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☆ Britain cancels $1.7 billion of computing projects in setback for global AI ambitions
▼ + stars: | 2024-08-02 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

(Photo by Rasid Necati Aslim/Anadolu via Getty Images)The U.K. government has canceled £1.3 billion ($1.7 billion) worth of computing infrastructure projects, in a big setback to the country's ambitions to become a world leader in artificial intelligence. A government spokesperson confirmed to CNBC that two major taxpayer-funded spending commitments, worth £500 million and £800 million, respectively, were being dropped in order to prioritize other fiscal plans. Earlier this week, British Finance Minister Rachel Reeves announced a raft of spending cuts after revealing Labour had inherited a projected £22 billion ($28 billion) of unfunded pledges from the center-right Conservatives. The Labour government was widely expected to announce the introduction of the first-ever U.K. AI Bill in a speech delivered by King Charles III last month. A DSIT spokesperson instead told CNBC the government would consult on plans to regulate AI in due course.

Persons: Rasid Necati, Rishi Sunak's, Rachel Reeves, unfunded, codebreakers, Keir Starmer's, King Charles III Organizations: Artificial Intelligence, Getty, CNBC, Research, University of Edinburgh, Labour, Department for Science, Innovation, Technology, British Locations: London, United Kingdom, Anadolu, Bletchley, Nazi Germany

☆ Opinion | Trump’s Ideas Threaten the Foundation of America’s Economy
▼ + stars: | 2024-07-31 | by ( Rebecca Patterson | ) www.nytimes.com time to read: +1 min

It determines the cost of your day-to-day life, such as your mortgage, credit card bills and business loans. You might not know it’s there, but you’ll sorely miss it if it ever goes away. The $27 trillion U.S. Treasury market, the largest government bond market in the world by multiples, is the starting point for the cost of capital. Policy proposals from Donald Trump and his circle threaten the huge advantages the United States enjoys from this market. Still, the potential fallout from this particular set of ideas would be a significant disruption to the Treasury market and everything that depends on it, including interest rates.

Persons: you’ll, Donald Trump Organizations: Treasury, Federal Locations: United

☆ Ron Insana: How investors ought to prepare their portfolios for November’s elections
▼ + stars: | 2024-07-27 | by ( Ron Insana | ) www.cnbc.com time to read: +4 min

The GOP, under presidential candidate Donald Trump, could seek to extend the 2017 Tax Cuts and Jobs Act. In the abstract, one can argue that tax cuts and deregulation are good for business. However, further unfunded tax cuts would add to the nation's deficits and debt. He has also pushed for raising the corporate tax rate to 28%. Currently, that rate is at 20%, plus a 3.8% net investment income tax for high earners.

Persons: we've, Donald Trump, Trump, Biden, Eisenhower, Kamala Harris, Joe Biden Organizations: GOP, Wall, United, Bureau of Labor Statistics, Observers, White, Trump, Biden, Federal Reserve Locations: Washington ,, United States, U.S, America

☆ These 10 U.S. states have America’s worst economies in 2024
▼ + stars: | 2024-07-18 | by ( Scott Cohn | ) www.cnbc.com time to read: +12 min

That is why CNBC looks at state economies in ranking America's Top States for Business. We consider economic growth and job growth. We measure the breadth of each state's economy by looking at how many major corporations are headquartered there. Some states are at the top of their economic game — home to America's 10 best state economies. JB Pritzker, and all the major rating agencies have the state in their "A" categories for the first time in years.

Persons: Phil Scott, Jobs, J.B . Pritzker, Erin Hooley, JB Pritzker, Asplundh, Michael G, Janet Mills, Mills, Gina Raimondo, Joe Biden, Anna Moneymaker, Gina Raimondo —, —, Rhode Island's, Luke Sharrett, Ed Zurga, Bryan Tarnowski, Hurricane Katrina, New Hampshire Jada, Patrick T, Fallon, Hawaii's, Nature, Spencer Platt Organizations: CNBC, Business, Republican Gov, Direct Investment, Illinois, Illinois Illinois Gov, Thompson Center, Tribune, Service, Democratic Gov, Major Corporations, GE Healthcare Technologies, Mondelez, Seamans, Portland Press Herald, Getty, National Association of State, Officers, Pew, Major Corporation, IDEXX, Rhode, Semiconductors, America, White, U.S . Commerce, Major, CVS Health, Hasbro, Kentucky, Bloomberg, Bluegrass State, Federal Housing Finance Agency, Kansas Carpenters, Glenn Eagles, Louisiana Homes, Treme, Louisiana State University, Hurricane, Pool Corporation, Granite State, U.S . Chamber, Commerce, New Hampshire Department, Labor, The New Hampshire Tech Alliance, Afp, Aloha State Locations: U.S, States, Vermont, Illinois Illinois, Chicago, Lincoln, Illinois, Maine, Rhode Island WASHINGTON, DC, Washington , DC, Louisville , Kentucky, Bluegrass, Kentucky, Kansas, Kansas City , Kansas, Sunflower, Claiborne, New Orleans , Louisiana, New Orleans, New Hampshire, Granite, The, Hawaii, Maui, Lahaina , Hawaii, Mississippi, Biloxi , Mississippi

☆ Labour’s landslide victory is a personal triumph for Keir Starmer that once seemed impossible
▼ + stars: | 2024-07-04 | by ( Luke Mcgee | ) edition.cnn.com time to read: +4 min

London CNN —The Labour Party’s projected victory in the UK general election marks a historic moment in modern British political history and a huge personal triumph for Keir Starmer, the Labour leader who is set to become the country’s next prime minister. Starmer’s victory is all the more remarkable considering the journey that Labour has been on since the last general election in 2019. It was in this context that Starmer took control of a broken Labour Party on April 4, 2020. On that day, David Lammy, one of his Labour colleagues, took him to one side and warned Starmer: “Set yourself a 10-year cycle. There has for months been a working assumption that a Starmer victory would be in part thanks to a general disdain for the Conservatives after 14 years in power.

