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☆ Premarket: Investors are obsessed with this AI stock you may never have heard of
▼ + stars: | 2024-03-07 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —Nvidia isn’t the only stock capturing the attention of AI enthusiasts these days. Nvidia closed above a $2 trillion market cap on March 1, joining an elite cohort including Apple and Microsoft. Supermicro’s stock gained even more momentum in January, after the company reported second-quarter results that blew past expectations and raised its full-year revenue forecast. Supermicro’s stock was one of the most popular names bought by Charles Schwab clients in February, according to the firm’s latest trading activity index. New York Community Bank gets $1 billion ‘lifeline’Beleaguered regional lender New York Community Bank is receiving a more than $1 billion equity investment, reports my colleague Elisabeth Buchwald.

Persons: Charles Schwab, ChatGPT, “, ”, Supermicro, Wells Fargo, Goldman Sachs, Elisabeth Buchwald, Steven Mnuchin’s, NYCB, ” David Chiaverini, Joseph Otting, Alessandro DiNello, DiNello, Read, Jeremy Hunt, Hanna Ziady, Hunt, ” Hunt, Rishi Sunak’s Organizations: CNN Business, Bell, New York CNN, Nvidia, Apple, Microsoft, Micro, Devices, Federal Reserve, Victoria Bills, Banrion Capital Management, Bank of America, Goldman, New York Community Bank, New, Community Bank, Liberty Strategic Capital, Citadel Global, Street Journal, Wedbush Securities, CNN, Bank of England, International Monetary Fund, Hunt’s Conservative Party, Labour Party Locations: New York, San Jose, United States, Hudson Bay, NYCB

☆ UK ‘non-dom’ tax status, explained
▼ + stars: | 2024-03-06 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

“Those with the broadest shoulders should pay their fair share,” UK finance minister Jeremy Hunt told parliament Wednesday. ‘Colonial concept’The non-dom regime is an “archaic colonial concept,” which determines a person’s tax status based on their “intended” place of residence, said Arun Advani, an economics professor at the University of Warwick. The opposition Labour Party had previously said it would abolish the non-dom regime if it came to power, and spend the money raised on the National Health Service. Yui Mok/Pool/AFP/Getty ImagesMurty has since renounced those advantages, citing the “British sense of fairness” and the “distraction” her tax status posed to her husband, who was serving as the UK’s finance minister at the time. But in November 2022 Hunt defended the “non-dom” status.

Persons: Jeremy Hunt, ” Hunt, Arun Advani, Advani, Rishi Sunak, Akshata Murty, Yui Mok, Murty, Hunt, “ I’m, ” Organizations: London CNN, Britain’s Conservative, Revenue, Customs, London School of Economics, Political Science, University of Warwick, Labour Party, National Health Service, Britain's, Getty, BBC Locations: United Kingdom, Britain, India, Buckingham, London

☆ The fastest-growing city in Texas is a tiny place no one's ever heard of
▼ + stars: | 2024-02-18 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +7 min

Texas' fastest-growing city is a small spot outside Dallas called Josephine, census data shows. “It's a stressor being in that type of environment,” Moore told Business Insider. AdvertisementAccording to census data, Josephine is the fastest-growing city in Texas. AdvertisementAn aerial view of Josephine, Texas. “The majority of the homes in the city of Josephine are overwhelmingly priced at $300,000.

Persons: Josephine, —, Cassidy Moore, Moore —, McKinney , Texas —, “, ” Moore, Moore, she’d, Redfin, Dallas ’, Antonio —, ’, Let's, ’ ”, homebuilder, Horton, Robbie Hale, Burnet, Bonnie Hunt, Lisa Palomba “ Josephine, ” Hunt, “ It's, Lisa Palomba, ” Palomba, Josephine —, We're, Sherman Organizations: Texas, Service, Fort Worth metroplex, Google, US, Waverly Estates, Estates, Texan, Real Estate, McKinney Locations: Dallas, Fort Worth, McKinney , Texas, Josephine, Texas, Florida, San Antonio, New Braunfels, Austin, DFW, Josephine , Texas, D.R, Meadow, Horton, Sun, Florida , Georgia, Arizona, McKinney, Plano, “

