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The Latest Breaking News on Economy

Pound hits all-time low against dollar and is now worth just $1.03 after Mini-Budget

The pound plunged to a record $1.03 low against the US dollar this morning as international markets continued to reject Kwasi Kwarteng's tax-cutting Mini-Budget

Daily Mirror

Why the ‘Barber boom’ that Kwasi Kwarteng’s mini-budget recalls was destined for disaster

A reckless dash for growth is nothing new. Ted Heath’s chancellor Anthony Barber tried one in 1971, but it didn’t turn out well

The Guardian - UK

Beto O’Rourke says US guest-worker program would help slow inflation

Beto O’Rourke, the Democrat running for Texas governor, said his plan for a guest-worker program would help slow inflation and alleviate a worker shortage that plagues agriculture and other U.S. industries.

Tribune News Service

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Shifting into the new equilibrium

From our point of view, the global economic landscape in the fourth quarter will be very important. We believe that the coming quarter will bring a shift in the global economic picture to a new equilibrium.

Bangkok Post

Pound sinks in reaction to huge UK stimulus

LONDON: The British pound plunged to a 37-year low and stocks sank after the government delivered the most sweeping tax cuts since 1972, as economists warned that the ambitious plan was unsustainable at a time when inflation is rampant.

Bangkok Post

Treasury minister claims mini-Budget has boosted pound – as it hits 37-year low

Chris Philp red-faced after saying ‘Great to see sterling strengthening on the back of the new UK Growth Plan’

The Independent UK

Martin Lewis brands the mini-budget ‘staggering’

Lewis said ‘I really hope it works. I really worry what happens if it doesn’t’

Evening Standard

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City Comment: Tax giveaways at odds with wider sentiment

Some warm words today from our new chancellor. Kwasi Kwarteng wants to “turn the vicious cycle of stagnation into a virtuous cycle of growth”, something he believes can be achieved by a bunch of supposedly City-pleasing tax cuts.

Evening Standard

Pound plummets to 37-year low as Kwarteng unveils ‘growth plan’ for UK economy

Former Bank of England policy maker cautions government’s economic plan will “end in tears”

The Independent UK

Budget 2023: Irish businesses may be in line for energy credits and other supports

As many Dublin businesses, particularly those in the retail and hospitality sectors, face into an uncertain winter with soaring energy bills they may receive much needed assistance

Dublin Live

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

Jonathan Levin: Fed splits the difference on labor market pain

The Federal Reserve is inching toward acknowledging how painful its inflation fight is likely to be, but it’s still a lot closer to the optimists than the pessimists.

Tribune News Service

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

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The Guardian - 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

Wales Online

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

The Guardian - AU

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 - UK

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

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StockNews.com

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…

Axios

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.

Irish Mirror

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.”

The Independent UK

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

Tribune News Service

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.

The Independent UK

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

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