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The Latest Breaking News on Economy

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

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

The Independent UK

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

Salon

From analysis to the latest developments in health,
read the most diverse news in one place.

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.

Axios

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…

Evening Standard

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 Hindu

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 Times of India

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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

The Guardian - UK

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

Evening Standard

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.

Bangkok Post

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.

The New Daily

Liz Truss signals further tax cuts could be on way in hunt for economic growth

PM’s remarks suggest tax cuts set to be unveiled in Friday’s ‘fiscal event’ may not be the last, with full budget expected in November

The Guardian - UK

Does anyone want a government job? Anyone?

Businesspeople in the U.S. have been complaining for more than a year about how hard it is to hire anybody. Their public-sector counterparts have had it worse, though, and it might not just be a pandemic thing.

Tribune News Service

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The Guardian - AU

Jim Chalmers announces $50bn improvement in federal budget compared to March projections

Treasurer says improvement comes in large part from higher than expected commodity prices boosting returns from mineral exports

Asharq Al-Awsat

Arab Banks Maintain Capital Adequacy at Minimum Levels

Governors of Arab central banks and monetary institutions announced that central banks in the region have maintained capital and liquidity adequacy above the minimum limits established in the Basel Agreement, noting that the total debt in the sector exceeded $756 billion. For his part, the Governor of the Saudi Central…

The Hindu

Joblessness below pre-COVID levels: Finance Ministry

Q1 surge in private consumption not just a function of pent-up demand but also rising employment levels, it says

The Guardian - UK

Companies declared insolvent in England and Wales jump by 43%

Businesses may struggle as consumers cut back spending amid high inflation and rising fuel costs, economists warn

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Evening Standard

Recession fears grow as number of businesses going bust rises in August

Figures show the cost-of-living crisis is biting before small businesses have fully recovered from the pandemic

Birmingham Post

Northern Ireland jobs market remains in good health despite economic headwinds

HMRC said there were a record number of pay-rolled jobs in August

The Guardian - UK

Lenders urged to cancel Zambia debt as country faces economic collapse

Economists accuse bondholders of standing to make huge profits at the expense of the crisis-hit country

ABC News

More interest rate rises ahead but pace of increase set to slow, RBA governor says

Reserve Bank governor Philip Lowe says he will keep lifting interest rates but the pace will soon slow down and he is confident the economy can absorb the rises.

Insider UK

Jobs market 'at turning point' as employers end recruitment

Lower paid workers are facing 'worst-ever' financial crisis, research warns

Axios

How central banks are risking a global recession

Major economies are delivering interest rate increases to quash domestic inflation.

Evening Standard

Kwasi Kwarteng considers removing cap on bankers’ bonuses

This is a government in a hurry. Boris Johnson secured an 80-seat majority but due to a combination of Covid, scandal and ideological torpor, did not get much done. Liz Truss, on the other hand, has no plans to let this majority go to waste.

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People

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Living Wage Foundation

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