Tag Archives: public finance

[ad_1] London CNN  —  Liz Truss has sacrificed her finance minister and closest political ally just weeks into her premiership in order to save her own skin.  On Friday morning, Britain’s Chancellor of the Exchequer, Kwasi Kwarteng, was summoned a day early back to London from the United States straight to Downing Street, where he was relieved …

[ad_1] London CNN Business  —  UK Prime Minister Liz Truss has fired finance minister Kwasi Kwarteng and ditched a big part of her discredited economic strategy in a desperate bid to rescue her month-old premiership. At a Downing Street news conference, Truss said she was scrapping plans to reverse an …

[ad_1] CNN  —  Cities, towns and villages are expecting spending to decline by nearly 3% for fiscal 2022 compared with the year before, in anticipation of an economic slowdown in the near future, according to the National League of Cities’ annual City Fiscal Conditions report. Municipalities are expecting a 4% …

[ad_1] A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. New York CNN Business  —  The global bond market is having a …

[ad_1] London CNN  —  British Prime Minister Liz Truss admitted mistakes had been made with her government’s controversial “mini-budget” announced last week – which sent the pound to historic lows and sparked market chaos – but stood by her policies. Speaking to the BBC’s Laura Kuenssberg on Sunday morning Truss …

[ad_1] London CNN  —  Liz Truss’ first full week as British Prime Minister has not been an easy one. It began with the pound crashing to its lowest level in decades following her government’s mini-budget last Friday. It ended with her meeting the UK’s independent financial forecaster and having to …

[ad_1] London CNN Business  —  The Bank of England said Wednesday it would buy UK government debt “on whatever scale is necessary” in an emergency intervention to halt a bond market crash that it warned could threaten financial stability. Investors have been dumping the pound and UK bonds since the …

[ad_1] CNN  —  Groceries cost 13.5% more than they did a year ago. Nearly 25 million adults live in households where there isn’t always enough to eat. Some 40% of food banks saw increased demand this summer. At a time when the affordability of food is in the spotlight, the …

[ad_1] London CNN Business  —  The pound may have paused its headlong crash toward parity with the US dollar, but the damage to the UK economy sparked by Prime Minister Liz Truss’ huge tax-cutting gamble is still rippling through financial markets. Sterling stabilized early Tuesday to trade near $1.08, bouncing …

[ad_1] Washington CNN  —  President Joe Biden’s plan to cancel up to $20,000 in federal student loan debt for low- and middle-income borrowers could cost $400 billion, according to a Congressional Budget Office report released Monday. Biden announced the forgiveness plan in August, after facing mounting pressure from progressives to …