Jim Pillen reversed course on Monday and announced that the state will accept roughly $18 million in federal funding to help feed hungry children over the summer break. “They talked about being hungry, and they talked about the summer USDA program and, depending upon access, when they'd get a sack of food,” Pillen said. A bill from state Sen. Jen Day of Omaha, a Democrat in the officially nonpartisan Legislature, would have forced the state to accept the federal funding. Kim Reynolds criticized the federal food program as doing “nothing to promote nutrition at a time when childhood obesity has become an epidemic." Pillen said Monday that Nebraska officials had already reached out to the USDA to confirm that the state would participate this year.

Persons: LINCOLN, Jim Pillen, Pillen, “, they'd, ” Pillen, ”, —, Sen, Jen, Ray Aguilar, Aguilar, Kim Reynolds, Reynolds, State Sen, Megan Hunt, ” Hunt Organizations: —, — Nebraska Gov, U.S . Department of Agriculture, Capitol, SNAP, Summer Food Service, Democrat, Republican, Nebraska, State, USDA Locations: Neb, — Nebraska, Nebraska, Pillen's, Omaha, Grand, Iowa

HENDERSON, Nev. (AP) — The Super Bowl represents a natural ending point to the season, one for which every team in the NFL strives. “Listen,” Reid acknowledged this week, “every team is going to be a little bit different. The two biggest decisions staring at the Chiefs involve what to do with Chris Jones and L'Jarius Sneed. Jones, the All-Pro defensive tackle, has been a part of each of their Super Bowl runs, and the Chiefs would love to keep him around the next few years. The Chiefs probably would have the cash available for Jones if they didn't also want to sign Sneed to a long-term deal.

Persons: HENDERSON, ”, Andy Reid, Travis Kelce, Patrick Mahomes, ” Reid, “, Chris Jones, L'Jarius Sneed, Jones, Sneed, ’, Brett Veach, Chris, Donovan Smith, Willie Gay Jr, Derrick Nnadi, Tershawn Wharton, Tommy Townsend, ” Veach, Nick Bolton, Creed Humphrey, Trey Smith, Justin Reid, Charles Omenihu, ” Mahomes, Reid, Clark Hunt, hasn't, ” Hunt, haven’t, ” Kelce, Taylor Swift, I've, I'm Organizations: NFL, Kansas City Chiefs, San Francisco 49ers, Chiefs, Super Bowl, Hollywood Locations: Nev, Las Vegas

In fact, football wasn't even on her radar when Norma Hunt returned from Ireland, where she had spent a year on a Rotary Club scholarship. Norma Hunt was never going to be the passive wife of a sports tycoon, though. Lamar Hunt died in 2006 at the age of 74, and Clark Hunt took over the leadership of the Chiefs franchise. Norma Hunt became an astute businesswoman, every bit as savvy as her husband, the son of an oil magnate. “You know, they both loved the game," Clark Hunt said, ”and my dad obviously had such a huge impact on the game in so many different ways.

Persons: HENDERSON, Clark Hunt, Lamar Hunt, —, Norma Hunt, Clark, I'm, “ It's, ” Hunt, “, Norma Hunt's, Norma, Roger Goodell, Michael Jordan, ”, Andy Reid, Ford, Mark Donovan, ‘ Norma, it's, Donovan, Daniel —, FC Dallas —, ” Clark Hunt, Hunt, Pete Rozelle Organizations: Kansas City Chiefs, Chiefs, Super, Kansas City, Philadelphia Eagles, San Francisco 49ers, Sunday, AFC, NFL, Rotary Club, Dallas Texans, AFL, Chicago Bulls, NBA, Ford, Arrowhead, MLS, FC Dallas, T, FIFA Locations: Nev, Miami, Arizona, Ireland, Innsbruck, Austria, lockstep, North America, Bidwell, California, Sonoma County, Kansas City, ”, Kansas, Arrowhead, Dallas

