All posts tagged: economy

Race for the White House – POLITICO

UK economy emerges strongly from recession

[ad_1] The U.K. economy grew for the first time in a year in the first quarter of this year, exiting a shallow recession in the second half of 2023. Gross domestic product grew by 0.6 percent in the three months to March and was up 0.2 percent from a year earlier, the Office for National Statistics said in a first estimate for the quarter on Friday. That was stronger than the 0.4 percent expected by analysts ahead of time, due partly to the manufacturing sector performing better than expected in March. Manufacturing output rose 0.3 percent, rather than contracting by 0.5 percent as expected. The figures come a day after the Bank of England signaled it’s getting closer to cutting interest rates for the first time since the post-pandemic surge in inflation. This is a developing story. [ad_2] Source link

Rare Win For Rishi Sunak As UK Gets Out Of Recession

Rare Win For Rishi Sunak As UK Gets Out Of Recession

[ad_1] The UK economy grew by 0.6% in the first quarter of the year, after a period of recession at the end of 2023. PM Rishi Sunak had an unexpected win on Friday when the Office for National Statistics announced the economy grew by 0.4% in March, with a growth 0.2% in February. Gross domestic product (GDP) outgrew expectations this year – economists told Reuters news agency that they expected the overall figure to just by 0.4%. This is the most significant economic growth the UK has seen since the end of the Covid pandemic. The UK faced two consecutive three-month periods of economic contraction at the end of 2023, resulting in a short and shallow recession. It also means the prime minister finally gets to tick off another one of his five pledges – “grow the economy”. However, the overall picture for the country is still not so great – the OECD has forecast little extra growth for the UK over the next 18 months. The think tank recently cut its forecast for its …

Jeremy Hunt says ‘don’t cut interest rates too soon’ despite cries for drop | Politics | News

Jeremy Hunt says ‘don’t cut interest rates too soon’ despite cries for drop | Politics | News

[ad_1] The Monetary Police Committee voted to hold rates at a 16-year high even though inflation fell to just 3.2% in March. Two members of the MPC voted for a cut and governor Andrew Bailey did say he was prepared to lower rates before the US Federal Reserve if conditions allowed. But the failure to cut was criticised by Julian Jessop of the Institute of Economic Affairs who said: “Even the Bank’s own forecasts now show there is no need to keep rates this high to get inflation back to 2%. “There are some clear signals that cuts are coming and not a moment too soon. “The longer the Bank waits, the greater the risks of a prolonged recession, or a lurch into harmful deflation.” The move means the mortgage payments of 868,000 homeowners will jump by around £240 a month between now and November ­when a general election is likely. ­Financial Conduct Authority analysis shows that an average of 4,200 households a day are coming off fixed-rate deals and being forced to remortgage with …

FTX will return money to most customers less than 2 years after catastrophic crypto collapse

FTX will return money to most customers less than 2 years after catastrophic crypto collapse

[ad_1] FTX says that nearly all of its customers will receive the money back that they are owed, two years after the cryptocurrency exchange imploded, and some will get more than that. FTX said in a court filing late Tuesday that it owes about $11.2 billion to its creditors. The exchange estimates that it has between $14.5 billion and $16.3 billion to distribute to them. The filing said that after paying claims in full, the plan provides for supplemental interest payments to creditors, to the extent that funds still remain. The interest rate for most creditors is 9%. That may be a diminished consolation for investors who were trading cryptocurrency on the exchange when it collapsed. When FTX sought bankruptcy protection in November 2022, bitcoin was going for $16,080. But crypto prices have soared as the economy recovered while the assets at FTX were sorted out over the past two years. A single bitcoin on Tuesday was selling for close to $62,675. That comes out to a 290% loss, a bit less than that if …

Commentary: A surprise South Korean boom is going unnoticed

Commentary: A surprise South Korean boom is going unnoticed

[ad_1] PROSPECTS OF A DOWNTURN HAVE DIMINISHED It didn’t look that way a year ago; economists confidently predicted multiple cuts beginning in late 2023. There was even a chance of recession. Prospects of such a downturn have greatly diminished. Inflation is proving a little stubborn and a rampaging greenback has weakened Korea’s currency, the won, to a degree that worries the central bank. This is an unfortunate byproduct of robust conditions in America and diminished hopes for early reductions from the Fed, a shift that has reverberated through global markets. “I wouldn’t call it starting from scratch,” Bank of Korea Governor Rhee Chang-yong told reporters recently. “But the situation has changed.” Nor is President Yoon Suk Yeol getting any kind of dividend from this economic buoyancy. His party received a drubbing in parliamentary elections last month when voters rebelled against Yoon’s hard-right policies. So great was the bloc’s defeat that political scientists declared his rule over with several years left in his term. Investor-friendly policies championed by Yoon, like deep cuts in capital-gains tax and …

