The Latest Breaking News on Economy

A common sound bite today is that the Federal Reserve’s recent interest rate hike is pushing the nation toward recession. But that’s like beginning a book on page 813. The origin of today’s economic malaise is prolonged and massive federal budget deficits, combined with a Fed willing to finance those…

Kwasi Kwarteng’s growth plan included £45bn of tax cuts

‘Growth plan’ which has triggered market mayhem dismissed as ‘all pain, little gain’

It comes after days of market turmoil as traders swallowed the impact of the Chancellor’s growth plan, which included £45 billion of tax cuts.

Argentina's deep economic slump drew thousands to the streets on Wednesday, as protesters demanded action to counter sky-high inflation and help the country's poor, even as data showed the poverty rate dipped in the first half of this year.

Robert Buckland stood by Chancellor Kwasi Kwarteng’s plans during an interview with ITV Wales

Welsh Secretary Robert Buckland has stood by the Chancellor’s economic plans, saying it is time to be ‘bold’.

It comes after the markets went into turmoil following the Chancellor's £45 billion package of tax cuts

Labour and the SNP called on the Westminster government to face the Commons and the markets as the Bank of England intervened with reserves to keep the UK economy stable.

The fallout from Kwasi Kwarteng’s “mini-budget” is far from over. The International Monetary Fund has criticised the “untargeted fiscal packages” and suggested the Chancellor had an opportunity in November to “re-evaluate the tax measures”. This is highly unusual language, particularly directed at a major economy such as the UK.

The airline chief said the move could potentially bankrupt the UK economy in the coming years.