Moderate Iranian presidential candidate Hassan Rohani unexpectedly emerged victorious with 50.7 per cent of the vote. He says the win was a “victory of wisdom over extremism”. Rohani inherits an economy with an annual inflation rate of around 41 per cent (or more, depending on who you believe), falling oil exports, allegations of corruption, and sanctions over its nuclear programme. Rohani campaigned on the back of change, prudence and hope, and it is hoped his leadership will create lasting change. On news of his victory on June 13, the Iranian rial rose 34,300 to 36,250 against the dollar.
The question of arming Syrian opposition forces was put to both David Cameron and Nick Clegg on Sky’s Murnaghan and BBC’s Andrew Marr show respectively. Both said that a decision had not been made over whether or not to provide lethal aid in the future, but Cameron said that MPs would be given a vote on the issue if a decision is made to provide military aid. Clegg meanwhile said that the conflict was not like Iraq or Libya and that there is “no prospect of sending troops onto the ground in Syria”. Cameron met with Russian president Vladimir Putin yesterday to discuss the issue. Putin backs Syrian president Bashar al-Assad, and is opposed to any arming of the rebels by the West.
Also speaking on the Andrew Marr show was shadow business secretary Chuka Umunna, who spoke further about the Labour Party’s plans to build a different model of capitalism. He said that the party will need to borrow more – approximately £12bn – in order to finance a temporary cut in VAT to achieve growth and tax returns in the future. He dismissed accusations that he was doing the “rubber chicken circuit” around the country in a bid to be the next party leader, saying he was instead meeting businesses outside of London and raising awareness of Labour policy in marginal seats.
The Sunday Telegraph revealed that subsidies to wind turbine owners in the UK amount to around £100,000 per job. It could prove a blow to the industry, fuelling the criticisms that it isn’t economically viable and highly dependent on the taxpayer. Wind power accounts for an increasing proportion of world electricity generation – particularly in Europe – with a recent report from BP showing that wind power generating capacity grew by 18.9 per cent in 2012, and now generates 2.3 per cent of total world electricity.
Justin Rose, 32, became the first Englishman for 43 years to win the US Open, winning by two shots from Phil Mickelson and Jason Day.
Andy Murray won his third Aegeon Championships title, beating Marin Cilic at Queen’s 5-7 7-5 6-3. He will now be turning his attention towards a first Wimbledon title.
Coming up today:
The Co-Operative Group is expected to outline plans agreed with Bank of England regulators to fill a huge capital shortfall in its banking arm – expected to be £1.5bn.
The G8 summit in Northern Ireland commences. The agenda will be dominated by Syria, nuclear arms reduction, counter-terrorism, and creating greater tax transparency.
Before the summit, David Cameron and Barack Obama will meet Italian prime minister Enrico Letta, German chancellor Angela Merkel and French president Francois Hollande to begin talks on the EU-US free trade deal – potentially worth £10bn to the UK.
William Hague will meet Ecuador's foreign minister to discuss Julian Assange.
The House of Lords committee will be debating the Marriage (Same Sex Couples) bill.