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The Latest Breaking News from Inflation

Sunak and Truss clash over recession warning in debate

British foreign minister Liz Truss clashed over the future of the economy with former finance minister Rishi Sunak on Thursday as the two contenders to be Britain's next prime minister debated the Bank of England's warnings of a long recession.

Reuters

Sunak accuses Truss of plans that would pour ‘fuel on the fire’ of recession

Rival insists shrinking economy is not ‘inevitable’

The Independent UK

Rishi Sunak wins over Sky audience as he says public don't care about his bank account

Challenged over whether his wealth made him difficult for the public to relate to, Mr Sunak responded: "I think people judge people by their character rather than their bank account"

Daily Mirror

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Truss insists recession not inevitable as Sunak warns she will make things worse

Rishi Sunak warned pouring ‘fuel on the fire’ could create ‘misery for millions’ as he hit out at his Tory leadership rival’s plans.

The Independent UK

Biden, Republicans spar over impact of Dems' economic plan

Democrats call it the “Inflation Reduction Act.”

The Independent UK

Schumer announces Senate vote for major climate and healthcare bill on Saturday

The motion to proceed tees up the final vote for Democrats’ climate and health care.

The Independent UK

Is the declining rupee a crisis or an opportunity?

There is an expectation of further depreciation, which can lead to further capital outflows

The Hindu

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The Week Ahead: Investors look ahead of today’s inflation as more rate hikes loom

It has been almost five months since the Federal Reserve turned its full attention and force of action toward fighting inflation. We may see if it’s having any material effect with the July inflation data released in the week ahead.

Miami Herald

Bank Of England Raises Rates Again, Says UK Is Entering Recession: Will The US Fed Follow Suit?

The Bank of England has now raised rates at six consecutive meetings to try and combat the U.K.’s rampant inflation. Its interest rate now stands at 1.75%.

Benzinga

RBA warns on inflation, downgrades growth

The central bank has released its quarterly Statement on Monetary policy, setting out new forecasts for the economy, labour market, wages and inflation.

AAP

Boris Johnson and Chancellor Nadhim Zahawi on holiday despite financial gloom

Both men were away from Westminster as the Bank of England raised interest rates again and warned of the longest recession since the financial crisis.

The Independent UK

Rupee slide, inflation should be viewed from a global perspective: Amit Shah

BENGALURU: Union minister for home and cooperation Amit Shah on Thursday claimed that the rupee’s slide against the dollar, touching Rs 80, and the inflation in the country should be viewed from a global perspective.

The Times of India

Interest hits 1.75% in biggest rise in 27 years - here's what it means for you

The Bank of England has confirmed that interest rates will shoot from 1.25% to 1.75% - the biggest percentage point rise in some 27 years.

Chronicle Live

All you need to know about rising interest rates including savings and mortgages

The Bank of England has increased its base rate from 1.25% to 1.75% - a rise of 0.5 percentage points. It argues that raising rates now will bring inflation under control sooner

Daily Mirror

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Wales Online

Millions of people who claim these benefits to receive £150 cost of living payment in September

The announcement comes as the Bank of England warns that the UK faces a bleak year with inflation hitting 13%

The National (Scotland)

Boris Johnson and Keir Starmer both on holiday as economy crumbles

BORIS Johnson has come under fire for being on holiday while the UK is forecast to go into recession amid rising interest rates and inflation.

The Independent UK

Walmart is cutting 200 corporate jobs as profits fall with inflation

The company warned last month that as Americans tighten their belts on general merchandise to cover basic necessities, profits are expected to decline

Liverpool Echo

Council shares auditor concerns over looming financial challenge

Cllr Paul Brant said inflation was hitting Liverpool Council hard

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Daily Mirror

Liz Truss and Rishi Sunak tear into each other as Britain heads for recession

Both candidates to be the next Prime Minister questioned the other's approach as Labour warned that the Tories "have lost control of the economy"

Reason

Are the Inflation Reduction Act's Climate Goals Plausible?

A 40 percent cut in U.S. greenhouse gas emissions by 2030 is possibly achievable.

Evening Standard

Hundreds of Amazon workers down tools at Essex warehouse over ‘pathetic’ 35p an hour pay rise

Pay protest comes as inflation is expected to peak at 13% this year

The Independent UK

Long-term mortgage rates under 5% for 1st time in 4 months

The average long-term U.S. mortgage rate fell below 5% for the first time in four months this week, just after the Federal Reserve jacked up its main borrowing rate in an aggressive effort to get inflation under control

Al Jazeera

Bank of England raises interest rates in bid to tame inflation

UK’s central bank hikes key interest rate to 1.75 percent, its highest level since 2008, and warns of recession ahead.

The National (Scotland)

What rise in interest rates mean for first-time buyers - and your mortgage payments

THE UK is set to fall into its longest recession since the financial crisis and inflation will peak at more than 13 as gas prices soar, the Bank…

The National (Scotland)

How will inflation affect me as it rises again to 1.75 per cent

The Bank of England today voted to raise interest rates to their highest level since 2008. This is also the single-biggest rise since 1995.

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