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The Latest Breaking News from Inflation

From pandemic solidarity to bitter enemies: how Tories turned on workers

Spirit of consensus has gone as ministers seek a scapegoat for the stagflation affecting the economy

The Guardian - UK

Pay rise warning after DWP state pension triple lock hikes

Retirees are set to see double digit payments increases next year

Liverpool Echo

IMF Says Ready to Begin Aid Talks with Tunisia

The International Monetary Fund is set to begin formal talks on a new financial aid package for Tunisia, to help the North African nation deal with the dire economic situation, an IMF official said Wednesday. The country has been in preliminary discussions with the global lender for a new loan…

Asharq Al-Awsat

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The Loop: An Australian quantum computing breakthrough, a mining industry sexual assault report, and which dog won Westminster's Best in Show

Get up to speed on today's headlines with The Loop.

ABC News

Strikes cripple Britain's railways, BA staff vote for walkout

Strikes crippled Britain's rail network for the second day this week and staff at British Airways voted for a walkout on Thursday amid warnings the country was facing a summer of industrial discontent.

Reuters

Allison Schrager: Inflation ate your free lunch, but you’re still better off

Believe it or not, we live in the best of times. It’s been a crazy few decades, with a pandemic, rising inequality, slowing growth and productivity, and major changes in the economy. But generally, most people experienced huge gains in living standards. We shudder to think what life was like…

Tribune News Service

Strikes cripple Britain's railways, unions warn of more to come

Strikes crippled Britain's rail network on Thursday as union bosses, train operating firms and the government faced off over demands that workers' pay increases keep pace with surging inflation.

Reuters

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Soaring inflation pushes UK borrowing to £14bn in May

Interest on debt payment leaps 70% on a year ago to £7.6bn, a monthly record

The Guardian - UK

Interest payments on government borrowing soar to May record as inflation rises

The ONS said surging levels of inflation sent interest payments on government debt to a May record of £7.6 billion.

The Independent UK

FTSE 100 Live: Public finances hit by surge in debt costs, oil below $110

Debt interest payments by the Government soared in May as inflation’s surge hit the public finances.

Evening Standard

Six Brexit problems six years after the EU referendum

The problems are far from resolved six years on

The Independent UK

Rishi Sunak warned ‘recession is the new enemy’ as sky-high inflation hits millions

Rishi Sunak was warned on Thursday that “recession is the new enemy” as sky-high inflation hits millions of families and many businesses.

Evening Standard

UK economy ‘running on empty’ as high inflation threatens recession, and drives up borrowing costs – as it happened

UK business confidence falls to levels that signal a recession, as new orders growth weakens

The Guardian - UK

Markets Fluctuate, Oil Falls again as Recession Warnings Build

Asian markets struggled Thursday to recover from the previous day's battering, while oil extended losses, after Federal Reserve boss Jerome Powell admitted the economy could tip into recession as the bank hikes interest rates to fight runaway inflation. Soaring prices and central banks' battle to rein them in have sent…

Asharq Al-Awsat

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The Independent UK

Asian stocks higher after Wall St declines on growth worries

Asian stock markets are mostly higher after the Federal Reserve chairman said the U.S. central bank wants to avoid causing a recession but one is possible as it raises interest rates to cool surging inflation

ABC News

ACTU Secretary Sally McManus says Reserve Bank in 'boomer fantasy land' over wage-price spiral fears

ACTU Secretary Sally McManus warns that the Reserve Bank is out of touch and living in "boomer fantasy land" if it thinks workers can afford real cuts to their wages.

Bangkok Post

Bank of Thailand should urgently hike rates: Korn

The Bank of Thailand (BoT) should urgently hike interest rate to prevent a further spike in inflation and ease the burden on low-income groups already reeling from the rising cost of living, according to Korn Chatikavanij, a former finance minister.

Daily Record

Inflation is back with a vengeance and now we're paying the price for hypocrisy

Tiree islander Karl Hughes had to sell his home as a result of sky-high diesel prices at his local garage.

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Benzinga

Bitcoin, Ethereum, Dogecoin Slip: Fed's Powell Stirs Recession Fears, But Is Crypto Selloff Showing 'Exhaustion?'

Bitcoin, Ethereum and major coins traded lower on Wednesday evening as the global cryptocurrency market cap slipped 2.1% to $887.6 billion at press time.

AAP

Dutton doesn't want RBA board compromised

ACTU secretary Sally McManus has criticised the make-up of the Reserve Bank board, but Opposition Leader Peter Dutton doesn't want to see a union leader on it.

The Independent UK

Teachers strike would be ‘unforgivable’ after Covid disruption, Zahawi says

It came as the biggest teachers’ union warned of industrial action and called for an inflation-busting pay rise

Los Angeles Times

Biden asks Congress to suspend gas tax for 3 months

WASHINGTON — President Joe Biden on Wednesday asked Congress to suspend the federal gas tax through September, a move that he said could shave off 18 cents per gallon and “give families just a little bit of relief.”

The Guardian - UK

English schools warn of acute teacher shortages without ‘inflation plus’ pay deal

Figures show impact of pay on recruitment as unions tell education secretary to compensate for inflation or face strikes

Daily Mirror

Fat Cat bosses at firms facing strikes earn up to 86 times average wage of workers

While Boris Johnson boasts about wanting a high-wage society, the PM insisted staff asking for pay rises to make ends meet would further raise inflation

Daily Mirror

Asda customers forced to ask staff to stop scanning food mid-checkout

New records show that supermarket prices have hit a 13-year high, resulting in shoppers struggling more and more to afford what they want and need

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