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The spectacular collapse of the pound against the US dollar has shattered the illusion that Britain is entitled in perpetuity to special status among the world elite.
Bruno Le Maire is the French opposite number to chancellor Kwasi Kwarteng.
PM and chancellor say they will not publish projections until late November despite them being ready next week.
A weaker than expected recovery from the coronavirus pandemic has left the UK as the only G7 country with a smaller economy than in early 2020, according to official figures likely to further undermine the government’s tax-cutting measures.
In the US they call it ‘starving the beast’ – cut taxes and, as revenue decreases, you create irresistible pressure for austerity.
"Investors have got the message. Britain is not the bet it once was." / The Bank of England was forced to step in yesterday to prevent mass insolvencies of pension funds.
Rejecting expertise and skill in favour of loyalty was always going to lead to this.
"I am very fearful for Britain on the path that it is travelling." / Former US Treasury Secretary Larry Summers says Brexit and Liz Truss’s extreme tax cutting is turning the UK into a “submerging market”.
Ex-US Treasury chief fears for UK becoming ‘submerging market’. / “Between Brexit, how far the Bank of England got behind the curve and now these fiscal policies, I think Britain will be remembered for having pursuing the worst macroeconomic policies of any major country in a long time.”
Red tape continues to frustrate small businesses as the hunt for the sunlit uplands goes on.
“These forecasts are a vital indicator of the health of the nation’s finances," Mel Stride said.
THE pound has fallen to its weakest level against the US dollar since 1985 amid fears the UK is heading for a lengthy recession.
Six years after the referendum on June 23, 2016, if we put aside the profound political consequences – a divided England, Scotland and Northern Ireland pulling away, a more isolated country – what is the economic toll?
The inflationary clouds that have been building over the UK manufacturing industry have finally burst, with a dramatic fall in demand creating the sharpest reduction of new orders since May 2020.
Brexit has reduced UK trade openness, foreign direct investment (FDI) inflows, and immigration growth. New border frictions and higher transport costs pose new barriers to trade, and FDI inflows are unlikely to return to levels reached in the 1990s and 2000s.
Hospitality entrepreneur and leave campaigner Luke Johnson has admitted that Brexit has cost the UK economy growth.
Britons must look at themselves calmly and honestly, recognizing the tough times that lie ahead and the changes needed to get the country back on track. Unfortunately, the country's political leaders remain unwilling to treat voters like grown-ups.
Former Bank of England policymaker Adam Posen insists 80% of high price growth is due to Britain leaving EU.
Brexit has not had the expected effect of narrowly reducing exports to the EU, but has instead more broadly reduced how open and competitive Britain’s economy is, which will reduce productivity and wages in the decade ahead, according to new joint Resolution Foundation and LSE research.
As Prime Minister Boris Johnson prepares to depart Downing Street, tossed from office by his own party, his legacy — the opening lines of his eventual obituary — will call him the man who “got Brexit done.” / So how is that going? What can be said about the post-Brexit Britain that Johnson is leaving behind?
If Britain ends up in the recession expected by the Bank of England, public anger will be looking for an outlet. / I asked Albrecht Ritschl, professor of economic history at the LSE, what single move the UK government could make to alleviate the pain. “Suspend Brexit for 20 years.”
As small businesses crumble, shelves get emptier and the care-worker shortage intensifies, life outside the EU is having a dire effect on many of us. Why aren’t politicians talking about it?