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The Latest Breaking News from Inflation

Brexit will make a bad recession even worse. But Sunak and Truss won’t question it

The Tory leadership contenders are pursuing a dangerous nirvana of low taxation while ignoring the damage inflicted by leaving the EU

The Guardian - UK

Cost of living crisis: four things the government could do to help

Policy levers ministers could be pulling as rocketing gas prices fuel spiralling inflation

The Guardian - UK

The Observer view on the Tory party leaving Britons to face the crisis alone

As millions face hardship thanks to soaring bills, the Tories are focused on their next leader rather than the emergency at hand

The Guardian - UK

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Republicans amplify Bernie Sanders’s criticisms of Democrats’ climate and health care legislation

Sanders defends Republicans parroting his criticisms, says ‘the truth is the truth’

The Independent UK

Just Gonna Say It: Inflation Is The Ultimate Cockblock Of 2022

Abstinence is all I can afford right now.

Pedestrian.tv

Democrats clear first hurdle on health care, tax and climate bill

WASHINGTON — Senate Democrats on Saturday advanced their long-delayed health care, tax and climate bill following months of back-and-forth on whether the party would be able to pass major legislation addressing some of their progressive priorities before the midterm election.

Los Angeles Times

Democrats clear first hurdle on health care, tax and climate bill

Los Angeles Times

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UK's Liz Truss ready to speed up tax cut plan, newspaper says

Liz Truss, the front-runner to become Britain's next prime minister, plans to rush through tax cuts earlier than planned in an attempt to boost the country's flagging economy, the Sunday Telegraph reported.

Reuters

Sunak slams Truss’s ‘starry-eyed boosterism’ as clashes over economy continue

Ms Truss vowed to use a September emergency budget to “immediately” cut taxes.

The Independent UK

Democrats brace for insulin fight on Inflation Reduction Act

Democrats want to cap the price of insulin to $35

The Independent UK

Senate Democrats are confident as GOP tries to kill climate and inflation deal

Sen Dianne Feinstein told The Independent she doesn’t “anticipate a problem [getting the legislation passed].”

The Independent UK

What Is The Stock Buyback Tax? What To Know About The Biden/Manchin/Sinema Compromise

With the support of Senator Kyrsten Sinema, Democrat lawmakers were able to secure sufficient votes for a new tax that will be introduced as part of the Inflation Reduction Act of 2022.

Benzinga

Gordon Brown: ‘Set emergency budget or risk a winter of dire poverty’

Former PM has warned of a financial timebomb awaiting families as Labour plans a major intervention to address crisis

The Guardian - UK

Drug price bill pruned in Senate in partial industry win

Medicare was cleared to negotiate drug prices for the first time by the Senate’s top rules official, though the Democrats’ proposal intended to cap price increases for prescription drugs in the commercial market was blocked.

Tribune News Service

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Tribune News Service

Drug price bill pruned by Senate arbiter in partial industry win

Newsroom.co.nz

Reserve Bank's bitter medicine harms the patient it's trying to save

Facing a cost of living crisis, the Government can open a modern economic toolkit and move from Wellbeing Budgets to a Wellbeing Economy.

StockNews.com

Recession or Not Recession…That Is the Question

Every investor appreciates that recessions and bear markets go hand in hand. But the definition of a recession often seems more difficult to pin down. So are we in a recession? And if not, then does that mean that disaster has been averted or that the pain train is still…

The Independent UK

Senate parliamentarian kills key part of Democrats’ prescription drug plan in the Inflation Reduction Act

The plan would cause manufacturers to rebate Medicare if they increased drug prices higher than inflation.

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The Independent UK

Progressive Democratic Senators say they will vote against amendments to Inflation Reduction Act

The remarks come ahead of the “vote-a-rama” to add amendments to the legislation as many Democrats cite it as a chance to tackle climate change.

Salon

4 ways your TV subscriptions can change

Platforms are scrambling to limit damage, with Amazon Prime the latest to announce a price hike to combat inflation

Daily Mirror

Pensioners will be just 8p better off than they were in 2009 due to soaring inflation

Labour analysis of Bank of England figures shows annual pensions worth £6,930 13 years ago will only see a real terms increase to £6,934 by next March

The Independent UK

Truss insists on tax cuts not ‘handouts’ to help families amid spiralling prices

The Tory leadership hopeful said her plans could avert a downturn.

Axios

Credit-card debt is soaring

Credit card balances are defying the gravitational pull of inflation.

Reuters

Bangladesh announces fuel price jump, stokes inflation fears

Bangladesh raised fuel prices by around 50% on Saturday, a move that will trim the country's subsidy burden but put more pressure on inflation that is already running above 7%.

WEKU

Gas prices are finally dropping. Here are 4 things to know

The average price of gasoline nationwide is expected to drop below $4 a gallon in the coming days as prices continue to fall from the record highs hit in June.

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