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The Latest Breaking News on Economy

‘UK recession to last until end of next year’

Economists at KPMG have predicted that the UK has already entered a ‘shallow but protracted’ recession.

The Independent UK

Small business hiring slows to standstill

Small and mid-sized businesses are still growing their ranks but the pace of expansion has eased as economic pressures bite.

AAP

Scottish Budget was 'bleak' John Swinney says as councils brace for services impact

Council leaders condemned the budget, saying it could lead to the end of some public services

The National (Scotland)

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John Swinney says Scottish budget was ‘bleak’ and public service reform required

The Deputy First Minister has come under fire over tax rises and the funding settlement for councils

Daily Record

Scottish budget was ‘bleak’ and public service reform required, says Swinney

The Deputy First Minister said he had to take ‘bold action’ in the face of the cost-of-living crisis.

The Independent UK

Insights shed light on rate hike picture

Insights into the Reserve Bank's latest decision to hike rates will likely be scrutinised as economists attempt to gauge the timing of further rises in 2023.

AAP

Wang Tao: Key Takeaways From China’s Central Economic Work Conference

Stabilizing growth is the top priority, with measures to boost the real estate sector and a supportive tone for non-SOEs, foreign investors and online platforms

Caixin Global

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Australia's 2023 economic outlook unclear

There are a range of unknowns hanging over Australia's economic fortunes in 2023 but most agree a recession is unlikely.

AAP

November's $249 Billion Federal Budget Deficit Set a Record. Now, Congress Is Preparing To Spend Even More.

The government spent $501 billion in November but collected just $252 billion in revenue, meaning that about 50 cents of every dollar spent were borrowed.

Reason

Council leaders unite to condemn 'massive cuts' in Scottish Budget

EVERY one of Scotland’s 32 council leaders has backed a motion calling the Scottish Budget a “massive real-terms cut in councils’ core…

The National (Scotland)

Covid era tax-dodging cost £9BILLION as prosecutions plummeted, watchdog finds

Thousands of staff who usually checked people and businesses were paying the right amount of tax were moved to Covid support schemes - meaning far fewer people were investigated

Daily Mirror

Scotland in recession - and Fiscal Commission warns household incomes set to see biggest decline since records began

Report warns 'living standards will take time to recover to the pre-crisis level'

Insider UK

Higher tax returns to bolster SA budget

The South Australian mid-year budget review has revealed an improved result thanks to increasing tax returns.

AAP

Teachers lay groundwork for strike in Term 1 next year

ACT public school teachers have rejected an initial pay offer and are moving towards industrial action.

The Canberra Times

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Caixin Global

China’s November Urban Jobless Rate Jumps to 5.7%

Covid outbreaks in major cities drive unemployment to highest levels since May, and end of pandemic controls may further stress job market

Tribune News Service

US jobless claims unexpectedly drop to lowest since September

Applications for US unemployment benefits fell last week to the lowest since September, another sign of resiliency in the labor market amid a weakening economy.

The Independent UK

Scotland in recession and household incomes set to decline – fiscal commission

The country’s official forecasters said the economy was already in a recession and may not return to pre-recession levels until 2025.

Insider UK

Scottish budget: John Swinney moves on income tax and business rates while scrapping indyref2 fund

Statement delayed due to tax plan leak to the BBC

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The National (Scotland)

The six key things you need to know from today's Scottish Budget

Everything you need to know from today's Scottish Government Budget update

AAP

Welfare recipients shrink over 12 months

There are now fewer people on JobSeeker and Youth Allowance than pre-pandemic although the long-term unemployed are still not finding work.

The Conversation

What do politicians really think of economists? Our new research explains why relations fell apart after 2008

As countries across Europe and around the world grapple with high living costs and impending recession, voters are concerned about the economy and how their elected representatives will fix it.

Birmingham Post

Opinion: Agile strategy key for businesses in 2023 given 'war' on profitability

"We now expect downward pressure on prices as customers seek out cheaper alternatives"

The Conversation

2022 was a rough year for people everywhere – South Africa was no exception

Tough economic conditions meant that 2022 was a rough year for people everywhere in the world. South Africa was no exception. But this year’s crop of problems came on top of a legacy of poor economic performance.

Asharq Al-Awsat

US Federal Reserve Raises Interest Rate, Highest since 2007

The US Federal Reserve reinforced its inflation fight Wednesday by raising its key interest rate for the seventh time this year and signaling more hikes to come. The central bank boosted its benchmark rate a half-point to a range of 4.25% to 4.5% and projected it would continue rising to…

Reason

Subsidies To Help Workers Would Hurt Poor People

Some people would benefit. Others would lose money or be rendered unemployable.

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