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The Latest Breaking News on Economy

UK economy shrinks amid recession predictions

THE UK’s economy shrank over the last three months in what may be the beginning of the predicted recession.

The National (Scotland)

GDP: Economy contracts 0.1 % in second quarter amid cost of living crisis

Britain’s GDP fell 0.6 per cent in June as the cost of living crisis and working time lost during the national celebrations for the Queen’s Platinum Jubilee sent output tumbling.

Evening Standard

UK economy shrinks by 0.1% in second quarter as recession looms

ONS says two bank holidays to mark Queen’s jubilee contributed to fall in output in June

The Guardian - UK

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Shocktober: 10 reasons October will be worst month for Brits in 40 years

The cost of living crisis is getting worse and October is set to be a tough month for millions of families. We explain all the key dates and events to be aware of, including when energy bills will rise.

Daily Mirror

Energy crisis has pushed families to the brink

Letters: Prof Mike Stein and Peter Riddle on Labour’s policy void as Britain grapples with rising costs and inflation. Plus a stark warning by Dr Thomas Richardson on the heavy price people will pay in terms of mental health problems

The Guardian - UK

US jobless claims increase for second straight week

Unemployment claims remain close to the highest level since last November, the Labor Department said.

Al Jazeera

US jobless claims rise again, near highest since November

Applications for U.S. unemployment insurance rose for a second week and held near the highest level since November, indicating continued moderation in the labor market.

Tribune News Service

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Biggest UK fall in real wages for 100 years looms, warns TUC

Study shows pay rises could fall behind inflation by 8% later this year, an unprecedented drop in living standards

The Guardian - UK

US unemployment claims rise by 14,000 to 262,000

The number of Americans who signed up for unemployment benefits rose last week to the highest level since November, though the U.S. job market continues to show signs of strength

The Independent UK

Dead received NZ cost of living payment

New Zealand's opposition has described the government's much-vaunted cost of living payments as a "debacle" after cash went to backpackers and the deceased.

AAP

Tens of millions of working Brits set to be hit by 'stealth tax' of £30billion

Income tax thresholds, including the personal allowance, have been frozen for four years. But inflation is soaring and could hit 13% - meaning people will be dragged into paying more

Daily Mirror

India’s great untapped resource: its jobless young people

Young people have been taking to the streets across India, demanding governments act to provide more jobs. In the northern state of Bihar, large numbers protested on February at delays in filling public sector vacancies. Some of them had passed the required examinations but waited several years for their job…

The Conversation

Public services face cuts unless £26bn inflation hole plugged, IFS warns

Prices rises will cause cuts in healthcare, education and defence unless the Treasury intervenes, according to a leading economic think tank

The Independent UK

Public services need another £44bn by 2025 to cope with inflation, says IFS

Severe cuts to services feared as rising costs absorb a big chunk of increased departmental spending

The Guardian - UK

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Bangkok Post

MPC expected to raise interest rate Wednesday

The Monetary Policy Committee (MPC) is expected to raise the policy interest rate for the first time in two years by 0.25% on Wednesday to 0.75%, as inflation soared above 7% in the last two months, bringing an end to a low-interest era, analysts say.

The New Daily

Michael Pascoe: RBA jawbone has done its job with consumers

Consumer sentiment normally has a political bias – voters for the government of the day survey more optimistically than those supporting the opposition.

The Guardian - AU

ACTU pushes for caps on energy bills and a windfall tax on corporate profits ahead of jobs summit

Report proposes big changes to Australian economy including giving workers more clout to bargain for better pay

The Guardian - UK

Britain isn’t just facing a cost of living crisis: it’s facing a bonanza of corporate greed

Our politicians have opted to protect profits instead of people. Even my own party isn’t doing enough, says MP Zarah Sultana

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The Guardian - UK

Liz Truss doubles down on refusal to offer support over rising energy bills

Foreign secretary previously said she did not want to give ‘handouts’ to people struggling with cost of living

The New Daily

‘Turning point’: Business collapses spike but local recession still unlikely, say economists

The number of businesses falling into administration spiked in July as economists warn the economy is headed towards a “turning point”.

The Guardian - UK

Get over-50s back to work to tackle UK labour shortage, says John Lewis boss

Sharon White says government should ‘think much more’ about encouraging Covid retirees to return on flexible basis

ABC News

Business confidence rises with strong profits, but consumers are getting more pessimistic

Business confidence has risen, but consumer confidence is still deteriorating and economists warn it could be a sign of things to come.

The Guardian - UK

Worried about bills this winter? In Truss’s Titanic economics, only the rich will get a life raft

With a national catastrophe looming, the Tory leadership candidates have adopted a muscular ‘anti-welfare’ stance, says Guardian columnist Frances Ryan

The Guardian - UK

Truss and Sunak still haven’t grasped the magnitude of Britain’s cost of living crisis

Neither has an adequate plan – but a joint announcement of a generous package of help would boost confidence

The Guardian - UK

The Guardian view on the dog days of Boris Johnson’s premiership: crises, which crises?

Editorial: As the Conservative party talks to itself, a chance to grip the challenges of the autumn and winter is being wasted

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