A Royal reflection

Celebrations for the Queen come at a time of great uncertainty [View in browser]( [Bloomberg]( Follow Us [Get the newsletter]( Britain’s longest serving monarch has called for the country to look to the future with “confidence and enthusiasm.” But as the UK spends four days marking Queen Elizabeth II’s 70 years on the throne, the parties and pageantry will be overshadowed by a strong sense of uncertainty. It’s not just because the monarch is 96 years old. Her Platinum Jubilee comes with Britain facing serious challenges, from tackling the economic and social fallout from the pandemic to fundamental questions about whether the United Kingdom can hold together. Tensions in Northern Ireland are rising again over Brexit, which is also spurring the push for independence in Scotland. Key reading: - [Troubled UK Seeks Comfort of Its Queen in Twilight of Her Reign]( - [Britain’s Economy Has Transformed During Queen’s 70-Year Reign]( - [Boris Johnson Rules Out Quitting Over Partygate as Fallout Grows]( - [UK Supermarkets Set for Jubilee Boom as Brits Splurge on Parties]( - [Weird and Wonderful Queen’s Jubilee Celebrations, Explained]( The outlook also looked unpredictable when Elizabeth was crowned in 1952, when people still faced rationing after World War II and Britain was adjusting to its very different global status. This weekend will be loaded with programs looking at the various crises of her reign, from Suez to the death of Princess Diana, and will likely marvel at her calm resilience while trying to answer — discreetly — the question of how much she influenced events, and what will one day be lost. Of course, surveys also show that many people are indifferent to or oppose the monarchy. Its constitutional rather than political role makes its direct impact hard to pin down. For many Britons, this long weekend will be more about enjoying days off work than a royal celebration. Next week, though, the focus will be back on the problems, from waiting periods at the National Health Service and a record squeeze on living standards, to the turmoil surrounding Boris Johnson’s government. On Wednesday, the prime minister will have much to discuss when he pays his weekly visit to the Queen, just as his predecessors have done for the last seven decades. — [Stuart Biggs]( Royal enthusiasts camp on the Mall ahead of the Platinum Jubilee celebrations in London. Photographer: Chris J. Ratcliffe/Bloomberg [Click here]( to subscribe to our weekly newsletter Next Africa and share this newsletter with others too. They can sign up [here](. Global Headlines Parts shortage | As Russia’s invasion of Ukraine settles into a grinding war of attrition, one question more than any other will likely decide the outcome: [On whose side is time](? Much of what unfolds will be determined by unpredictable battlefield dynamics as Russian forces attempt a dash for territory in eastern Ukraine before heavy artillery from the US and elsewhere arrives to bolster the defenses they have to overcome. But, as [Marc Champion]( explains, a key factor will also be — widgets. A grave near destroyed residential buildings in Mariupol, Ukraine. Source: AFP More negotiations | After Hungary once again held up talks over the European Union’s sixth sanctions package against Russia yesterday, the bloc’s ambassadors may meet to try to green light the measures. As [Alberto Nardelli]( and [Ewa Krukowska]( report, talks over the package, which includes a ban on most imports of Russian oil to the EU, stalled when Hungary [raised]( new or already-rejected demands. - President Joe Biden’s administration is [divided]( over how much further the US can push sanctions against Russia without sparking global economic instability and fracturing transatlantic unity. Awkward trip | Biden is likely to [visit]( Saudi Arabia this month, as record-high US gas prices weigh on Democrats’ political prospects. [Jennifer Jacobs]( reports the visit would probably mean Biden meets the kingdom’s defacto ruler, Crown Prince Mohammed Bin Salman, whom he blames for the 2018 murder of US-based critic Jamal Khashoggi in Saudi Arabia’s Istanbul consulate. The prince has denied involvement. - Biden said the US has no immediate way to slash gasoline prices for Americans and is [considering]( other proposals such as trying to set a lower price for the sale of Russian crude. - Oil prices fell following a Financial Times report that Saudi Arabia is ready to [pump]( more crude should Russian output drop substantially due to increasing sanctions. Chinese banks face growing pressure to support [cash-strapped developers]( after months of pleas by regulators failed to boost lending to the industry. Local branches at the People’s Bank of China have called for meetings with lenders in multiple cities to assess why loans have slowed, along with the difficulties faced by banks and how regulators can help, sources say. Best of Bloomberg Opinion - [Confessions of an Accidental Monarchist: Howard Chua-Eoan]( - [Who’s to Blame for a Recession, Biden or Powell?: Daniel Moss]( - [Top Gun Is a Hollywood Maverick on China: Matthew Brooker]( Unfriendly reminder | China’s ambassador [urged]( New Zealand not to take its “green, clean, open and friendly” reputation for granted, as he reminded Wellington of its economic dependence on Beijing. The comments came as Prime Minister Jacinda Ardern met Biden this week, having cautioned against militarization in the region and questioned China’s intentions. Explainers you can use - [Hit of Shanghai Lockdown Endures as Business Surveys the Damage]( - [What the Jan. 6 Committee Has Done, and What’s Next]( - [African Cocoa Giants Make New Move in Spat With Chocolate Sector]( Reforming capitalism | For a low-key former banker, Prime Minister Fumio Kishida is causing quite a stir in Japan’s financial markets. As this [in-depth piece]( lays out, his determination to tackle long-standing inequalities and climate change through a “new form of capitalism” is prompting a debate about the direction of the world’s third-largest economy. Bloomberg TV and Radio air Balance of Power with [David Westin]( weekdays from 12 to 1 p.m. ET, with a second hour on Bloomberg Radio from 1 to 2 p.m. ET. You can watch and listen on Bloomberg channels and online [here]( or check out prior episodes and guest clips [here](. News to Note - Thailand’s parliament will vote on an initial draft of the $93 billion budget today, a key [test]( for coup-leader-turned-Prime-Minister Prayuth Chan-Ocha, whose coalition is strained by internal divisions. - The US Supreme Court is waiting until the very end of its two-year term to issue more than half of the opinions slated for the period, and they’ll include [monumental]( rulings on issues ranging from abortion to allowing more guns on the streets. - Deputy Treasury Secretary Wally Adeyemo anticipates that continued strong demand will help the economy [avoid]( a recession, amid rising concern the US is heading toward a downturn. And finally ... As the world climbs out of the pandemic, it’s become clear that [women]( are less likely than men to return to the workforce, a failing that could shave trillions of dollars from global economic growth. As [Ronojoy Mazumdar]( and [Archana Chaudhary]( report, the forecast is particularly bleak in developing countries like India, where female labor-force participation fell so steeply that it’s now in the same league as war-torn Yemen. One of the first signs that greets visitors to the Pardada Pardadi campus reads: “I will select my future husband.” In India, most weddings are still arranged. Photographer: Ruhani Kaur /Bloomberg Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. You received this message because you are subscribed to Bloomberg's Balance of Power newsletter. [Unsubscribe]( | [Bloomberg.com]( | [Contact Us]( [Ads Powered By Liveintent]( | [Ad Choices]( Bloomberg L.P. 731 Lexington, New York, NY, 10022