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The Latest Breaking News on Economy

UK Treasury chief to set out tax-slashing emergency budget

The U.K. government will publish an emergency budget statement outlining how it plans to slash taxes, tame soaring inflation and boost economic growth as a recession looms on the horizon

The Independent UK

Minister denies markets fear ‘gamble’ of tax-slashing mini-budget as borrowing costs leap

‘What the markets want to know is whether the UK economy is going to grow’, Simon Clarke insists – as he rejects claims of ‘trickle-down economics’

The Independent UK

Mini-budget 2022: pound crashes as chancellor cuts stamp duty and top rate of income tax – as it happened

Tax cuts to cost Treasury around £37bn in 2023-24, official figures reveal

The Guardian - UK

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Chancellor to set out plans for ‘new era focused on growth’ in mini-budget

Kwasi Kwarteng is expected to explain how the Prime Minister's tax-cutting promises will be put into practice

Wales Online

Unprecedented events creating ‘extremely severe’ risk of global recession – economist Adam Tooze

Economic historian says Australia will largely be fine, as long as China pulls off biggest financial feat the world has ever seen

The Guardian - AU

UK in recession and further interest rate hikes probable, Bank of England warns

Threadneedle Street makes clear on eve of tax-cutting mini-budget that plans risk triggering more rate rises

The Guardian - UK

3 Stocks You Could Take Position in This Week

Recession fears have been mounting as the Fed maintains its aggressive monetary policy stance to bring inflation under control. While the market is expected to remain uncertain in the near term, we think it could be wise to add fundamentally sound stocks Genuine Parts Company (GPC), Albertsons Companies (ACI), and…

StockNews.com

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The Fed says this is going to hurt, but it matters who feels the pain

Higher unemployment could be on the way, the central bank suggests.

Axios

Tanaiste confirms Budget 2023 measures just weeks away and will benefit millions

The Tanaiste suggested that those struggling will see more money “in their pockets and off their bills within weeks.”

Irish Mirror

Central banks worldwide tighten policies to cool inflation

The U.S. Federal Reserve has been the most aggressive in using interest rate hikes to cool inflation that is battering both households and businesses this year

The Independent UK

US jobless claims rise slightly, still near lowest since May

Applications for U.S. unemployment insurance ticked up from an almost four-month low, suggesting demand for workers remains healthy despite an increasingly uncertain economic outlook.

Tribune News Service

More Americans apply for jobless aid

The number of Americans filing for jobless benefits rose slightly last week despite the Federal Reserve’s year-long battle against inflation that’s intended to cool the economy and the tight labor market

The Independent UK

Bank of England poised for another big interest rate hike

Britain’s central bank is under pressure make another big interest rate hike Thursday

The Independent UK

UK interest rate rise: Biggest hike in 14 years ‘to add £600 to some mortgages’

New interest base rate announced amid ongoing cost of living crisis

The Independent UK

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The Independent UK

Powell's stark message: Inflation fight may cause recession

The Federal Reserve delivered its bluntest reckoning Wednesday of what it will take to finally tame painfully high inflation: Slower growth, higher unemployment and potentially a recession

Salon

Fed hikes interest rates for third time

According to business analysts, the Fed hasn't made a move against inflation quite this aggressive since the 1980s

Axios

Fed raises rates 0.75 percentage points, signals more to come

New forecasts show the central bank envisions a weaker economy in the coming years.

Evening Standard

Energy help welcome but questions remain

Today, the Government announced a cap on energy bills for businesses from October, which is intended to help them survive in the harsh economic winter. Small- and medium-sized companies in particular need stability and help with rising prices. Today’s announcement will provide some relief and the clarity they have been…

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The Hindu

Recession unlikely to hit India due to 'not so coupled' nature with global economy: Rating agency S&P

Paul F. Gruenwald, S&P global chief economist, said a lot depends on how global fund flows behave if there is a recession in the U.S. and Europe.

The Times of India

Explainer: What if US economy goes into recession? How it may impact India

NEW DELHI: The US Federal Reserve is expected to lift interest rates by three-quarters of a percentage point for a third straight time on Wednesday and signal how much further and how fast borrowing costs may need to rise to tame a potentially corrosive outbreak of inflation.

The Guardian - UK

UK borrows almost twice as much as expected in August

Figure of £11.8bn comes as high inflation drives interest payments to a record for the month

The Guardian - UK

Energy support for businesses to cost ‘tens of billions’, Rees-Mogg says; firms and schools fear cliff edge – as it happened

Capping electricity and gas for six months won’t provide long-term security, schools and hospitality firms fear, as business secretary hints at more support

Evening Standard

Liz Truss facing new questions over economic plans as Government’s debt interest bill hits record £8.2bn

ONS said central government debt interest payable was £8.2 billion in August 2022, £1.5 billion more than in August 2021

Bangkok Post

The risk of competitive rate hikes

The world is facing the risk that major central banks will undertake competitive interest-rate hikes that may look desirable for their countries individually but could drag the world economy into an unnecessary recession.

The New Daily

Axe hangs over Morrison’s legacy as government gets serious before budget

Slashing budget deficits have long been cast as a Treasurer’s reason for being. But Jim Chalmers was muted on Tuesday.

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