☆ How Girona became the unlikeliest challenger in La Liga
▼ + stars: | 2024-01-17 | by ( Matias Grez | Patrick Snell | ) edition.cnn.com time to read: +8 min

Founded in 1930, Girona plays its football at the modest 14,000-capacity Estadi Montilivi on the outskirts of a city that has a population of just 100,000. Girona was previously promoted to La Liga in 2017, spending only two seasons in Spain’s top flight before being relegated. David Ramos/Getty Images“I tell you what, why not?” Hunter said when asked if Girona can win the league. He’s young, he’s intelligent, he’s ambitious, he’s driven. Fran Santiago/Getty ImagesRegardless, Girona has earned the right to dream and Hunter says upsetting the odds and winning La Liga “would mean everything” to the club and its fans.

Persons: Leicester City’s, Semra Hunter, David Ramos, ” Hunter, they’ve, Atlético Madrid, “, Miguel Ángel Sánchez, Míchel, Fran Santiago, Ignasi, ”, “ It’s, Bagà, CNN Sport’s Patrick Snell, –, that’s, Hunter, Pau Barrena, He’s, he’s, let’s, Yan Couto, Yangel Herrera, Aleix García, Eric García, Artem Dovbyk, Pep Guardiola, Ancelotti, Atlético, Barça, “ It’s David, Goliath Organizations: CNN —, Spanish, Real Madrid, La Liga –, Spain isn’t, La Liga, Premier League, Real, Girona, Getty, Barcelona, Real Sociedad, Champions League, ”, Rayo Vallecano, Rayo, CNN, Atlético, City Football Group, Manchester City, Atletico, Pau, City, SC Dnipro, La Locations: Catalan, Spain, Spain isn’t Barcelona, Girona, La, Madrid, Spain’s, Atlético, Real Madrid, ” Girona, Saudi Arabia, Huesca, Atlético Madrid, Pau, AFP, Ukrainian, Real

LONDON (AP) — U.K. Treasury chief Jeremy Hunt says the government can afford to lower some taxes now that inflation is falling, but that any cuts will come along with a squeeze on welfare benefits. British media have reported that there will be relief for businesses and wealthy property-owners in Hunt’s autumn budget statement on Wednesday. But he cautioned to broadcasters on Saturday that “there’s no easy way to reduce the tax burden. The most likely tax cuts are a reduction in corporation tax and slashing inheritance tax, a move that would help the wealthy. Only about 4% of estates have to pay inheritance tax.

Persons: Jeremy Hunt, Hunt, “, ” Hunt, Rishi Sunak’s, Liz Truss, Ken Clarke, “ I’m, ” Organizations: Treasury, Saturday's Daily Telegraph, Conservative, Rishi Sunak’s Conservative, Bank of England’s, Labour Party, Conservative Treasury Locations: Ukraine

☆ What an isolated community in Africa may be able to teach about child care
▼ + stars: | 2023-11-17 | by ( Katie Hunt | ) edition.cnn.com time to read: +8 min

The children had a high degree of physical contact and care for most of time they were observed. Nikhil ChaudharyResponses to cryingWhat was notable, Chaudhary said, wasn’t necessarily the amount of care children received, but that mothers weren’t responsible for all of it. Other caregivers — fathers, older siblings and nonrelatives — were responsible for 38% to 46% of close care, according to the study. The mean number of caregivers other than a child’s mother was 14.4, but these weren’t all adults. “How representative would a day care center with 18 children in inner-city London be of childhood … anywhere?” he asked.

