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The Latest Breaking News on Economy

OBR halves UK growth forecast and warns inflation will exceed 2% target until 2025

Despite £27bn windfall for the autumn statement, government forecaster warns of generally more difficult outlook until 2028

The Guardian - UK

OPINION - The Standard View: Jeremy Hunt is walking a tightrope on tax cuts

Having met his pledge to halve inflation by the end of the year — albeit thanks to the Bank of England — Rishi Sunak has confirmed that tax cuts will be in tomorrow’s Autumn Statement. Much of the focus is likely to fall on business taxation in the face of…

Evening Standard

Sunak says he will cut taxes ‘over time’ as he reveals new economic priorities

PM signals that business tax cuts more likely than personal ones as he sets out ‘next phase’ of government’s economic plan

The Guardian - UK

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PM unveils five new pledges as he promises tax cuts ahead of Autumn Statement

RISHI Sunak has said he is taking “five long-term decisions” in a bid to grow the economy and public finances.

The National (Scotland)

Cashed up schools get $3b in bonus funding: report

New analysis has found taxpayers are forking out $2.9 billion over the next six years over and above private schools' needs-based funding.

AAP

Finally a bump in wages — a one-off, but welcome anyway

Australian workers had real wages growth on average in the September quarter — if only of 0.1%.

Crikey

Robust wage print expected as one-off pay bumps hit

Workers' wages have been growing strongly in a tight labour market, with new data set to show how quickly pay packets are expanding.

AAP

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The U.S. Needs a Fiscal Commission Because Congress Won't Do Its Job

In the last 50 years, when the budget process has been in place, Congress has managed only four times to pass a budget on time.

Reason

Jobs report shows marked slowdown as UAW strike, uncertain outlook tame hiring, lift unemployment rate

Hiring slowed sharply in October while wage pressures eased as the Federal Reserve's long run of rate hikes begins to affect the world's largest economy.

The Street

Bank of England expected to keep interest rates unchanged amid risk of recession

Bank of England’s Monetary Policy Committee announces its next interest rates decision on Thursday

The Independent UK

Spending Recklessly in Good Times Is a Recipe for Disaster in Bad Times

Years ago, when interest rates were low, calls for the federal government to exercise fiscal restraint were dismissed. That was unwise.

Reason

Fed Preview: Powell to keep rate options open amid resilient economy, surging Treasury yields

Surging Treasury bond yields are doing some of the Fed's work in taming inflation pressures, but with an economy growth and 4.9%, while still adding hundreds of thousands of jobs every month, inflation pressures remain real.

The Street

Stock Market Today: Stocks Extend Monthly Losing Streak

The main indexes ended Tuesday with modest gains but finished October in the red.

Kiplinger

An unfolding economic tragedy

A sober analysis of GDP growth just before and after COVID points to a medium-term annual GDP growth forecast of 3%-4%

The Hindu

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The Guardian - UK

Sunak ‘highly unlikely’ to meet promise to cut NHS waiting lists, warn health leaders

‘Sobering’ analysis suggests backlog will rise to 8 million next summer after a decade of underinvestment in the NHS

The Hindu

Crushed by inflation, populace using loans to make ends meet: Congress

The October bulletin ‘shows extremely concerning economic trends’ as inflationary trends have remained above the RBI’s threshold level of 4%.

Evening Standard

UK 'skirts with recession' as private sector declines again, PMI survey finds

A recession might already be underway as the Bank of England's recent interest rate hikes slow the economy

The Hindu

MGNREGS is a demand-driven scheme, no question of deficit in it: Rural Development Minister Giriraj Singh

Union Minister Giriraj Singh says MGNREGS is demand-driven, no scope of deficit. Finance Ministry has given blank cheque to meet shortfall. Govt. has shifted to DBT & Aadhaar seeding of job cards to bring transparency.

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The Independent UK

Britain needs economic and fiscal policy ‘reset’ to fight future crises – report

The Resolution Foundation is warning the UK is on course for debt to rise to around 140% of economic output over the next 50 years.

The Independent UK

UK wages outstrip inflation for first time in two years

Chancellor Jeremy Hunt welcomes ‘good news’ – but unions say only ‘small respite’ for many workers

The Independent UK

UK economy in ‘horrible bind’ as recession looms with no room for tax cuts, say experts

Britain in for ‘protracted period of high taxes and tight spending’, says Institute for Fiscal Studies

The Independent UK

Councils call for rethink over ‘failing’ support for economically inactive

Various schemes which should support people back into work do not respond to people’s needs, according to the Local Government Association.

The Independent UK

UK economy in ‘horrible’ bind with no room for tax cuts as recession looms – IFS

Britain is heading towards a recession next year as borrowing costs stay elevated, the IFS warned in its latest Green Budget.

The Hindu

Festive cheer: Urban consumer confidence at seven-year peak | Data

Urban consumers enter 2023 festival season w/ more confidence than 7 years ago. RBI's Consumer Confidence Survey finds 36% of respondents say general economic situation improved, 25% say income improved, & 91% say price levels of commodities increased. FEI hit highest level in 4 years.

The Guardian - UK

US inflation sticks at 3.7%; UK recession fears linger despite August growth; Ikea to cut prices – as it happened

UK services sector lifts economy back to growth in August, but BoE policymaker Swati Dhingra warns that economy is flatlining

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