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The Latest Breaking News from Inflation

Sinema says she will move forward with Senate Democrats' climate, health and tax bill

The Arizona senator said she will move forward with the Inflation Reduction Act after Democrats reached an agreement to remove a carried interest tax provision.

WEKU

Welsh retail footfall still below pre-pandemic levels as rising inflation knocks consumer confidence

The Welsh Retail Consortium has said the government needs to address the huge challenge facing the retail industry

Birmingham Post

‘The big squeeze’: what the papers say about Bank of England’s recession forecast

Bleak period of recession combined with rises in cost of living dominate the front pages, with plenty of horrifying graphics

The Guardian - AU

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Enact historic bill to fight climate change to benefit America — and Illinois

More so than most other states, Illinois has projects on tap that are more than shovel-ready and primed for federal dollars.

Chicago Sun-Times

Senate will take up Democrats' tax, climate and health bill on Saturday, Schumer says

Senate Majority Leader Chuck Schumer has repeatedly said Democrats are on track to pass the Inflation Reduction Act in the coming days, but a few roadblocks still stand in the way.

WEKU

Poor parents 'priced out' of keeping kids fit as sports clothes prices soar

It comes as the Bank of England warned inflation will skyrocket to 13% by October. It will be the first time since records began in the 1960s that household incomes have fallen for two years in a row.

Daily Mirror

Britain heading for year-long recession - but PM and Chancellor nowhere to be seen

Prime Minister Boris Johnson is reportedly on honeymoon in Slovenia while Chancellor Nadhim Zahawi enjoys a family break while families around the country are worried about how they'll pay their bills

Daily Mirror

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Sunak scorns Truss’s claims that tax cuts can avert recession

Tory leadership rivals disagree on how to turn economy around and avoid predicted downturn in Sky news debate

The Guardian - UK

Sunak accuses Truss of plans that would pour ‘fuel on the fire’ of recession

Rival insists shrinking economy is not ‘inevitable’

The Independent UK

Sunak and Truss clash over recession warning in debate

British foreign minister Liz Truss clashed over the future of the economy with former finance minister Rishi Sunak on Thursday as the two contenders to be Britain's next prime minister debated the Bank of England's warnings of a long recession.

Reuters

Rishi Sunak wins over Sky audience as he says public don't care about his bank account

Challenged over whether his wealth made him difficult for the public to relate to, Mr Sunak responded: "I think people judge people by their character rather than their bank account"

Daily Mirror

Truss insists recession not inevitable as Sunak warns she will make things worse

Rishi Sunak warned pouring ‘fuel on the fire’ could create ‘misery for millions’ as he hit out at his Tory leadership rival’s plans.

The Independent UK

Biden, Republicans spar over impact of Dems' economic plan

Democrats call it the “Inflation Reduction Act.”

The Independent UK

Schumer announces Senate vote for major climate and healthcare bill on Saturday

The motion to proceed tees up the final vote for Democrats’ climate and health care.

The Independent UK

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The Hindu

Is the declining rupee a crisis or an opportunity?

There is an expectation of further depreciation, which can lead to further capital outflows

Miami Herald

The Week Ahead: Investors look ahead of today’s inflation as more rate hikes loom

It has been almost five months since the Federal Reserve turned its full attention and force of action toward fighting inflation. We may see if it’s having any material effect with the July inflation data released in the week ahead.

Benzinga

Bank Of England Raises Rates Again, Says UK Is Entering Recession: Will The US Fed Follow Suit?

The Bank of England has now raised rates at six consecutive meetings to try and combat the U.K.’s rampant inflation. Its interest rate now stands at 1.75%.

AAP

RBA warns on inflation, downgrades growth

The central bank has released its quarterly Statement on Monetary policy, setting out new forecasts for the economy, labour market, wages and inflation.

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The Independent UK

Boris Johnson and Chancellor Nadhim Zahawi on holiday despite financial gloom

Both men were away from Westminster as the Bank of England raised interest rates again and warned of the longest recession since the financial crisis.

The Times of India

Rupee slide, inflation should be viewed from a global perspective: Amit Shah

BENGALURU: Union minister for home and cooperation Amit Shah on Thursday claimed that the rupee’s slide against the dollar, touching Rs 80, and the inflation in the country should be viewed from a global perspective.

Chronicle Live

Interest hits 1.75% in biggest rise in 27 years - here's what it means for you

The Bank of England has confirmed that interest rates will shoot from 1.25% to 1.75% - the biggest percentage point rise in some 27 years.

Daily Mirror

All you need to know about rising interest rates including savings and mortgages

The Bank of England has increased its base rate from 1.25% to 1.75% - a rise of 0.5 percentage points. It argues that raising rates now will bring inflation under control sooner

Wales Online

Millions of people who claim these benefits to receive £150 cost of living payment in September

The announcement comes as the Bank of England warns that the UK faces a bleak year with inflation hitting 13%

The National (Scotland)

Boris Johnson and Keir Starmer both on holiday as economy crumbles

BORIS Johnson has come under fire for being on holiday while the UK is forecast to go into recession amid rising interest rates and inflation.

The Independent UK

Walmart is cutting 200 corporate jobs as profits fall with inflation

The company warned last month that as Americans tighten their belts on general merchandise to cover basic necessities, profits are expected to decline

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