Persons: “, ”, Nikhil Chaudhary, ” Chaudhary, Chaudhary, ’, —, reexamine, wasn’t, nonrelatives —, …, Jennifer Lansford, Malcolm Gillis, ” Lansford, Carlo Schuengel, ” Schuengel, ” Marc Bornstein, we’re Organizations: CNN, Leverhulme, University of Cambridge, “, Central African, Center for Child, Duke University, Vrije Universiteit Amsterdam Locations: Republic of Congo, Central African Republic, North Carolina, London

MANCHESTER, England (AP) — Britain’s Treasury chief is to announce a hike in the national minimum wage on Monday, as the governing Conservative Party tries to persuade voters it is on the side of those who are struggling financially. Chancellor of the Exchequer Jeremy Hunt has ruled out tax cuts, saying they would fuel inflation. The exact amount will be set after a recommendation by the Low Pay Commission, an advisory body. The right-of-center Tories, in power since 2010, are lagging far behind the center-left opposition Labour Party in opinion polls. Truss, whose plan for billions in unfunded tax cuts spooked the financial markets, is calling for the party to “revive Conservative values” such as “cutting red tape, lower(ing) taxes and trusting that markets will find the solutions we all want.”

Persons: Jeremy Hunt, Hunt, ” Hunt, “, Rishi Sunak, Sunak, Liz Truss, Boris Johnson, pocketbooks, Suella Braverman, Kemi Badenoch, James, Truss, ” Organizations: —, Treasury, Conservative Party, Conservatives, Low, Commission, U.K, Sky News, Labour Party, European Union Locations: MANCHESTER, England, Ukraine, Britain, Manchester

The tale provides an unlikely, ghastly background to the original 1858 ambrotype created during the future nation-saving Civil War president's ascendancy, an image which the Abraham Lincoln Presidential Library and Museum has added to its collection, officials said Tuesday. “Original images of Abraham Lincoln are extraordinarily rare, and images with a fascinating back story like this are even more rare," said Christina Shutt, executive director of the library and museum. The photo ... is a physical reminder of his kind spirit and concern for others,” said Ian Hunt, head of acquisitions for the Abraham Lincoln Presidential Library and Museum. Hunt, also with the library and museum, sees “a man of conviction" while noting that Lincoln would have been exhausted by the campaign trail. “This is the Lincoln that the voters of Illinois would have been familiar with,” Hunt said.

Persons: Stephen A, Douglas, Abraham Lincoln, Lincoln, Charles Lame, ambrotype, Christina Shutt, “ Lincoln, Charles Lame’s, Lame, Mary Davidson, Louis, Daniel Gilmer, Calvin Jackson, Robert Scanland, LeRoy H, Fischer, amputate Lame's, Lame's, “, ”, Ian Hunt, Horseflies, Gilmer, Hunt, ” Hunt, Daniel Chester French Organizations: Ill, U.S, Senate, Abraham Lincoln Presidential Library, Lincoln, Abraham Lincoln Presidential Library and Museum, of Congress, Lincoln Memorial Locations: SPRINGFIELD, Illinois, Hendersonville , Tennessee, Springfield, Pittsfield, St, Lincoln, Chickamauga, Washington

☆ Neanderthal flower burial theory called into question by new study
▼ + stars: | 2023-09-06 | by ( Faye Chiu | Kate Golembiewski | ) edition.cnn.com time to read: +7 min

Archaeologist Ralph Solecki discovered the flower burial, as it came to be known, while exploring Shanidar Cave in the Kurdistan region of northern Iraq. However, elements of the flower burial theory didn’t seem to add up. “That was, for us, an indication that maybe there was something going on with the flower burial,” Hunt said. Shanidar Cave in the Kurdistan region of northern Iraq is seen in May. Its presence is due to the activity of bees and not flower burial, suggests a study led by Chris Hunt, professor emeritus at Liverpool John Moores University in the UK.

Persons: Ralph Solecki, Solecki, ”, Chris Hunt, Hunt, ” Hunt, Christopher Owen Hunt, they’re, Christopher Owen Hunt Hunt, “, Paul Pettitt, Pettitt, Hunt “, Fred Smith, it’s, Grandma, Joe, ’ ” Hunt, Shanidar Organizations: CNN, Liverpool John Moores University, Archaeological Science, Durham University, Illinois State University Locations: Kurdistan, Iraq, United Kingdom, Shanidar

CNN —Roared on by the majority of the 75,784 crowd inside Sydney’s Stadium Australia, co-host Australia reached the Women’s World Cup quarterfinals after an impressive 2-0 victory over Denmark in Sydney. “I felt a little bit disrespected because it’s not about me, it’s about the team and they’re preparing for a World Cup,” she said. Denmark came roaring back though, putting the Australian defense under pressure, with captain Pernille Harder at the forefront of most of its good attacking work. Try as Denmark may, it was Australia who got the next goal to effectively book its spot in the quarterfinals. “We’re feeling really, really happy, really positive,” Australian defender Clare Hunt told CNN after the victory.

