economy

International Monetary Fund Managing Director Kristalina Georgieva on Thursday rebuked the British government over its planned tax cuts, telling its finance minister and central bank chief that their policies should not be contradictory.

UK-based investors pulled a record 2.4 billion pounds ($2.74 billion) from equity funds in September, funds network Calastone said on Wednesday.

A slowdown in Spain's economy, caused partly by the fallout from Russia's invasion of Ukraine, will force Spanish banks to increase provisions to cover potential losses, Bank of Spain Governor Pablo Hernandez de Cos said on Tuesday.

Britain's debt-fuelled economy remains threatened by recession and the pound mired by trouble despite the government of new Prime Minister Liz Truss performing a swift tax U-turn.

Liz Truss's government is following an economic doctrine which argues that richer people are more likely to invest, set up businesses, hire people and grow the economy.

France and Germany pledged on Friday to act together to protect households and companies from soaring energy prices, while also using fiscal policy to fight record high inflation.

The German economy is on track to contract for three consecutive quarters starting from this one, according to a Reuters poll of economists, following a dramatic spike in gas prices after Russia slashed deliveries to Europe.

UK household incomes are set to fall 10 percent in real terms in the next two years in the steepest such drop for a century.

Manufacturing activity across the euro zone declined again last month as consumers feeling the pinch from a deepening cost of living crisis cut spending, a survey showed on Thursday, providing more evidence of the growing risk of recession.

Germany's economy grew slightly in the second quarter, an upgrade from a previous estimate of stagnation, revised official data showed Thursday, pushing back the spectre of recession.

With double-digit inflation and an economy teetering on the brink of recession, the cost-of-living crisis has dominated the race for Downing Street.

The global economy is increasingly at risk of sliding into recession, surveys showed on Tuesday, as consumers faced with generation-high inflation rein in spending while central banks are tightening policy aggressively just when support is needed.

Britain's private sector slowed to a crawl in August as factory output fell and the larger services sector eked out only a modest expansion, adding to signs that recession may be looming, a closely watched survey showed on Tuesday.

Bangladesh will close schools for one extra day a week and cut office timings by an hour to save power, a government official said on Monday, as the country battles a shortage after shutting down all of its diesel-run power plants.

Crisis-hit Sri Lanka warns of record 8% economic contraction

A spike in wholesale energy prices has fed into retail charges for businesses and households.

Stood on her hind legs to greet any prospective owner who might approach her glass-doored kennel, Harriet is a black English cocker spaniel abandoned as a deepening cost-of-living crisis pushes growing numbers of Britons to part with their pets.

Britain's economy shrank in the second quarter, official data showed Friday.

Britain's economy contracted by less than feared in June, when public holidays had been expected to exert a big drag.

Rapidly rising global energy prices could see Great Britain's energy price cap (the maximum amount consumers can be charged) rise to £3,582 at the end of August.

Fortunately, our research found that a meat tax, if implemented correctly, need not increase the pressure on poorer households – or the farming industry.

Already bracing for recession and winter energy shortages, German businesses are grappling with the lack of another precious commodity: rain.

The Bank of England raised interest rates by the most in 27 years on Thursday in an attempt to smother surging inflation on track to top 13%, even as it warned a long recession is coming.

The Bank of England is expected to raise interest rates by the most since 1995 on Thursday, even as the risks of a recession mount, in an attempt to stop a surge in inflation from becoming embedded in Britain's economy.

Total economic losses caused by natural disasters hit an estimated $72 billion in the first half of 2022.

Australian home prices slid for a third month in July and the pace quickened as Sydney suffered its worst decline in almost 40 years amid rising borrowing costs and a cost-of-living crisis.

British businesses do not expect any growth over the next three months, as a surging cost of living squeezes consumer demand, a monthly survey showed on Sunday.

Yang Huiyan, the richest woman in Asia, has lost more than half of her wealth due to the ongoing property market crisis in China.

The Bank of England must decide next week whether to join the ranks of central banks rushing out their biggest interest rate hikes in decades, or whether the warning signs of a recession mean it should tread more cautiously.

UK annual inflation hit a new 40-year high at 9.4 percent in June on surging fuel and food prices.