Consumer insight tracker shows 85% are worried about food prices and a majority think the economy will deteriorate

Three million UK households are being forced to skip meals as consumers resort to drastic measures to deal with rising costs, according to a Which? report published on Thursday.

The conflict in the Middle East and subsequent surge in oil and raw material prices has led to businesses preparing to raise prices, putting more pressure on household finances and hitting consumer confidence.

PUTRAJAYA, April 30 — The government’s recent expenditure adjustment measures will not affect essential public services such as healthcare, education, security and other core services, the Ministry of Finance (MOF) said today.

The MOF said the cuts only involve non-essential spending as part of efforts to manage finances better amid global economic pressures.

“Operating expenditure adjustment guidelines only involve non-critical spending, while all core expenditures including basic services, security, health and education will continue as approved in the 2026 Budget.”

MOF said funding for key ministries like Health and Education will continue under Budget 2026.

It said the changes include postponing events, reducing overseas travel and training, cutting utility use, using agency reserves more efficiently, and delaying non-essential hiring.

“In line with responsible national financial management, these adjustment measures are prioritised to create fiscal space to fund targeted aid and subsidies to protect vulnerable groups and sectors affected by the global supply crisis.”

The ministry said the move is meant to free up funds to help those affected by global economic uncertainty.

MOF added it will continue improving spending efficiency to strengthen the country’s ability to handle external economic shocks.

“The MOF will continue to proactively and systematically improve spending efficiency to strengthen national resilience in facing the global supply crisis, which is expected to have a deep and prolonged impact on the national economy.”

It said Malaysia will continue balancing spending carefully to ensure essential services remain funded while maintaining financial stability.

ASIA: While Asia has suffered the most due to the energy crisis that resulted from the war in the Middle East, a much-syndicated article argues that it may just emerge as a long-term economic winner because the conflict accelerates a number of favourable global trends.

The piece, written by Manishi Raychaudhuri, the founder and CEO of Emmer Capital Partners Ltd and the former head of Asia-Pacific Equity Research at BNP Paribas Securities, was published by Reuters on April 27.

Asia, which is heavily dependent on energy from the Middle East, has been greatly affected by the closure of the Strait of Hormuz, over which 20% of the world’s energy supply transits. This has caused governments in Asia to scramble to ensure an adequate supply for their domestic needs while contending with significantly higher prices. 

Some countries in Asia have imposed partial work-from-home schedules for government offices, or are cutting down on air-conditioner use amid sweltering summer days, and there have been shortages in fuel stations as well.

Mr Raychaudhuri argues, however, that the fuel shock Asian countries are experiencing may yet result in structural changes that will ultimately be to the region’s advantage.

He enumerated the benefits to Asia resulting from the conflict in the Middle East, starting with an increase in defence and arms manufacturing growth. With the uptick in military spending across the globe, including a higher demand for drones, this will benefit manufacturers in South Korea and other countries with strong industrial and semiconductor bases.

The author also noted that because of Asia’s strength in hardware, the increase in cyberthreats will mean an expansion in the growing cybersecurity sector.

Additionally, because the war in the Middle East has exposed energy vulnerability across the globe, it is likely that the transition to clean energy will be hastened. China, along with other Asian countries, is leading in the field of electric vehicle batteries and other green tech.

Other commentaries have made the same points as Mr Raychaudhuri, particularly when it comes to the speeding up of nuclear and green energy transition. The Institute for Energy Economics and Financial Analysis pointed out that governments in Asia are already treating the crisis as a “wake-up call” to pivot toward domestic energy sources like solar, EVs, and grids.

Related to this would be a supply chain diversification that could result from the war, as the dependence on the Strait of Hormuz exposed another structural vulnerability. This would lead to new infrastructure projects where Asian firms could take a vital part.

Nevertheless, Mr Raychaudhuri pointed out that should the closure of the Strait of Hormuz end up prolonged, this may cause shortages of energy that affect manufacturing in Asia. Furthermore, Western countries could resort to re-shoring production, bringing it back home, and higher costs overall may end up slowing investments in the region. /TISG

Read also: How Asia’s widespread fuel shock will also affect the US

This article (Asia hit hardest by energy crisis but could benefit in the long run) first appeared on The Independent Singapore News.