Persons: CNN —, Sam Kerr, “, it’s, ” Kerr, Kerr, ”, we’ve, I’m, Mary Fowler, Caitlin Foord, Lene Christensen, Hayley Raso, Fowler, Christensen, Pernille Harder, Foord, David Gray, Emily van Egmond, Clare Hunt, ” Hunt Organizations: CNN, Sydney’s, Australia, Denmark Locations: Australia, Sydney, Denmark, France, Morocco, AFP, Raso

☆ How Trump turned the ‘law and order party’ into an enemy of the FBI
▼ + stars: | 2023-07-13 | by ( Stephen Collinson | ) edition.cnn.com time to read: +12 min

Trump has pleaded not guilty in the classified documents case and in another prosecution in New York related to a hush money payment to an adult film star. “President Trump endured an unprecedented raid at his home in Mar-a-Lago. (A special counsel is still investigating classified documents found in Biden’s possession, while the Justice Department closed a case on the possible mishandling of documents found at Pence’s Indiana home.) Ron DeSantis and other Republicans have promised a comprehensive gutting of the FBI, Justice Department and other government agencies in response to what they claim is a wholesale effort to stop Trump winning the 2024 election. Some independent investigations looking at the Trump era have found wrongdoing or mistakes in the FBI.

Persons: Donald Trump pulsated, Christopher Wray, –, Wray, Biden, that’s, Wray’s, James Comey, Hillary Clinton, ”, George W, Harriet Hageman, Liz Cheney, Cheney, Jerrold Nadler, Justice Department –, Trump, Hunter Biden, Wesley Hunt, Biden didn’t, Biden’s, ” Hunt, Mike Pence, “, ” Wray, Jim Jordan –, Trump –, ” Jordan, Ron DeSantis, Richard Nixon, Comey, Matt Gaetz, DeSantis, Chris Wray, There’ll, ” DeSantis, Trey Gowdy, J, Edgar Hoover –, John Durham, William Barr, ’, Barr, David Weiss –, “ Weiss, COWARD, Bill Barr, ” Trump, didn’t Organizations: CNN, Republican, Trump, Democrats, FBI, Judiciary, Bush’s, Department, Wyoming Rep, Rep, Justice Department, GOP, Biden, Texas Republican, Pence’s Indiana, The Biden, Florida Gov, Justice, White, NBC, Fox News, DOJ, Committee, Foreign Intelligence, Delaware US Locations: Wyoming, York, New York, Moscow, Florida, Mar, Pence’s, Delaware, Ohio, Rehoboth , Delaware, Trump, Russia, Ukraine, United States, Durham

☆ Pension funds reform: Britain is banking on this $3 trillion cash cow to revive its economy
▼ + stars: | 2023-07-11 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

London CNN —The UK economy badly needs a boost — and the government hopes the nation’s vast pension savings might deliver one. All UK workplace pension plans offer default funds, which savers who don’t choose their own investment strategy are automatically enrolled into. Measures to tap pension fund cash come at a crucial time for an economy suffering from stubbornly high inflation, depressed investment and feeble growth. UK pension funds’ exposure to domestic stock markets has fallen even more sharply: from 53% in 1997 to 6% in 2021. The combination of measures is likely to have “far-reaching” effects on the types of assets pension funds invest in, easing companies’ access to the capital they need to grow, he added.

