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A quandary over whether a flapjack is a cake or a muesli bar reveals an unseriousness at the heart of the UK’s tax system

Decoding ‘orderly and consensual’

The American market is too small to give Washington leverage over Chinese software in EVs

Government guarantees on securitised home loans make them generally low risk — but Trump’s policymaking raises concerns

Also in this newsletter: Euroclear thrown into the spotlight

The historic complication back in fashion. But what is a retrograde watch indicator?

Ignoring the possible role of foreign governments in assassinations would pose major risks to national security and social stability

Buying of the precious metal reflects rising interest in alternatives to the dollar-based financial system

As global co-operation wilts, the twins must adapt to new realities

Boosted oil revenues as a result of the Ukraine conflict have helped fund the Kremlin’s invasion — but not for much longer