📰 UK Finance & Economic Roundup: April 17–23, 2025

🇬🇧 UK Economy Faces Challenges Amid Global Trade Tensions

The International Monetary Fund (IMF) has downgraded the UK's economic growth forecast for 2025 to 1.1%, down from the previous 1.6%, citing the impact of new U.S. tariffs and domestic fiscal measures. The tariffs—10% on all UK exports and 25% on steel, aluminium, and cars—are anticipated to severely impact the automotive and manufacturing industries, leading to potential job losses within weeks. ​

Bank of England Governor Andrew Bailey emphasized the serious threat global trade disruptions pose to economic growth, particularly for open economies like the UK. Speaking during the International Monetary Fund's spring meetings—overshadowed by U.S. President Donald Trump’s tariff policies—Bailey highlighted the IMF's recent downgrades of both global and UK economic forecasts for 2025. The BoE is factoring these concerns into its upcoming interest rate decision, with financial markets fully anticipating a 0.25% rate cut at the May 8 Monetary Policy Committee meeting. ​

🛡️ UK Government Acts Against Unfair Trade Practices

Chancellor Rachel Reeves announced measures to protect UK businesses from a potential influx of low-priced imports, especially from China, which may result from U.S. President Donald Trump's heightened tariffs on Chinese goods. During her visit to Washington, Reeves emphasized the importance of equitable trade and unveiled plans to review the existing customs exemption for low-value imports (under £135), which many say unfairly favors foreign e-commerce platforms like Shein. Other planned actions include increased support for businesses reporting unfair trade practices, improved monitoring of trade data, and faster anti-dumping investigations, particularly aimed at helping small and medium-sized enterprises. ​

🏦 Santander Considers Restructuring Amid Car Finance Scandal

Banco Santander is reportedly considering separating its scandal-plagued motor finance division from the rest of its UK business as part of a broader corporate restructure. This move is being explored amid mounting regulatory pressures and significant financial risks stemming from the UK car finance commission scandal. Analysts estimate that Santander may face up to £1.9bn in compensation, with overall industry costs potentially reaching £30bn if the UK Supreme Court rules in favor of consumers later this year. ​AP News

🕊️ Global Mourning: The Passing of Pope Francis

On April 21, 2025, Pope Francis passed away at the age of 88 in Vatican City's Domus Sanctae Marthae. The Vatican confirmed that his death resulted from a stroke, followed by a coma and irreversible cardiocirculatory collapse. ​AP News+10Wikipedia+10Wikipedia+10Reuters+7Vatican News+7People.com+7

Born Jorge Mario Bergoglio in Buenos Aires, Argentina, Pope Francis was the first Jesuit and the first Latin American to lead the Roman Catholic Church. His papacy, which began in 2013, was marked by a commitment to social justice, humility, and efforts to modernize the Church. He was known for his advocacy for marginalized communities, environmental stewardship, and interfaith dialogue. ​Business Insider+1People.com+1People.com+1The Guardian+1

In accordance with his wishes, Pope Francis's body was moved to St. Peter's Basilica on April 23 to lie in state until his funeral on April 26. He will be buried in the Basilica of St. Mary Major, making him the first pope in over a century not to be interred in St. Peter’s Basilica. ​Wikipedia+2People.com+2Wikipedia+2

World leaders, including U.S. President Donald Trump and Prince William representing King Charles, are expected to attend the funeral. King Charles expressed deep sorrow over the Pope’s death and reflected fondly on their final meeting, which took place on April 9. ​People.comPeople.com

📅 Upcoming Financial Events

• Innovate Finance Global Summit (IFGS) 2025: Scheduled for April 29 at the Guildhall in London, this flagship event will bring together leaders from across the financial services industry to discuss innovation and the future of finance.​

• TheCityUK International Conference 2025: Taking place on April 24, this conference will feature senior leaders from the financial and related professional services industry, policymakers, and regulators.​

Stay tuned to Accountant's Perspective for more updates on UK finance and ACCA resources.