Persons: Jeremy Hunt, Mercer, ” Hunt, Hunt, “, ”, Nicholas Lyons, Julia Hoggett, Nigel Peaple Organizations: London CNN, Aviva, London, European, London Stock Exchange, Nasdaq, EU, chipmaker ARM, House, of London Corporation, City of, Financial, New Financial, Pension, Lifetime Savings Association Locations: London, Britain, Frankfurt, Paris, New York, United States, United Kingdom, Edinburgh, City of London

☆ UK banks are appropriate airbag for mortgage crash
▼ + stars: | 2023-06-27 | by ( George Hay | ) www.reuters.com time to read: +4 min

Last year this was 2.9% on average for Lloyds, NatWest and Barclays. Hunt may be able to get banks to hike their savings rates merely by veiled threats. After all, the government would only be getting banks to do what they should be doing anyway. “It is taking too long for the increase in interest rates to be passed on to savers, particularly with instant access accounts,” Hunt told parliament. Around 60% of household deposits are held in instant access accounts, the committee said.

Persons: Banks, Jeremy Hunt, shouldn’t, it’s, Hunt, ” Hunt, “, Neil Unmack, Oliver Taslic Organizations: Reuters, Monday, Banking Group, NatWest, Barclays, Lloyds, JPMorgan, NatWest –, Alpha, Treasury, Bank of England, Labour Party, National Savings and Investments, of, Lloyds Banking Group, HSBC, Barclays –, Thomson

NEW YORK (Reuters) -U.S. authorities were preparing “material action” on Sunday to shore up deposits in Silicon Valley Bank (SVB) and stem any broader financial fallout from its sudden collapse, sources familiar with the matter told Reuters. Biden administration officials worked through the weekend to assess the impact of startup-focused lender SVB Financial Group’s failure on Friday, with a particular eye on the venture capital sector and regional banks, the sources said. REUTERS/Nathan FrandinoAnd amid increased withdrawals from other regional banks, U.S. officials are also keeping close watch on the wider sector. The S&P 500 regional banks index dropped 4.3% on Friday to end the week down 18%, its worst week since 2009. Signature Bank, First Republic Bank, PacWest Bank and Charles Schwab did not immediately respond to requests for comment.

☆ A coal mine is on fire in Utah leaving a small town at risk
▼ + stars: | 2022-12-21 | by ( Sara Ruberg | Sara Ruberg Is A News Associate With Nbc News. | ) www.nbcnews.com time to read: +3 min

The Trump administration gave several towns relying on oil, gas and coal a boost by cutting royalty payments and expanding projects. East Carbon is a coal town, one of only a few hundred still hanging on. Emery County Coal Resources, which is a subsidiary of American Consolidated Natural Resources, owns Lila Canyon Mine and did not reply to several requests for comment. Utah relies heavily on coal for energy: 61% of the state’s electricity net generation came from coal-fired plants. But Porter said Emery County Coal Resources, the company that runs the mine, has a solid plan to extinguish it.

☆ UK raises its windfall tax on energy companies and bets on nuclear power
▼ + stars: | 2022-11-17 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

It is also investing in nuclear power for the first time in decades. Together, these measures will raise £14 billion ($16.5 billion) next year and more than £55 billion ($65 billion) between 2022 and 2028. “I have no objection to windfall taxes if they are genuinely about windfall profits caused by unexpected increases in energy prices,” Hunt said in parliament on Thursday. The UK's Sizewell B nuclear power station, which is operated by France's EDF. Chris Radburn/AFP/Getty ImagesAs well as hiking energy taxes, Hunt affirmed a £700 million ($824 million) investment into Sizewell C, a nuclear power station operated by France’s EDF in the east of England.

☆ ‘Difficult decisions’: Britain announces higher taxes and spending cuts
▼ + stars: | 2022-11-17 | by ( Julia Horowitz | ) edition.cnn.com time to read: +5 min

London CNN Business —The United Kingdom has already entered a recession and is battling decades-high inflation, eroding standards of living for millions of people across the country. Britain’s painful planThe United Kingdom is in a recession that will last just over a year, the country’s budget watchdog said in a new forecast released Thursday. The United Kingdom is also increasing its windfall tax on oil and gas companies, while slapping a new levy on electricity generators. “We do have to take difficult decisions on public finances, so we’re going to grow public spending, but we are going to grow it more slowly than the growth in the economy,” Hunt said. The Bank of England has said the United Kingdom could be in a recession for two years.

