Soaring inflation stokes sharp rise in companies suffering critical financial distress Over 500,000 companies in distress as Repayment of Covid-support loans adds to pressure Evening Standard · Aug 5, 2022
Interest rates – live: Bank of England confirms rise to 1.75% as inflation to hit 13% UK to enter ‘deep and protracted’ recession, Bank warns The Independent UK · Aug 5, 2022
Tax remains key divide as leadership campaigns respond to economic outlook Liz Truss’s campaign has argued for implementing tax cuts quickly, while the Sunak campaign has warned against too much borrowing. The Independent UK · Aug 5, 2022
Workers asking for pay rises risk embedding inflation, says Bank boss 'If everybody tries to beat inflation – in price-setting and wage-setting – it gets worse,’ warns Andrew Bailey The Guardian - UK · Aug 5, 2022
Bank of England governor urges workers to limit pay rise demands to help others without ‘bargaining power’ Andrew Bailey also rejected criticism bank should have raised interest rates sooner The Independent UK · Aug 5, 2022
No emergency cost of living help for at least a month, says minister Business secretary Kwasi Kwarteng says support will not be introduced until ministers return to work The Guardian - UK · Aug 5, 2022
New York nonprofits serving disabled adults struggling with food, fuel costs as inflation surges NEW YORK — A nationwide surge in food and gas prices has hit particularly hard for some nonprofits serving vulnerable New Yorkers. Tribune News Service · Aug 5, 2022
Ramesh Ponnuru: The Democrats are taking Joe Manchin for a ride In the week since he reached a deal with Senate majority leader Chuck Schumer on the “Inflation Reduction Act,” Sen. Joe Manchin has been everywhere promoting it. One of the West Virginia Democrat’s top selling points is the promise to speed up permitting for U.S. energy production. Tribune News Service · Aug 5, 2022
Northern Ireland consumer confidence slashed by runaway inflation More than half of those surveyed expect their financial position to worsen in the next year Birmingham Post · Aug 5, 2022
As recession fears grow, strong US hiring is likely slowing The American job market has defied raging inflation, rising interest rates, growing recession fears The Independent UK · Aug 5, 2022
Fuel prices Ireland: Cheapest petrol and diesel in Dublin today as prices plummet in three stations Global inflation and the war in Ukraine have led to skyrocketing prices as tens of thousands are struggling to make ends meet Dublin Live · Aug 5, 2022
Average UK house price falls month on month for first time since June 2021 Following a year of exceptionally strong growth, house prices fell by 0.1% month on month in July, Halifax said. The Independent UK · Aug 5, 2022
Cost of living squeeze deepens as recession looms; Felixstowe port strike dates set – as it happened Strike action will begin on 21st August after talks failed to produce a reasonable pay offer, says Unite union The Guardian - UK · Aug 5, 2022
Asian stock markets rise ahead of US jobs data Asian stock markets are higher ahead of an update on the health of the U.S. jobs market while the Federal Reserve weighs whether more rate hikes are needed to cool surging inflation The Independent UK · Aug 5, 2022
The Independent UK · Aug 5, 2022 India raises interest rate to 5.4%, in 3rd hike since May India’s central bank has raised its key interest rate by a half percentage point to 5.4% in its third such hike since May as it focuses on containing inflation
WEKU · Aug 5, 2022 The Bank of England predicts a lengthy recession at the end of the year Soaring natural gas prices are likely to drive consumer price inflation to 13.3% in October, the bank said. That will push Britain into recession later this year, bank forecasts show.
The Guardian - UK · Aug 5, 2022 Friday briefing: What the interest rate spike means for the country – and for you In today’s newsletter: The biggest rate rise in nearly 30 years comes amid forecasts of economic decline. How bad might it be?
Reuters · Aug 5, 2022 Analysis-Global rice supplies at risk as harsh weather hits top exporters Adverse weather across top rice suppliers in Asia, including the biggest exporter India, is threatening to reduce the output of the world's most important food staple and stoke food inflation that is already near record highs.
Al Jazeera · Aug 5, 2022 APEC slashes growth forecasts on inflation, Ukraine risks Intergovernmental forum forecasts 2.5 percent growth in 2022, down from 3.2 percent in May.
Bangkok Post · Aug 5, 2022 Headline inflation slows slightly in July as rate hike looms Thailand's headline inflation rate slowed in July for the first time this year, helped by government support measures, but the pace was still near a 14-year high, reinforcing a view of an interest rate hike next week.
The Times of India · Aug 5, 2022 Loan EMIs to go up after RBI hikes rates by 50 basis points to 5.4% NEW DELHI: Loan EMIs are set to rise, with the Reserve Bank of India on Friday hiking key repo rate by 50basis points (bps) to 5.4 per cent in a bid to tame inflation in the country and support growth.
The Guardian - AU · Aug 5, 2022 Reserve Bank more pessimistic than government about when inflation will decline Quarterly statement on monetary policy suggests RBA may need to hoist interest rates higher for longer
WEKU · Aug 5, 2022 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.
Birmingham Post · Aug 5, 2022 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
The Guardian - AU · Aug 5, 2022 ‘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