Aurelia Butler

The announcement of a summer election has come as something of a surprise given Sunak’s ruling Conservative party are trailing the opposition Labour Party substantially in the polls, and a vote was not necessary until early in 2025.By calling the election early, Sunak may be hoping to seize the initiative rather than be compelled into an election by the calendar.“This is probably earlier than Labour expected, but they are likely well-prepared, as they have been in preparation for a long time,” said analysts at Nomura, in a note dated May 22.“It is more likely to catch the Scottish National Party off guard, since they have just got a new leader. The SNP’s lack of preparation likely benefits Labour the most.”The latest YouGov/Times voting intention poll – the first by this polling agency after the election announcement – has the Conservatives on 22% while Labour are on 44%, a healthy lead of 22 percentage points.This lead is fairly typical of what the opposition Labour Party has recently enjoyed, with the Conservative government deeply unpopular after 14 years marked by unprecedented levels of political turmoil.“Voting in the recent local elections reflected intense dissatisfaction with Conservative party after a succession of shambolic prime ministers, scandals and the government’s failure to address immigration concerns in particular,” said analysts at Scotiabank, in a note. “The Conservatives have a mountain to climb to regain the trust of U.K. voters.”In the 2019 election, the Conservatives won 376 seats versus Labour’s 197, Labour’s worst post-war defeat, and so to secure the outright majority, Labour will need to overturn 123 constituencies.At stake is control of the world’s sixth largest economy which has endured years of low growth and high inflation, is still battling to make a success of its 2016 decision to leave the European Union, and is slowly recovering from twin shocks of COVID-19 and an energy price spike caused by the war in Ukraine.There have been signs that inflation is gradually coming under control, with headline annual consumer price growth of 2.3% in April, almost a full percentage point below the March reading, and now very close to the Bank of England’s 2% target.That said, this was still above the 2.1% expected, and importantly the ‘core’ U.K. CPI rate, which excludes volatile energy and food prices, is still running at a hefty 3.9%.Investors have begun to rule out the likelihood of a June rate cut following the inflation release, especially with the Bank of England forecasting another rise in CPI, which brings the August meeting firmly into focus.“We do not believe the timing of the election will interfere with the BoE delivering the first 25bp cut in August,” analysts at Danske Bank said, in a note dated May 23.“Alongside the recent topside surprise to inflation, the timing of the election further reduces the chance of an earlier move in June given the pre-election black-out period, limiting the BoE’s communication on policy action.”Sunak started his campaigning by announcing controversial plans to revive national service, saying all 18-year-olds would be made to undertake a form of “mandatory” service in the armed forces if the Conservatives are re-elected.However, this is likely to be a minor issue, with the two main parties set to focus on migration, health and security, as well as the economy.The prompt timing of the election means that two of Sunak’s flagship policies were now in doubt – sending illegal migrants to Rwanda, and banning smoking for younger generations.The Institute of Fiscal Studies, an independent think tank, issued a stark warning about the challenges awaiting the next government, saying the state of public finances hung over the election campaign “like a dark cloud”.And the Labour Party has been keen to dispel any fears that it will “tax and spend”, with shadow chancellor Rachel Reeves stating over the weekend that there will be no rises in income tax or National Insurance if it wins the general election.The Labour Party has outlined some specific objectives to address key voter concerns, including cutting National Health Service waiting times, establishing a new Border Security Command, and creating 6500 new teacher positions.They claim some of these initiatives will be funded by closing tax breaks and tightening up on tax avoidance and non-domiciled taxation, but given the tight fiscal situation these objectives are likely to be long-term issues.