UK faces record hit to living standards as tax hikes loom

Britain facing record living standards hit UK economy in recession, set to shrink in 2024 Almost half of the 55 billion-pound belt-tightening from tax rises Budget watchdog sees 7% hit to living standards IFS think-tank says bulk of the hit to come after 2024 LONDON, Nov 17 (Reuters) – Britain faces a record hit to … Read more

COP27 negotiators still far apart on strong climate deal

G20 leaders expressed support for climate action Lula boosts COP27 with ‘Brazil is back’ message But countries struggle for climate deal in Egypt SHARM EL-SHEIKH, Egypt, Nov 16 (Reuters) – Countries were far from agreeing the contours of a climate deal at the COP27 summit in Egypt on Wednesday, with the host country urging negotiators … Read more

Key takeaways from the G20 summit in Bali

Nov 16 (Reuters) – Leaders of the world’s Group of 20 (G20) wealthiest nations concluded a two-day summit on the Indonesian island of Bali on Wednesday deploring Russia’s aggression in Ukraine “in the strongest terms”, among other highlights. Here are key takeaways from the meeting: CONDEMNING RUSSIAN AGGRESSION Meetings of G20 ministers earlier this year … Read more

G20 summit deplores war in Ukraine ‘in strongest terms’

G20 says ‘most members’ condemn war in Ukraine Threat of use of nuclear weapons ‘inadmissible’ – declaration Agreement to calibrate monetary tightening NUSA DUA, Indonesia, Nov 16 (Reuters) – Leaders of the Group of 20 (G20) nations deplored Russia’s aggression in Ukraine “in the strongest terms” on Wednesday and demanded its unconditional withdrawal in a … Read more

China’s economy loses momentum as COVID curbs hit factories, consumers

China’s industrial output grows more slowly than expected Retail sales fell for the first time since May Property investment sees the biggest drop since early 2020 Gloomy economic outlook on softening external demand BEIJING, Nov 15 (Reuters) – China’s economy suffered a broad slowdown in October as factory output grew more slowly than expected and … Read more

Division at G20 over bid to condemn Russia’s Ukraine invasion

Most G20 members could strongly condemn Ukraine war Zelenskiy urges G20 to help end the war under his plan Indonesia urges action on global economic problems China’s Xi to hold meetings with several other leaders NUSA DUA, Indonesia, Nov 15 (Reuters) – Disagreement emerged at a Group of 20 (G20) summit on Tuesday as the … Read more

From Russia with cash: Georgia booms as Russians flee Putin’s war

At least 112,000 Russians moved to neighboring Georgia Georgia set to be one of the fastest-growing economies Some locals are priced out of housing, education Economy could face hard landing if newcomers leave TBILISI, Nov 5 (Reuters) – As war chokes Europe, a small nation wedged beneath Russia is enjoying an unexpected economic boom. Georgia … Read more

Ten ways China has changed under Xi Jinping

BEIJING, Oct 27 (Reuters) – Xi Jinping emerged from the 20th Communist Party Congress with a precedent-breaking third leadership term and a Politburo Standing Committee made up entirely of loyalists, cementing his place as China’s most powerful ruler since Mao Zedong. Under Xi’s decade in power, China has undergone profound changes, both domestically and within … Read more

Liz Truss says sorry, faces deep spending cuts to balance books

Truss says she’s sorry for mistakes Says she is ‘sticking around’ Economic agenda that caused market rout scrapped Some Conservative MPs are calling on her to quit LONDON, Oct 18 (Reuters) – Prime Minister Liz Truss apologized for threatening Britain’s economic stability after she was forced to scrap her vast tax-cutting plans and embark on … Read more

Britain bets all on historic tax cuts and borrowing, investors take fright

Register now for FREE unlimited access to Reuters.com Register Kwarteng cuts the top rate of income tax in a dash for growth Huge increase in UK government debt issuance planned Gilts suffer the biggest slump in decades Pound falls to a new 37-year low against the dollar LONDON, Sept 23 (Reuters) – Britain’s new finance … Read more