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The Latest Breaking News on Economy

India raises interest rate to 5.90% to tame inflation

India’s central bank has raised its key interest rate to 5.90% and said developing economy were facing slowing growth, elevated food and energy prices, debt distress and currency depreciation

The Independent UK

Lackluster employment numbers signal economic slowdown for Texas, Dallas Fed says

A new report shows the number of employed Texans remained virtually unchanged from July to August, while unemployment ticked up slightly.

The Texas Tribune

How do we know when a recession has begun? Looks for these signs

The economy shrank in the first half of this year, underscoring fears of a broad-based slowdown that could lead to a recession

The Independent UK

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OLD EXPLAINER: How do we know when a recession has begun?

The economy shrank in the first half of this year, underscoring fears of a broad-based slowdown that could lead to a recession

The Independent UK

The UK's economic turmoil doesn't have to be ours

Lack of coordination between monetary and fiscal policy is hurting the UK economy and threatening a global currency crisis. What might that mean for NZ?

Newsroom.co.nz

US economy drops at 0.6% annual rate from April through June

Battered by surging consumer prices and rising interest rates, the U.S. economy shrank at a 0.6% annual rate from April through June, the government announced Thursday, unchanged from its previous second-quarter estimate

The Independent UK

Fewer people seek US unemployment aid amid solid hiring

The number of Americans filing for jobless benefits dropped last week, a sign that few companies are cutting jobs despite high inflation and a weak economy

The Independent UK

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What is inflation and what is its current rate in the UK and Europe?

UK inflation fell this week as fuel prices dropped

The Independent UK

There was a way to try ‘Singapore-on-Thames’ but not like this

Concern about the Truss-Kwarteng “dash for growth” mini-budget has morphed into the threat of a full-scale financial crisis, prompting the Bank of England to do more quantitative easing to ease panic in the market for government bonds.

Evening Standard

Treasurer Jim Chalmers flags new budget strategy, but tax cap 'plucked from the air' can stay for now

The Albanese government's first federal budget will include a significant rewriting of official budget guidelines and will also see forecasts for unemployment revised as a "consequence" of a deteriorating global outlook, the treasurer has flagged.

ABC News

Liz Truss says she slept well as markets panicked over the Tory mini-budget

PRIME Minister Liz Truss has said she slept well while the UK economy faced turmoil sparked by her government’s mini budget.

The National (Scotland)

Commentary: How Fed-induced inflation is battering your wallet

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…

Tribune News Service

Mini-budget to pile on debt interest, warns Tony Blair Institute

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

Wales Online

Kwarteng’s tax-slashing bonanza will add less than 0.1% to GDP, study warns

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

The Independent UK

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The Independent UK

Chancellor’s mini-budget to pile on debt interest, warns Tony Blair Institute

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.

Reuters

Argentina's economic crisis draws protests even as poverty rate eases

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.

Wales Online

Welsh Secretary urges 'calm' in face of turmoil sparked by mini-budget

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

The Independent UK

Cabinet minister urges people to remain ‘calm’ amid mini-budget turmoil

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

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news in one place.

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Wales Online

Government departments 'will be asked to make spending cuts to balance budget'

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

Daily Record

'Where is Liz Truss?' Opponents demand answers and recall of parliament to deal with financial crisis

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.

Evening Standard

The Standard View: Sterling crisis leaves no easy options for Kwasi Kwarteng

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 Independent UK

Ryanair boss Michael O’Leary describes UK tax plans as ‘nuts’

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

The National (Scotland)

UK faces 'economic situation not seen in living memory' says First Minister

Nicola Sturgeon said that the impact of the sweeping tax cuts could lead to an economic crisis worse than the 2008 global financial crash

Evening Standard

Spending cuts made necessary by mini-Budget ‘could spell end of NHS’, top economist warns

Sir Charlie Bean, a former deputy governor of the Bank of England, said deep cuts would be needed to bring spending into line with GDP

The Independent UK

What is inflation and what is its current rate in the UK and Europe?

UK inflation fell this week as fuel prices dropped

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