London CNN Business — The decision by Jeremy Hunt, the new UK finance minister, to jettison the bulk of Prime Minister Liz Truss’ much-maligned plans to boost growth has come as a huge relief to investors, easing their worries about the sustainability of government finances. But even if “Trussonomics” has been tossed out and a […]
London CNN Business — After a bruising three-week battle with bond markets, UK Prime Minister Liz Truss admitted defeat on Friday. She fired her finance minister and gutted her economic program by promising to reinstate a big tax hike on corporations. Truss said she acted in the national interest to ensure economic stability and to […]
Inflation is soaring, markets are down and savings rates are still very low. But there’s one investment that offers a nearly 10% return for the next several months. But you’d need to act quickly. Until the end of this month, you have a chance to lock in a 9.62% rate for six months, October through […]
London CNN Business — The Bank of England is struggling to contain a crisis triggered by the UK government’s brash plans to borrow heavily to pay for tax cuts, feeding fears that the country’s financial markets could once again spin out of control. Almost 20 days after Finance Minister Kwasi Kwarteng unveiled his much-criticized plan […]
London CNN Business — Former Federal Reserve Chair Ben Bernanke, Douglas Diamond and Philip Dybvig were awarded the Nobel Prize in economics on Monday for their work on banks and financial crises. The three US economists were recognized by the Royal Swedish Academy of Sciences for their work in the early 1980s, which the institute […]
London CNN Business — Pension funds are designed to be dull. Their singular goal — earning enough money to make payouts to retirees — favors cool heads over brash risk takers. But as markets in the United Kingdom went haywire last week, hundreds of British pension fund managers found themselves at the center of a […]
New York CNN Business — Around the world, markets are flashing warning signs that the global economy is teetering on a cliff’s edge. The question of a recession is no longer if, but when. Over the past week, the pulse of those flashing red lights quickened as markets grappled with the reality — once speculative, […]
London CNN Business — EU governments agreed Friday to tax the windfall profits of oil and gas companies and to cap the revenues of some electricity generators as the cost of Europe’s energy crisis spirals higher. But energy ministers from the 27 EU member states failed to reach an agreement on a proposal by the […]
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 […]
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 […]