“With Labour currently so far ahead in the polls, it’s likely that the party will adopt a fairly defensive manifesto that risks neither boxing itself in upon election victory, nor jeopardising its extensive lead among voters,” analysts at ING said, in a note dated May 23.Historically, U.K. equities have been relatively flat to down six months after elections, but around 6% higher following Labour victories, noted Citi.Additionally, the FTSE 250 has tended to outperform the FTSE 100 following U.K. elections, with stronger outperformance following Labour victories.“A mix of Defensives and Financials have tended to fare best post-election,” analysts at Citi said, in a note dated May 23.Brexit is no longer the toxic subject it once was, and a Labour government could easily push the U.K. to get closer with the EU again, which would be positive for the U.K. economy.“While U.K. and EU relations should deepen under Labour, this would likely fall short of the U.K. joining the customs union, single market or adopting freedom of movement,” said Nomura.“Subdued volatility in EUR/GBP is likely to pick up, owing to ECB-BoE monetary policy divergence and market expectations that Labour’s policies will lead to the pair returning to its pre-Brexit period.”Sterling has historically been very sensitive to political uncertainty given the U.K.’s large current account deficit.“However, this time around a Labour victory remains a clear base case for both markets and political pundits, which limits the potential for an uncertainty-induced setback to GBP,” Danske added.There could be some GBP noise in the run up to the July vote, but the direction will still be dictated by monetary policy in the U.K. and the U.S., according to ING.“As we don’t see the BoE changing its policy plans due to the election, the overall implications for sterling should be limited,” ING added. “We retain our view that EUR/GBP will grind higher as the BoE delivers 75bp of easing this year, which is more than markets are currently pricing.”There’s likely to be plenty to keep an eye on as the EUR/GBP currency cross movements continue to play out. Thankfully, with the interactive charts and historical currency info available right here on investing.com, investors can keep up with live data. More

1. Futures lowerU.S. stock futures slipped on Thursday, pointing to an extension in losses logged in the prior session, as investors fretted about a spike in Treasury yields and the timing of potential interest rate cuts by the Federal Reserve.By 03:41 ET (07:41 GMT), the Dow futures contract had shed 334 points or 0.9%, S&P 500 futures had dipped by 27 points or 0.5%, and Nasdaq 100 futures had fallen by 110 points or 0.6%.The main averages on Wall Street sank on Wednesday, pulled down by an uptick in Treasury yields sparked by tepid demand for new U.S. government debt auctions. The yield on the benchmark 10-year Treasury yield climbed to a four-week peak of 4.6%, adding to gains clocked on Tuesday.Signs of sticky inflation and recent commentary from Fed officials have also led some market observers to ratchet down their expectations for rate reductions this year. Instead of two cuts in 2024, the closely-monitored CME FedWatch Tool shows that traders are now betting that the central bank will roll out just one in either November or December.This sentiment could be further impacted by the release of the monthly personal consumption expenditures price index — the Fed’s preferred measure of inflation — later this week. Policymakers have suggested that they need to see more evidence that price gains are cooling back to their 2% target level before they can start to lower borrowing costs down from more than two-decade highs.2. Salesforce slumps after-hours as second-quarter forecast disappointsShares in Salesforce tumbled by more than 16% in extended hours trading after the workplace software group unveiled current-quarter guidance that fell short of analysts’ estimates.The outlook was impacted by weak client spending on its business-oriented products and services, denting optimism around the California-based company’s plan to use generative artificial intelligence to boost returns. Chief Executive Marc Benioff struck a bullish tone on AI, however, saying that it continues to present a “massive opportunity for our customers to connect with their customers in a whole new way.”For its fiscal second quarter, Salesforce projected that adjusted per-share earnings would be in a range of $1.31 to $1.33 on revenue of between $9.20 billion and $9.25 billion. Wall Street forecasts had seen the figures at $1.47 and $9.34 billion, respectively.The firm also slashed its expectations for annual subscription and support revenue growth down to “slightly below” 10% versus a year ago. It had previously forecast an increase of 10% in February.In other corporate news, HP Inc’s (NYSE:HPQ) second-quarter sales beat estimates, in a sign of improving strength in the personal computing market. Shares in the group were higher following