UK economy: What next as crisis crisis after hits?

UK economy: What next as crisis crisis after hits?

London CNN Business — There was good news and bad in Friday’s revised data about the UK economy. It grew — marginally — in the second quarter of the year, rather than shrinking as previously estimated. But the latest update from the Office for National Statistics also showed that the United Kingdom is the only … Read more

UK economy: What next as crisis crisis after hits?

UK economy: What next as crisis crisis after hits?

London CNN Business — There was good news and bad in Friday’s revised data about the UK economy. It grew — marginally — in the second quarter of the year, rather than shrinking as previously estimated. But the latest update from the Office for National Statistics also showed that the United Kingdom is the only … Read more

US officials troubled by controversial UK tax cut plan

Liz Truss's premiership has got off to the worst start possible

New York CNN — US officials are increasingly troubled by the United Kingdom’s proposal to slash taxes at a time of crushing inflation, a plan that has ignited turbulence in financial markets. UK Prime Minister Liz Truss’s tax-cut plan has drawn criticism from economists and investors and prompted the Bank of England to calm panicked … Read more

Jobless claims hit five-month low despite Fed’s efforts to slow labor market

Jobless claims hit five-month low despite Fed's efforts to slow labor market

A person arranges groceries in El Progreso Market in the Mount Pleasant neighborhood of Washington, DC, August 19, 2022. Sarah Silbiger | Reuters Initial filings for unemployment claims fell last week to their lowest level in five months, a sign that the labor market is strengthening even as the Federal Reserve is trying to slow … Read more

Erdogan says Turkey will keep cutting interest rates, mocks British pound

Erdogan says Turkey will keep cutting interest rates, mocks British pound

Turkish President Tayyip Erdogan addresses members of his ruling AK Party (AKP) during a meeting at the parliament in Ankara, Turkey May 18, 2022. Murat Cetinmuhurdar/Presidential Press Office/Handout via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. NO RESALES. NO ARCHIVES. MANDATORY CREDIT Murat Cetinmuhurdar | Reuters Turkey will keep cutting interest rates, … Read more

Record number of UK mortgage deals pulled as market mayhem takes hold

Record number of UK mortgage deals pulled as market mayhem takes hold

Overall, 935 mortgage products were pulled from the market on Tuesday, according to data from money comparison site Moneyfacts. Photo by Richard Baker | In Pictures | Getty Images LONDON – Hundreds of residential mortgage deal offers in the UK have been pulled after market chaos sparked concerns about base rates rising as high as … Read more

Markets are now treating UK bonds like Greek and Italian debt

Markets are now treating UK bonds like Greek and Italian debt

London CNN Business — The pound may have paused its headlong crash toward parity with the US dollar, but the damage to the UK economy sparked by Prime Minister Liz Truss’ huge tax-cutting gamble is still rippling through financial markets. Sterling stabilized early Tuesday to trade near $1.08, bouncing off Monday’s record low of around … Read more

Premarket stocks: Ronald Reagan’s tax lesson for Britain

Premarket stocks: Ronald Reagan's tax lesson for Britain

A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. New York CNN Business — The British pound hit a record low against the dollar on Monday … Read more

UK lenders halt mortgage deals to customers after market chaos

UK lenders halt mortgage deals to customers after market chaos

The British bond and currency markets have been in turmoil since Finance Minister Kwasi Kwarteng announced his “mini-budget” on Friday. Oli Scarff | Getty Images News | Getty Images LONDON – UK lenders Virgin Money, Halifax and Skipton Building Society pulled some of their mortgage deals to customers after the tumult in British bond markets. … Read more

Haiti sees more protests as fuel price hike worsens public anger | Inflation News

Haiti sees more protests as fuel price hike worsens public anger |  Inflation News

Haitian government’s decision to raise fuel costs adds to ongoing anger over gang violence, soaring inflation. People have taken to the streets in several cities across Haiti after the government announced a substantial increase in the price of fuel that will further squeeze a population already struggling with soaring costs of living. The Haitian authorities … Read more