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Chalmers understands calls for gas export tax, but says government focused on getting fuel for Australians

Chalmers said he understands calls to tax gas exports, but maintained the government was set on securing international supply arrangements during the ongoing fuel crisis. He told ABC News:

I understand that there is a constituency in the Australian community to go further … But there are also, as the prime minister said, really good reasons to prioritise these international supply arrangements particularly during this oil shock.

All of us have been prioritising getting fuel for Australia and for Australians to keep the economy ticking over and that’s why there are good reasons for the comments that the prime minister made yesterday.

We’ve been very upfront with people and said when we think about the intergenerational unfairness in the budget, in our economy, in our society more broadly, a couple of the drivers of that are in housing, are in the tax system.

PUTRAJAYA, April 29 — Systematic documentation of decisions is a critical safeguard in maintaining the integrity of enforcement agencies as the country copes with the global supply crisis arising from conflicts in West Asia, according to Enforcement Agency Integrity Commission (EAIC) chairman Tan Sri Dr Ismail Bakar.

He said that in a crisis requiring swift action and involving significant public spending, every enforcement decision must be properly recorded, reported transparently and subject to audit to prevent abuse of power and sustain public trust.

“In times of crisis, comprehensive documentation is not merely an administrative requirement, but the foundation of integrity and accountability in every enforcement action.

“Even under pressure, integrity can be preserved when officers operate with clear guidelines, thereby avoiding biased decisions or those driven by personal interests,” he told Bernama.

He noted that strain on supplies often necessitates urgent measures such as price controls, subsidy restructuring and enforcement of energy-saving policies, increasing the risk of misconduct if integrity controls are not strengthened.

As such, Ismail stressed that every directive within the chain of command must be systematically recorded to ensure actions are traceable and can be reviewed in cases of non-compliance or disputes.

“Each instruction must be documented through checks and balances, such as second-level approvals or cross-verification between officers and departments, to prevent misuse of authority,” he said.

He noted that responsive public complaints management and whistleblower protection are crucial components in ensuring transparency and accountability, particularly when emergency measures or policy interventions are implemented.

In certain circumstances, he said, dedicated monitoring teams or integrity task forces could be established to expedite oversight of policy execution and enforcement operations.

Citing lessons from the Covid-19 pandemic, Ismail said special audits on public expenditure and fund management had helped ensure transparency and boost public confidence in the government’s crisis management.

From a legal standpoint, Ismail noted that the EAIC is mandated to disclose investigation findings to the public in line with Section 30(5) of the EAIC Act 2009 (Act 700), reinforcing transparency within the enforcement system.

“In principle, findings will be disclosed to ensure transparency and accountability, thereby maintaining public trust. However, such disclosures are carried out judiciously, taking into account confidentiality, public interest and prevailing legal requirements,” he said.

He emphasised that integrity in crisis management goes beyond compliance with standard operating procedures (SOP), requiring that all powers exercised be carried out prudently, transparently and responsibly.

“The key lesson is the need to strengthen SOP compliance, field supervision and effective accountability mechanisms to ensure that all powers exercised during a crisis remain grounded in law, proper governance and public service integrity,” he added. — Bernama

Exclusive: 839,000 homes in urban areas face threat of surface-water flooding, with social housing tenants most vulnerable to costs

Eight in 10 of the homes that are at high risk of flooding in England are now in towns and cities, according to analysis by the National Housing Federation (NHF), which said social housing tenants are disproportionately vulnerable to the financial cost.

Research found that 839,000 homes in urban areas are now classed as being at high risk of surface water flooding, a threefold increase since 2018.

Financial markets are betting the Reserve Bank will hike interest rates for a third straight meeting next Tuesday

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Inflation jumped to 4.6% in the year to March, from 3.7% the month before, in what the treasurer, Jim Chalmers, warned was the start of an Iran war-linked fuel shock that will ripple through the economy over coming months.

With consumer prices now growing at their fastest pace in two-and-a-half years, financial markets are betting the Reserve Bank will hike interest rates for a third straight meeting next Tuesday as officials struggle to manage the nightmare scenario of containing inflation even as growth is expected to slow sharply.