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Economy
Italy announces €24bn of tax cuts and wage increases to boost the faltering economy
Giorgia Mello, the Italian Prime Minister, plans to spend €24bn next year on tax cuts and pay increases for public sector workers to boost consumption and revive a stagnant economy. This is despite investor concerns over Italy's finances.…
Boots is the latest foreign takeover to fail of a British retailer
Boots reduces investment. It will close stores. It may have to face another complex corporate restructuring.
Boots should have a great decade, as the NHS is in a constant state of crisis. People are taking more responsibility for…
Global economy cast in shadow by fears of a wider Middle East conflict
Finance ministers and government officials have warned that the threat of a wider Middle East conflict poses a new threat to the world economy, just as it is recovering from the shocks caused by Covid-19 (the Covid-19 virus) and the Ukraine…
Boots owner to cut $1bn in costs despite UK sales increase
The owner of Boots is carving $1bn (£820m) of costs out of its business after a sales boost in the British pharmacy chain failed to buoy earnings as much as Wall Street expected.
Walgreens Boots Alliance unveiled plans to lower its…
A new cloud is forming’ over the global economy following Hamas’ attack on Israel
The recovery is "limping along" amid the threat of another Middle East war
The International Monetary Fund's chief has warned that the Middle East conflict, triggered by Hamas' terrorist attack on Israel, is "a new cloud" over…
Bank of England’s chief economist says that the Bank’s rate decisions are ‘finely…
The Bank of England chief economist stated on Thursday that future decisions on interest rates would be "more finely-balanced" following the release of data suggesting that the UK economy had been near stagnant in the third quarterly.…
Mark Carney: Oil and gas can’t be shut down “overnight”
Mark Carney said that it was "not right" for countries with oil and natural gas industries to "shutdown overnight", admitting fossil fuels play a part in net zero.
Former Bank of England Governor, John Major, said that before…
Germany wants more immigrants to help its economy grow
The German government has slashed its economic forecast, warning that output would shrink 0.4 per cent this year, while admitting it must overcome "major structural challenges" including a "desperate" shortage of workers.
Robert Habeck,…
ONS: UK wages are not an unusually large driver of inflation
According to new research by the Office for National Statistics, rising salaries do not contribute to UK inflation more than usual. This could allay fears of a spiraling wage-price.
A measure of domestic price increased by 7.9% in the year…
BOE’s Catherine Mann calls for an ‘aggressive’ policy to combat inflation
Catherine Mann, a Bank of England policymaker, has expressed concern that the prolonged period of inflation above target could fuel future expectations of price increases.
Mann, speaking at the National Association for Business Economics…
Caprice Holdings, the owner of Ivy Restaurant, returns to profit
Scott's, the owner of the upscale London restaurant, and Sexy Fish have returned to profit for the very first time since the pandemic.
Caprice Holdings saw its sales rebound by 70 percent to £74.4 millions in the 52-week period ending…
Alert: Finance Ministers at IMF, World Bank Meetings on Bond Markets
The International Monetary Fund's annual meeting and the World Bank's annual meeting this week may not have an immediate crisis before them, but their top priority is no less important.
In October, there were some market aftershocks…
The Inflation Scars on Gen Z will be the Deepest.
New research suggests that the recent inflation spike may have permanently scarred Gen Z and made them fear prices rising. This could make central bankers' jobs more difficult for many years to come.
An analysis of Bank of England…
UK construction activity plummets, according to industry survey
According to a widely watched survey, the UK's construction industry posted its largest monthly decline since May 2020. A steep downturn in homebuilding caused a fall that was greater than expected in September.
The S&P Global/Cips…
Gilt yields have reached their highest level since Liz Truss’ mini-budget crisis
Yesterday, government bond yields surpassed the 5-percent level and reached their highest point ever since the Bank of England intervened in the debt markets to stop the fallout from Liz Truss’ mini-budget as well as a fire sale of…
The worst factory production fall in 15 Years
A closely watched survey suggests that factories are experiencing one of the sharpest declines in production in over a decade. This is due to higher interest rates, and a drop in global demand.
The final purchasing managers' index,…
French and Italian borrowing rates reach highest levels since a decade
The cost of borrowing public money in the UK, and eurozone has risen amid concerns about large deficits and rates that will remain high for longer.
Eurozone Government borrowing costs reached their highest level for more than ten…
Stheeman, UK’s debt chief, to retire in 2024.
Robert Stheeman will retire from the UK Debt Management Office next year, after helping to raise more than £3 trillion ($3.7 billion) through bond markets in the last two decades.
Stheeman will depart at the end June, after a period of…