the closing bell.3. Peltz liquidates Disney stake – CNBCActivist investor Nelson Peltz has offloaded his entire stake in Walt Disney Company (NYSE:DIS), according to a CNBC report on Wednesday.Peltz reportedly sold his Disney shares at approximately $120 each, a transaction that raked in roughly $1 billion. The stock closed at $100.88 on Wednesday, and has risen by more than 11% so far this year.The move comes on the heels of Peltz’s investment firm, Trian Partners, losing a proxy battle at a meeting of Disney shareholders in early April. During the gathering, stakeholders backed the re-election of the entertainment giant’s full board of directors, rejecting Peltz’s attempts to secure seats for himself and Jay Rasulo, Disney’s former Chief Financial Officer.Peltz has been a vocal critic of Disney’s governance for some time, specifically hitting out at the company’s strategy for its crucial streaming service as well as its succession plans for Chief Executive Bob Iger.4. UBS reshuffles leadership team, considers CEO succession – FTSwiss lender UBS has reshuffled its executive board and divided responsibility for its key wealth management segment between two managers who are considered to be the mostly likely successors to current Chief Executive Sergio Ermotti, the Financial Times has reported.Citing a memo to staff sent from Ermotti, the FT reported that wealth management boss Iqbal Khan and investment bank head Rob Karofsky will become co-presidents of the wealth management unit. Under the plan, Khan will reportedly move to Asia to lead UBS’s Asia-Pacific business, while Karofsky will helm its Americas division.Meanwhile, the bank, which is in the process of assimilating its one-time rival Credit Suisse into its operations following a government-brokered tie-up last year, is seeking internal candidates to replace Ermotti after his expected retirement in 2027, the FT said.The top-level shake-up will also see the departure of Credit Suisse CEO Ulrich Körner and the retirement of UBS Americas head Naureen Hassan, the paper reported. Körner will be the last chief executive in the 168-year history of Credit Suisse.5. Crude declines despite U.S. inventory drawCrude prices edged lower on Thursday, as worries over high borrowing costs outweighed optimism over a bigger-than-expected draw in U.S. inventories.By 03:42 ET, the U.S. crude futures (WTI) traded 0.5% lower at $78.81 per barrel, while the Brent contract dropped 0.6% to $82.97 a barrel.Data from the American Petroleum Institute showed on Wednesday that U.S. oil inventories shrank nearly 6.5 million barrels last week, much more than expectations for a draw of 1.9 million barrels.The data usually heralds a similar reading from official inventory data, which is due later Thursday. The outsized draw suggested that U.S. fuel demand was picking up with the onset of the travel-heavy summer season, widely seen as the Memorial Day weekend. More

STOCKHOLM (Reuters) -While much of Europe faces tough choices about how to cut budgets to bring down soaring debt, thrifty Sweden has a more enviable dilemma: how to use its strong public finances to face up to the mounting challenges ahead.Decades of prudence have left Sweden with public finances the envy of the continent, prompting a debate about whether strict budget rules – credited with rescuing Sweden after a domestic financial crisis in the early 1990s – can be loosened.Back then, the government slashed spending by around 8% of GDP and increased taxes after a real estate bubble burst. The cost was heavy: 200,000 public sector job cuts as the welfare state was downsized and the economy shrank three years in a row.Memories of that pain have kept finance ministers’ budgets in check ever since – to the point that the question now is whether the Nordic country needs to start loosening its belt. With debt now around 30% of GDP – the average in Europe is around 90% – calls are increasing for a rethink to support a “green” industrial revolution that could be held back by a lack of clean electricity, housing and poor roads and railways.”If we don’t do it now, we won’t just miss out on being at the cutting edge of green industrial development,” Fredrik Lundh Sammeli, an opposition Social Democrat member of parliament, said.”It will be a threat to … Sweden as an industrial nation.” A government commission due to report this autumn is looking at whether to ease the current budget surplus target of 0.33% of GDP to free up extra cash. Even the International Monetary Fund, a devotee of fiscal probity, said in its March report on Sweden a “small deviation” from the surplus target would help public investment and social spending needs.Few doubt that more investment would be welcome.Some of the 200 billion