UN expert attacks ‘exploitative’ world economy in fight to save planet | Climate crisis

UN expert attacks ‘exploitative’ world economy in fight to save planet | Climate crisis

[ad_1] The race to save the planet is being impeded by a global economy that is contingent on the exploitation of people and nature, according to the UN’s outgoing leading environment and human rights expert. David Boyd, who served as UN special rapporteur on human rights and the environment from 2018 to April 2024, told the Guardian that states failing to take meaningful climate action and regulating polluting industries could soon face a slew of lawsuits. Boyd said: “I started out six years ago talking about the right to a healthy environment having the capacity to bring about systemic and transformative changes. But this powerful human right is up against an even more powerful force in the global economy, a system that is absolutely based on the exploitation of people and nature. And unless we change that fundamental system, then we’re just re-shuffling deck chairs on the Titanic.” The right to a clean, healthy and sustainable environment was finally recognised as a fundamental human right by the United Nations in 2021-22. Some countries, notably the …

Rachel Reeves is right: this government is gaslighting us over the economy | Polly Toynbee

Rachel Reeves is right: this government is gaslighting us over the economy | Polly Toynbee

[ad_1] Labour’s tanks roll relentlessly across Tory lawns, not pausing a heartbeat to celebrate phenomenal local election results in England. It treated the local polls as a military rehearsal for the general election, with ruthless focus on places that will deliver most seats: that includes the south, as well as the north and Midlands, and the party is heading for Scottish turf too. But the mesmerising ferocity of blue-on-blue abuse is the current news-making drama. Fighting bare-knuckle over post-election ideology, the Tory right are looking forward to an election defeat as long as one of their own isn’t at the helm. Besides, they have Sunak in their grip, while the Mail calls Boris Johnson a “coiled mamba” waiting “to save the Tories from total annihilation”. Mournful one-nationers echo the losing West Midlands mayor Andy Street’s dignified call for moderation, unheeded. Sunak can stay or go: Labour relishes either equally. Before the winded government finds words that make any sense, Labour is out there pummelling them again. The shadow chancellor, Rachel Reeves, delivers a speech on …

Why Florida Is the Best State in Education and Economy | Best States

Why Florida Is the Best State in Education and Economy | Best States

[ad_1] The debate around education in Florida is among the most contentious in America. The state’s Republican governor, Ron DeSantis, has staked his political persona on being an opponent of what he terms the “woke” influence on education policy, even centering his 2024 presidential campaign on the theory that his efforts in the Sunshine State would entice a national audience to vote him into the White House. Unfortunately for DeSantis, making America Florida did not resonate with Republican voters in states like Iowa and New Hampshire, and he exited the race after running a distant second to former President Donald Trump in the Iowa caucuses. Florida’s Education Success In higher education, Florida – which is No. 9 in the overall Best States rankings – posted the second-highest rates of timely graduation among students at public institutions pursuing two- and four-year degrees, respectively. Students attending its public, four-year institutions also faced the lowest average amount in the country for in-state tuition and fees. The state fell in the middle of the pack on two other measures …

Government ‘gaslighting’ public about state of economy, Labour to claim | Politics News

Government ‘gaslighting’ public about state of economy, Labour to claim | Politics News

[ad_1] The government is “gaslighting” the public about the state of the economy, the shadow chancellor will say on Tuesday. Rachel Reeves is set to attack the Conservatives in a speech in the City of London, as the opposition takes the fight to the government on their own turf ahead of the general election. Running a strong economy has long been the focus of Conservative election campaigns. What is gaslighting? The term gaslighting refers to a process of manipulating someone by questioning their memory and purposefully saying what they believe to be true is not – it also involves challenging someone’s perception of reality. The phrase comes from the title of the 1940s film Gaslight, in which a woman is manipulated by her husband as he attempts to get her certified as insane. And with a raft of economic data coming out this week, Ms Reeves will be looking to get ahead of the government’s messaging – saying Chancellor Jeremy Hunt and Prime Minister Rishi Sunak claiming the economy is improving is “deluded”. The Bank …