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The Latest Breaking News from Inflation

Liz Truss says she wants to cut top rate of tax eventually and says she does trust Kwasi Kwarteng as chancellor – as it happened

PM says says she backs idea to abolish tax cut for high earners in principle despite shelving it for now

The Guardian - UK

Greggs rolls into Canary Wharf as sales surge

‘Pastry powerhouse’ is due to complete 150 new store openings by year end

Evening Standard

Row over Universal Credit and other DWP benefits amid fears of Liz Truss cut

Ms Truss and Kwasi Kwarteng may announce a real-terms cut in benefits

Wales Online

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Pound at two-week high as FTSE 100 posts best day since June – as it happened

Chancellor denies reports that he will bring his medium-term fiscal plans forward to this month, despite pressure from markets and MPs

The Guardian - UK

Australian central bank lifts cash rate to 9-year high 2.6%

Australia’s central bank has boosted its benchmark interest rate for a sixth consecutive month to a nine-year high of 2.6%

The Independent UK

Interest rates rise slower as RBA inflation battle enters new phase

The RBA took its foot off the accelerator approving a smaller interest rates rise as the battle to curb inflation enters a new phase.

The New Daily

Interest rates rise again as Reserve Bank lifts cash rate to 2.6%

RBA on Tuesday raised its cash rate 25 basis points as it seeks to stifle inflation

The Guardian - AU

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Mortgage bills to soar again as RBA unveils record-breaking sixth interest rate hike in a row

The RBA approved a record breaking sixth interest rate rise in a row on Tuesday, lifting its target cash rate 0.25 percentage points.

The New Daily

Economic recovery likely intact: Bank of Thailand

Thailand's economic recovery is likely intact and inflation should ease next year, the central bank chief said on Tuesday. Bank of Thailand (BoT) Governor Sethaput Suthiwartnarueput was speaking to a business seminar. The BoT has forecast economic growth of 3.3% for this year and 3.8% next year.

Bangkok Post

Bristol City Council could face £88m shortfall by 2027, report reveals

Late papers to cabinet reveals "worst-case scenario"

Bristol Post

'Shameless PM and Chancellor forced into 45p U-turn by public backlash'

Savage cuts to key public services, benefits losing value by rising below inflation and expensive extra borrowing are also on the way

Daily Mirror

Murray Watt says the government is providing the largest cost-of-living increase to welfare recipients in 30 years. Is that correct?

Cabinet minister Murray Watt says the government is providing the largest cost-of-living increase to welfare recipients in 30 years. RMIT ABC Fact Check investigates.

ABC News

Inflation Keeps U.S. From Stepping In to Slow Dollar's Rapid Rise

U.S. policy makers aren't likely to take action to slow the dollar's rapid rise despite rising risks of global financial turmoil, analysts say, largely because a strong greenback helps fight domestic inflation.

Bangkok Post

Here's what was happening in Australia the last time the cash rate rose this quickly

The rapid increase in interest rates feels all too sudden for borrowers, but it's not the first time this has happened. Here's how events played out almost 30 years ago.

ABC News

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The Independent UK

Chancellor under pressure to back benefits increase

Kwasi Kwarteng has refused to confirm whether benefits will be uprated in line with inflation.

The Guardian - UK

UN accuses richest countries of ‘imprudent gamble’ in inflation fight

Report says policies of high interest rates and austerity risk triggering global recession that will hit developing nations hardest

France 24

Global food crisis: Famine in Somalia 'on the horizon', ONE Campaign warns

The Covid-19 pandemic, the war in Ukraine, runaway inflation and climate change are all fuelling a global food security crisis. Gayle E. Smith is the chief executive officer of the ONE Campaign, an NGO co-founded by the singer Bono. She spoke to FRANCE 24 about fighting extreme poverty in the…

Newsroom.co.nz

Liz Truss' failed bid to become a 21st-Century Margaret Thatcher

In 1981 Thatcher took the drastic but successful step of increasing taxes by 2% of GDP to tackle interest rates and inflation. But Truss has just done a reverse-Thatcher, says Oliver Hartwich

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The Conversation

Pound recovers but remains at low levels – how to assess the long-term value of sterling

The pound has recovered from a recent record dip after the chancellor’s mini-budget announcement. But it is still at low levels versus many other currencies.

The National (Scotland)

Tory public service cuts of £18bn to pile MORE pressure on Scottish budget

FRESH plans for a new wave of Tory austerity will deliver a “hammerblow” to struggling households and put further pressure on Scotland’s…

StockNews.com

2 Stocks to Add to Your Must-Buy List in Q4

After a disappointing third-quarter performance, investors should brace themselves for an enhanced market uncertainty in the fourth quarter amid the Fed’s persistent rate hikes to tame stubborn inflation and growing recession fears. Hence, we think it could be wise to add resilient and dividend-yielding stocks Johnson & Johnson (JNJ) and…

Daily Mirror

Solemn 'no cuts' promise Liz Truss made 3 months ago - that she's now set to break

This morning Chancellor Kwasi Kwarteng refused to rule out a return to Tory austerity after a humiliating tax U-turn - but in July Liz Truss unequivocally told The Mirror that her plans would not involve slashing services

StockNews.com

2 Green Energy Stocks That Have Lost Their Value in 2022

The green energy industry is expected to grow significantly in the coming years, thanks to sustained demand for renewable energy amid rising climate concerns worldwide, technological advancements, and increasing government and corporate investments. However, input price inflation, supply chain disruptions, and broader market jitters have adversely impacted many fundamentally weak…

Daily Mirror

Tory Esther McVey warns Liz Truss slashing benefits will be a 'huge mistake'

The former Work and Pensions Secretary joined the chorus against Liz Truss warning 'it cannot be that the books are balanced on the back of benefits. That is not right at all'

The Independent UK

Chancellor again declines to say if benefits will rise in line with inflation

It comes as the Government U-turned on plans to cut the top rate of income tax for the highest earners.

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