Swedish crowns ($19 billion) of new private investment planned in the far north of Sweden – enough to boost GDP by 2-3% – is at risk if the government doesn’t stump up 60-80 billion crowns for infrastructure, a report in May by consultants McKinsey said. Steel firm SSAB’s planned fossil-free plant in Lulea, Norbotten will reduce the nation’s total CO2 emissions by 7%.For iron ore miner LKAB, the choice is between planning for fossil-free production or “planning for a shutdown”, Niklas Johansson, head of communications, said.MUCH TO DOOther priorities are stacking up.The IMF said more money was needed in education, training, integration and to solve Sweden’s housing woes. The defence budget will have to increase after joining NATO. Tougher anti-gang measures mean Sweden needs thousands of new prison places. Deputy Prime Minister Ebba Busch has proposed a deficit of around 0.5% until debt reaches around 45% of GDP, boosting the budget by 50 billion crowns a year. Debt could rise to as much as 50% of GDP, a recent government-commissioned report said. “That would still give us a large safety margin if we were to find ourselves in a deep crisis,” Lars Calmfors, Professor of Economics at Stockholm University and one of the authors, said.IF IT AIN’T BROKEOthers – including within Sweden’s governing coalition – are sceptical, both about running deficits and whether extra spending would bring the desired results.Finance Minister Elisabeth Svantesson, from the pro-business Moderate Party, said income tax cuts and benefit reform would be a better way to boost tax revenues and long-term growth than watering down fiscal rules.”Some are saying that we should have a deficit long into the future. That would just leave our debts to the next generation,” she said. There is also a risk spending would become permanent, reducing buffers to cope with a future crisis, the Debt Office has warned. The pandemic and the recent global bout of inflation – which topped 10% in Sweden- also show why being able to call on big fiscal buffers is good.”It saved companies, it saved jobs and it meant we could bounce back quickly,” Nordea chief economist Annika Winsth said.Several European nations are facing painful budget cuts having allowed deficits and debt levels to surge in recent years – a fate Sweden is anxious not to experience again.”I believe that we will probably end up with a balanced-budget target,” said Mattias Persson, chief economist at Swedbank, an outcome that would increase spending from current levels.”But we can’t just pour out money on things that won’t generate value for future generations,” he said.($1 = 10.5978 Swedish crowns) More

Here are some key issues the winning party, or coalition, will need to tackle in office.ECONOMIC DISPARITYIndia’s economy is expected to have grown by about 8% in the last fiscal year, one of the fastest rates among major economies, but voters have pointed to disparities on the ground, with growth more visible in cities than in the vast hinterland.The economy has jumped five places to be the fifth-largest in the world in the past decade under Modi and he has said he will lift it to the third position if elected. But the country’s per-capita income still remains the lowest among G20 nations.Nevertheless, S&P Global Ratings in late May raised India’s sovereign rating outlook to ‘positive’ from ‘stable’ while retaining the rating at ‘BBB-‘, saying the country’s robust economic expansion was having a constructive impact on its credit metrics.INFLATION ABOVE CENBANK TARGETAnnual retail inflation in April stood at 4.83%, slightly lower than March, but still above the central bank’s 4% target.Food inflation, which accounts for nearly half of the overall consumer price basket, was an annual 8.70% in April, compared with a 8.52% rise in the previous month. Food inflation has been at more than 8% year-on-year since November 2023.Countering the steep increase in food prices has been one of the key campaign planks of the main opposition Congress party, which has promised several cash handouts to alleviate the situation.Modi has meanwhile banned exports of wheat, rice and onions to contain domestic inflation.UNEMPLOYMENTUnemployment in India has also been one of the main issues in the campaign with Congress accusing the Modi government of doing little to provide jobs for the country’s youth.  