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The Latest Breaking News on Economy

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

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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

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.

The Independent UK

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.

Reuters

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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

Wales Online

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’.

The Independent UK

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

Wales Online

'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.

Daily Record

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.

Evening Standard

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 Independent UK

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

The National (Scotland)

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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

Tribune News Service

Editorial: Another $400 billion, but who will ever notice?

Democrats want to talk abortion, abortion, abortion, hoping intently that voters don’t notice the economy, the economy, the economy. But amid a steady torrent of bad economic news, the party faithful may be engaging in a mission of futility.

WEKU

Why tackling climate change means a stronger economy — according to Janet Yellen

Yellen says the Biden administration is emphasizing action on climate change to make a more resilient American economy. What does that look like for the future of infrastructure and spending?

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ABC News

What's happening with the British pound and what does it mean for Australia's economy?

With the UK government fighting off fears of a recession, the British pound tumbled against the US dollar this week. Here's why stock markets are concerned and what it means for Australia.

The Independent UK

Kwasi Kwarteng vows to stick with tax cut plan despite calls to ‘reverse course’

Chancellor insists strategy ‘will work’ and promises ‘credible plan’ to address debt next month

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

The Independent UK

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

Daily Mirror

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

The Guardian - UK

‘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

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