Hopes of a swift resolution to the conflict in the Middle East are being challenged by recent events. We have once again seen the ‘closure’ of the Strait of Hormuz by Iran and a blockade of Iranian shipping reinstated by the US.

Europe is at a pivot point, caught between geopolitical uncertainties, industrial change and an inversion of the sources of growth. Behind this volatility lies deep structural change.

As Andy Burnham swaps being Mayor of Manchester for UK Prime Minister, how much fiscal wiggle room does he actually have?