The unemployment rate in India rose to 8.1% in April from 7.4% in March, according to the private think-tank Centre for Monitoring Indian Economy.Government estimates for the latest January-March quarter show that the urban unemployment rate in the 15-29 age group ticked higher to 17% from 16.5% in the prior quarter.Overall, urban unemployment rate in the January-March quarter stood at 6.7%, compared to 6.5% in the previous quarter, according to government data.The Indian government does not release quarterly unemployment figures for rural India.FOREIGN RELATIONSIndia’s rising world stature and assertive foreign policy have been touted as major recent achievements by Modi’s administration.A key diplomatic strain, however, remains with China which was spurred by a 2020 border clash that left 20 Indian and four Chinese soldiers dead. Modi said last month the countries should address the “prolonged situation” on their border.Modi’s government has been trying to attract foreign companies to diversify supply chains beyond China.Relations with Canada have also been strained in recent months after Ottawa and Washington accused an Indian official of directing the plot in the attempted murder of Gurpatwant Singh Pannun, a Sikh separatist and dual citizen of the United States and Canada.In May, Canadian police arrested and charged three Indian men with the murder of Sikh separatist leader Hardeep Singh Nijjar last year and said they were probing whether the men had ties to the Indian government.TAXESAn industry lobby group earlier this year called for a tax exemption limit for individuals to be increased and linked with inflation to help boost consumption.The Confederation of Indian Industry also asked that the government review its capital gains tax structure by bringing consistency in tax rates for different asset classes such as debt, equity and immovable assets. FARMERSStagnant farm income is a major sign of widening inequality between urban and rural India that has led to widespread protests. The BJP had promised to double farm income by 2022 in its manifesto for the last election, but has failed to do so.Despite that, Modi has set a new goal to lift rural per-capita income by 50% by 2030 but farmers in the hinterland remain skeptical of such plans, Reuters reported earlier.LAND, LABOUR REFORMSIn February, a BJP spokesperson told Reuters that Modi could make labour reforms a priority if he wins the general election.New labour codes, which would make it easier for firms to hire and fire workers and impose operating restrictions on unions, were approved by parliament in 2020, but they have yet to be implemented following resistance from workers and states.The new government may also continue to delay taking on land reforms as any such moves would be contentious and lead to losses in state elections later this year. In his first term as prime minister, Modi tried to push through legislation that would have made it easier to buy land for industrial corridors, rural housing and electrification, and for defence purposes. However, the plan was put on the backburner amid stiff resistance from the opposition. More

Standard DigitalWeekend Print + Standard Digitalwasnow $75 per monthComplete digital access to quality FT journalism with expert analysis from industry leaders. Pay a year upfront and save 20%.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts10 monthly gift articles to shareGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionEverything in PrintWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisPlusEverything in Premium DigitalEverything in Standard DigitalGlobal news & analysisExpert opinionSpecial featuresFirstFT newsletterVideos & PodcastsFT App on Android & iOSFT Edit app10 gift articles per monthExclusive FT analysisPremium newslettersFT Digital Edition10 additional gift articles per monthMake and share highlightsFT WorkspaceMarkets data widgetSubscription ManagerWorkflow integrationsOccasional readers go freeVolume discountFT Weekend Print deliveryPlusEverything in Standard DigitalFT Weekend Print deliveryPlusEverything in Premium Digital More

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.The writer is president of Queens’ College, Cambridge, and an adviser to Allianz and GramercyA major question facing many central banks around the world is no longer whether interest rate policies in advanced countries will decouple in a manner that was thought highly unlikely just a few months ago. They already have and will do so even more. The question is the scope and size of the potential divergence, and the implications for reconciling domestic economic priorities with the avoidance of harmful exchange rate volatility.At the start of 2024, markets were looking for the Federal Reserve to lead an interest rate cutting cycle early this year that would timidly extend to other advanced economies. Now, markets are looking for the Fed to limit itself to a single cut this year rather than seven; and also for central banks in Europe to cut earlier and more than their US counterpart. This is despite the European Central Bank, in particular, having started the