FirstFT: UK explores fourth delay to checks on EU imports

Downing Street is exploring yet another delay to post-Brexit border checks on goods entering Britain from the EU to prevent what industry has warned would be a supply chain disaster.

Ministers are considering whether to push back for the fourth time the introduction of full checks on imports from the EU, which were supposed to come into effect on July 1, as part of a drive to tackle trade friction and the crisis in the cost of living, officials briefed on discussions said.

Goods arriving from the EU are not subject to safety and security declarations, while food and plant products are not physically checked.

Thanks for reading FirstFT Europe/Africa. Here’s the rest of today’s news — Jennifer.

Five more stories in the news

1. Russia to reduce Kyiv military activity Russia has decided to “dramatically” scale back its military activities in Kyiv, a top Kremlin defence ministry official said, following another round of peace talks with Ukrainian counterparts. Equities rallied and oil prices fell on the news.

More from the war in Ukraine:

• Sanctions: The UK yesterday hailed the first seizure of a superyacht, owned by Motiv Telecom founder Vitaly Vasilievich Kochetkov, in British waters under its sanctions regime. Separately, a billionaire backed by Russia’s sanctioned weapons manufacturer gave seed investment to London-based fund manager Gemcorp Capital, which now has $1.2bn in assets.

• Military: Russia’s invasion has led some UK government and military officials to re-examine the strength of Britain’s army.

• Markets: What explains the calm in global stock markets despite the conflict? There are warnings of systemic risks still to be uncovered.

• Energy explainer: Can US natural gas relieve Europe from Russian supply dependency? Derek Brower and Myles McCormick investigate.

• Opinion: Is the west able to keep creditors from picking away at Moscow’s frozen money? Read Alphaville’s guide to seizing Russian assets.

“I am slowly and painfully coming to the view that Nato must be prepared to fight,” Martin Wolf wrote in an exchange of views with Gideon Rachman last week. Gideon disagreed, arguing that direct Nato intervention would be a tragedy for the world. What do you think? Vote in our latest poll.

2. P&O Ferries sackings prompt UK employment law changes Grant Shapps, transport secretary, will set out plans today to plug legal loopholes exposed by P&O Ferries’ decision to sack 800 workers without formal consultation, including a requirement that any company operating out of British ports pay the UK minimum wage.

3. Big Four under pressure over Chinese developer audits International auditors are resigning from China’s heavily indebted property developers as delayed financial results increase uncertainty over the full scale of the sector’s worst-ever crisis and raise concerns of hidden debts.

4. Public satisfaction with the NHS falls to 25-year low Satisfaction with the health service has fallen to 36 per cent, its lowest level since 1997, weeks before the British public’s willingness to pay more to fund the health service will be tested by a controversial rise in national insurance contributions.

5. Nigel Farage lined up for €18.5mn carbon windfall The former Brexit champion is in line to gain up to €18.5mn from share options in a carbon offsetting company despite launching a campaign opposing the government’s “net zero” 2050 target.

Coronavirus digest

• More than £2bn of British taxpayers’ money is still at risk from hastily concluded contracts for protective equipment, according to an independent spending watchdog.

• Shanghai’s outbreak has disrupted life in the financial hub as bankers sleep in their offices, delivery services struggle to cope and food prices soar.

Sign up here for Disrupted Times (formerly known as Road to Recovery), your essential FT newsletter about the changes in business and the economy between Covid-19 and conflict.

The day ahead

Economic indicators Ben Broadbent, Bank of England deputy governor, is due to speak at the NIESR think-tank. The Office for National Statistics reports on the impact of cost of living increases across the UK.

• Elsewhere in Europe: The EU will publish economic sentiment and business climate indicator data for March, while Germany has a March monthly consumer price index and Italy a February producer price index.

Corporate earnings Irish aircraft leasing firm AerCap, the world’s largest, is due to report full-year results; the sector was severely affected by the fallout from the Ukraine conflict. BioNTech reports fourth-quarter earnings.

What else we’re reading and listening to

A new world of currency disorder A global money, one that people rely upon in their cross-border transactions and investment decisions, is a public good. But the providers of that public good are governments of countries, some of which lack a true rule of law, writes Martin Wolf.

El Salvador courts crypto ‘whales’ The appetite of investors with large digital currency holdings is likely to be crucial to fundraising for El Salvador’s $1bn bitcoin-backed bond as the government seeks to tap crypto enthusiasts’ deep wells of capital after being shunned by big international players.

Now is not the time for a light touch on banking NatWest’s return to private sector control was rightly heralded by the Treasury as an “important moment” — and an indicator of a bright future for British banking. But it is no reason for complacency, writes our editorial board.

Jobs that will help save the planet Opportunities for climate-related careers are expanding rapidly. The number of “renewables and environment” jobs in the US has more than tripled in the past five years, according to LinkedIn, while globally, job postings requiring “green skills” grew 8 per cent annually.

Time for an investment makeover? Money Clinic presenter Claer Barrett offers tips on how investors can protect themselves against the threat of rising inflation and different ways to approach asset allocation and build a diversified portfolio, joined by two listeners and experts from Investors Chronicle and broker AJ Bell.

Fashion

Away from the Will Smith-Chris Rock onstage altercation, attendees to the 94th Oscars brought sartorial drama with eye-catching looks that challenged expectations. Eliza Brooke rounds up the fashion highlights from a memorable night in Hollywood.