental to all member states and, perhaps, calls into question the ability of the regional economic grouping to harmonise taxation and so forth. 

The war in Ukraine has escalated with Russia cutting off gas supplies to Poland and Bulgaria - so-called 'unfriendly countries' because they refuse to pay for their gas in roubles. 

I hesitate to think where this war is headed...

For all the naysayers, like me, there are many others who see Brexit as a fantastic opportunity. In this instance, it's the Prime Minister of Poland, who is trying to encourage Polish workers to return from the UK and boost the country's labour supply and thus it's productive capacity, helping growth.