☆ Vegan canapes and fat donations: How Sam Bankman-Fried won Washington before he lost everything
▼ + stars: | 2022-11-16 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Alex-Seitz-Wald-Circle-Byline-Template.Jpg | Alex Seitz-Wald | ) www.nbcnews.com time to read: +13 min

Everybody was trying to get in,” said one source close to the Bankman-Frieds’ political operation who requested anonymity to speak candidly. Attempts to contact Sam Bankman-Fried for this article were unsuccessful. Sam Bankman-Fried’s mentor and the spiritual leader of Effective Altruism has disowned him. Sam Bankman-Fried is a Democrat, and he spent at least $40 million supporting the party. Some of the biggest recipients of Bankman-Fried’s money did not respond to NBC News when asked about donations they received.

☆ UK budget: Britain is bringing back austerity. Here's why
▼ + stars: | 2022-11-16 | by ( Julia Horowitz | ) edition.cnn.com time to read: +5 min

The country is staring down the barrel of a grueling recession, and investors remain on edge as interest rates rise. That requires Hunt, who has acknowledged that Britain faces “extremely difficult” decisions, to pull off a delicate balancing act. When the government adopted an austerity program in 2010 on the heels of the Great Recession, it shaved 1% off the country’s GDP, according to the UK budget watchdog. Just four years ago, former Prime Minister Theresa May pledged to bring nearly a decade of austerity to a close. “If we hadn’t had Brexit, we probably wouldn’t be talking about an austerity budget this week.

☆ Fiscal “black hole” obsession adds to UK problems
▼ + stars: | 2022-11-16 | by ( Pierre Briancon | ) www.reuters.com time to read: +3 min

His government is preparing to fill what media reports now describe as a “black hole” in the country’s public finances, by raising around 50 billion pounds within five years. And while new Chancellor of the Exchequer Jeremy Hunt has reversed many of Truss’ tax cuts, he’s kept measures worth some 17 billion pounds a year. The impact of his plan, based on the UK Office for Budget Responsibility’s growth forecast, will depend on its size, timing and structure. The bigger the adjustment to the public finances, which media reports reckon could be anywhere between 30 and 60 billion pounds, the larger its impact on growth. Talk of a “black hole” obscures the fact that Sunak and Hunt have multiple options.

☆ UK economy: Rishi Sunak only has unpleasant choices as prime minister
▼ + stars: | 2022-10-25 | by ( Julia Horowitz | ) edition.cnn.com time to read: +7 min

There’s little appetite for government spending cuts after years of austerity in the wake of the 2008 global financial crisis. Plus, failing to help households deal with surging living costs could prove politically devastating and further weigh on the economy. Finance minister Jeremy Hunt got the ball rolling last week when he reversed £32 billion ($37 billion) in tax cuts that formed the bedrock of Truss’ plan to boost growth. Risk of a ‘doom loop’Investors and economists expect that the government will announce a mixture of tax increases and spending cuts shortly. No one wants to repeat the errors of the brief Truss era, when her gamble that unfunded tax cuts would jumpstart growth backfired spectacularly.

☆ U.K. Treasury chief scraps nearly all government tax cut plans
▼ + stars: | 2022-10-17 | by ( Associated Press | ) www.nbcnews.com time to read: +4 min

U.K. Treasury chief Jeremy Hunt on Monday reversed most of an economic package announced by the government just weeks ago, including a planned cut to income tax. In a bid to soothe turbulent financial markets, Hunt said he was scrapping “almost all” the tax cuts announced last month and signaled public spending cuts are on the way. The unfunded tax cuts fueled investor concern about unsustainable levels of government borrowing, which pushed up government borrowing costs, raised home mortgage costs and sent the pound plummeting to an all-time low against the dollar. Hunt was under pressure to act before financial markets opened on Monday because the central bank’s support for the bond market ended Friday. The U.K. currency is now trading for roughly the same price it was on Sept. 22, the day before Kwarteng announced the tax cuts.

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