preceding hiking cycle late and ending up doing less than the Fed’s 5.25 percentage point rise in rates.This policy interest rate divergence has already started with central bank cuts in the Czech Republic, Hungary and Sweden. It is commonly expected to widen with an ECB cut next week. The Bank of England was set to follow, though the just-announced timing of the election could complicate matters. And all this as market expectations of the now-single Fed cut got pushed back to the end of the year, with quite a few analysts doubting even that.Both growth and inflation are behind this divergence that some had considered unthinkable at the start of the year.The weak economic conditions seen in Germany and the UK in 2023 are expected to be followed only by muted growth this year, especially when compared with the US experience. Longer-term growth prospects are also less favourable for Europe. The continent’s approach to growth, with its heavier reliance on traditional manufacturing and relatively high exposure to international demand, needs an urgent revamp.Such growth reinvigoration is further complicated by the fact that it is not limited to actions by nation authorities. Major pan European initiatives are needed to enhance the future engines of growth (such as artificial intelligence, life sciences and sustainable energy), as well as deal with pressing sectoral gaps including defence, cyber and energy security.Prices are also decoupling after having reacted to common shocks, both up and down. With a weaker economy, European inflation is anticipated to get closer to the ECB’s target and, in the case of the BoE, even temporarily dip below it. Not so for the Fed where services inflation is expected to be more stubborn.Despite these growth and inflation considerations, there is a limit to how much interest rate decoupling is feasible (as opposed to desirable). A currency depreciation resulting from growing rate differentials is unlikely to be offset in any material way by European success in attracting capital flows from the US, be they foreign direct or portfolio investments. As such, too large and persistent a divergence in rates risks weakening European currencies beyond the point where possible competitive advantages compensate for the costs of higher imported inflation. In a US election year, this could also fan protectionist tendencies that, already, are on the cusp of intensifying. The two together would risk financial instability that would spill back to amplify economic concerns.In sum, it is hard to see the additional differential in policy rates extending beyond 0.50 to 1 percentage points. It is an open question whether this would prove sufficient to meet Europe’s domestic policy priorities. Less uncertain is where the possible reconciliation lies — that is, in the hands of the Fed. Other than in times of acute crises, the Fed has been keen to stress that its policy decisions are determined only by domestic considerations; and that this is in the longer-term interest of other countries given the importance of US economic health to the overall wellbeing of the global economy. We should not expect a different approach simply on account of Europe’s policy dilemma.What would help Europe is a recognition by the Fed that its combination of excessive data dependency and strict adherence to its 2 per cent inflation target could unnecessarily increase the probability of a US hard landing; and that such a downturn would hit poor households and small businesses, already on the ropes, particularly hard in both magnitude and duration. As a Fed adjustment is something to hope for rather than depend on, look for Europe to discover the limits to interest rate divergence by the end of this year.      More

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Standard DigitalWeekend Print + Standard Digitalwasnow $85 per monthBilled Quarterly at $199. Complete digital access plus the FT newspaper delivered Monday-Saturday.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts10 monthly gift articles to shareGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionEverything in PrintWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisPlusEverything in Premium DigitalEverything in Standard DigitalGlobal news & analysisExpert opinionSpecial featuresFirstFT newsletterVideos & PodcastsFT App on Android & iOSFT Edit app10 gift articles per monthExclusive FT analysisPremium newslettersFT Digital Edition10 additional gift articles per monthMake and share highlightsFT WorkspaceMarkets data widgetSubscription ManagerWorkflow integrationsOccasional readers go freeVolume discountFT Weekend Print deliveryPlusEverything in Standard DigitalFT Weekend Print deliveryPlusEverything in Premium Digital More