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The Latest Breaking News on Economy

Markets treating UK like ‘developing country’ after Kwarteng budget, warns ex-US Treasury chief

Current turmoil ‘hallmark of situations where credibility lost’, says Larry Summers

The Independent UK

Pound steadies in Asian markets after hitting record low over Kwarteng’s mini-Budget

Pound hit record low against dollar on Monday

The Independent UK

Everything you need to know after pound hit all-time low against US dollar

The pound has hit a record low after sweeping tax cuts were announced by the chancellor on Friday. Here we explain some of the reasons behind the fall and how it affects households and businesses across the country

Daily Mirror

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‘Modern-day slavery’: Kenyan domestic workers tell of abuse in Saudi Arabia

Kenyan government urged to act as migrant housekeepers complain of physical, mental and sexual abuse in Gulf state

The Guardian - UK

What is Kwasi Kwarteng really up to? One answer: this is a reckless gamble to shrink the state

In the US they call it ‘starving the beast’ – cut taxes and, as revenue decreases, you create irresistible pressure for austerity, says Adam Tooze, an economic historian at Columbia University

The Guardian - UK

Kwarteng faces market turmoil after sterling's disastrous day

New survey puts Labour party 17 points ahead

Wales Online

Top trade union official accuses UK government of ‘Thatcherism on steroids’

Scotland’s top trade union official has accused the UK Government of deploying ‘Thatcherism on steroids’ after the pound plunged to a new low.

The Independent UK

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Kwarteng faces massive market turmoil after disastrous day for sterling

The Treasury moved to settle the markets with the promise of a Budget next spring as the pound tumbled against the dollar on Monday.

The Independent UK

U.K. tax cut proposals reverberate across markets

The country's central bank issued a rare statement that failed to stem the financial market fallout.

Axios

Interest rate hikes may slow as headwinds buffet NZ economy

Interest rates are rising but that could slow – begging the question of why the Reserve Bank would ease off and what this will mean for NZ markets.

Newsroom.co.nz

Kwasi Kwarteng to reveal new fiscal rules in November amid market panic

Chancellor to set out medium-term ‘fiscal plan’ – but no proper budget until spring 2023, says Treasury

The Independent UK

Europe's outlook "darkening, ECB head hedges on recession

The head of the European Central Bank says the economic outlook “is darkening” and she expects business activity to “slow substantially” in the coming months as high energy and food prices pushed up by the war in Ukraine sap consumer spending power

The Independent UK

Boston Fed's Collins says 'higher unemployment' needed

Susan Collins, the new president of the Federal Reserve Bank of Boston, said says that a higher unemployment rate will be needed to bring down inflation from unusually high levels, but suggested any economic downturn would likely be modest

The Independent UK

Pound hits all-time low in backlash at Kwasi Kwarteng’s tax cuts

Pound crashes to its lowest level against the dollar since 1971

Evening Standard

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Birmingham Post

Personal and corporate insolvencies on the rise

IInsolvency Trade body R3 said said the rise

Al Jazeera

Tax-cut plan pulls British pound to 40-year low against US dollar

The pound trades against the dollar at levels last seen in the early 1980s as the UK struggles to fight inflation.

The Independent UK

Tax cut plans pull British pound to 4 decade lows

The British pound has resumed a slide that picked up pace last week after the U.K.’s new government outlined plans to cut taxes and boost spending

Daily Mirror

Pound hits all-time low against dollar and is now worth just $1.03 after Mini-Budget

The pound plunged to a record $1.03 low against the US dollar this morning as international markets continued to reject Kwasi Kwarteng's tax-cutting Mini-Budget

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The Guardian - UK

Why the ‘Barber boom’ that Kwasi Kwarteng’s mini-budget recalls was destined for disaster

A reckless dash for growth is nothing new. Ted Heath’s chancellor Anthony Barber tried one in 1971, but it didn’t turn out well

Tribune News Service

Beto O’Rourke says US guest-worker program would help slow inflation

Beto O’Rourke, the Democrat running for Texas governor, said his plan for a guest-worker program would help slow inflation and alleviate a worker shortage that plagues agriculture and other U.S. industries.

Bangkok Post

Shifting into the new equilibrium

From our point of view, the global economic landscape in the fourth quarter will be very important. We believe that the coming quarter will bring a shift in the global economic picture to a new equilibrium.

Bangkok Post

Pound sinks in reaction to huge UK stimulus

LONDON: The British pound plunged to a 37-year low and stocks sank after the government delivered the most sweeping tax cuts since 1972, as economists warned that the ambitious plan was unsustainable at a time when inflation is rampant.

The Independent UK

Treasury minister claims mini-Budget has boosted pound – as it hits 37-year low

Chris Philp red-faced after saying ‘Great to see sterling strengthening on the back of the new UK Growth Plan’

Evening Standard

Martin Lewis brands the mini-budget ‘staggering’

Lewis said ‘I really hope it works. I really worry what happens if it doesn’t’

Evening Standard

City Comment: Tax giveaways at odds with wider sentiment

Some warm words today from our new chancellor. Kwasi Kwarteng wants to “turn the vicious cycle of stagnation into a virtuous cycle of growth”, something he believes can be achieved by a bunch of supposedly City-pleasing tax cuts.

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