Persons: Keir Starmer, Jeremy Corbyn, Boris Johnson, Johnson, David Lammy, Starmer, ”, Lammy, “, Liz Truss, Rishi Sunak, Critics, Donald Trump, Nigel Farage Organizations: London CNN, Labour, ’, Conservatives, Labour Party, Downing Street, Conservative Party, spook Conservative, Reform

☆ Neither Biden nor Trump is seriously addressing the safety net crisis
▼ + stars: | 2024-06-13 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +9 min

“They’re both promising not to tackle the debt,” Ryan said, coming back to the issue that has animated his political career. Trump wants to extend all of the tax cuts, which could further explode the debt without corresponding spending cuts. When Trump and Republicans enacted the current tax structure, they made individual tax cuts temporary and most of the corporate tax cuts permanent. Biden has proposed additional taxes on those making more than $400,000 to address Medicare’s solvency, among other ideas, but does not have a detailed Social Security plan. The dirty little secret in all of this is, Medicare and Social Security are going insolvent on their own.

Persons: Donald Trump, Paul Ryan, he’ll, Trump, ”, Ryan, Republican –, “, ” Ryan, Sen, Mitt Romney, “ They’re, Joe Biden, Biden, Barack Obama, CNN’s Tami Luhby, What’s, won’t, Alan Greenspan, Obama, Republican Sen, Alan Simpson, Erskine Bowles Organizations: CNN, Trump, Republican, Fox News, Social Security, Democrats, Affordable, Biden, Republicans, Democratic, American, Treasury, Medicare, Fox, Federal, White House, National Commission Locations: Wisconsin, Trump, Luhby

☆ UK Prime Minister Rishi Sunak was fact-checked by his own government before election debate with Keir Starmer
▼ + stars: | 2024-06-05 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

“Independent Treasury officials have costed Labour’s policies and they amount to a £2,000 tax rise for every working family,” Sunak said. The Conservative Party leader later repeated the claim. But Bowler’s letter could undermine Sunak’s claim to lead with integrity — a pledge made when he became prime minister in October 2022 — as he battles a high-stakes election. In a statement Wednesday, Labour said Sunak had “lied eleven times to the British people” about the party’s tax plans. During the debate Tuesday, Starmer dismissed the £2,000 ($2,560) figure as “nonsense” and said it was based on “pretend” Labour policies.

Persons: Rishi Sunak’s, “, ” Sunak, Keir Starmer, James Bowler, Darren Jones, Bowler, ”, Sunak, —, Starmer, Luke McGee Organizations: London CNN, Treasury, Labour Party, Labour, National Health Service, Independent Treasury, Conservative Party, senior Labour Party, Conservative, Civil Service, Tories, CNN

☆ US Pacific bases and aircraft are wildly vulnerable to Chinese missile barrages that could overwhelm defenses, lawmakers warn
▼ + stars: | 2024-05-10 | by ( Chris Panella | ) www.businessinsider.com time to read: +5 min

Read previewUS bases and aircraft in the Pacific are facing intense threat from Chinese missiles, and the Pentagon isn't doing enough to counter that challenge, according to American lawmakers. In a Wednesday letter to Air Force Secretary Frank Kendall and Navy Secretary Carlos Del Toro, 13 members of Congress pointed out glaring vulnerabilities in the Pacific region and demanded "immediate changes." A U.S. Air Force Rockwell B-1B Lancer (L) and a Boeing KC-135 Stratotanker (R) sit on the tarmac at Andersen Air Force base on August 17, 2017, in Yigo, Guam. Justin Sullivan/Getty ImagesIn the letter, lawmakers note that many of the US bases in the Pacific remain unhardened, leaving aircraft and assets vulnerable to missile strikes. Notably, none of the US shelters were in Guam — home to Andersen Air Force Base which routinely hosts American bombers.

Persons: —, Frank Kendall, Carlos Del Toro, John Moolenaar, Justin Sullivan, Tom Shugart, Timothy A, Walton, Andy Wong Organizations: Service, Pentagon, Air Force, Business, Department of Defense, Chinese Communist Party Rep, Commonwealth of, Pacific ., U.S . Air Force Rockwell, Boeing KC, Andersen Air Force, US, Center, New, New American Security, Hudson Institute, Andersen Air Force Base, American, People's Liberation Army Rocket Force, Lawmakers, Rocket Force, China's Locations: Pacific, China, Okinawa, Guam, Commonwealth, Northern Mariana, U.S, Yigo, New American, Shugart, Tiananmen, Beijing

Many Americans don't know, and it's getting even harder to calculate — especially as Social Security is poised to start reducing benefits in just about a decade. Related stories"That number is all over the place," Copeland said, referring to how much people are going to need in retirement savings. "It will be devastating if people who already are facing very dire retirement prospects get less Social Security than they're planning on. Estimating how much you will need in retirement may be helpful, even long before retirement. That highlights the fact that calculating how much you're going to actually need in retirement is complicated.

Persons: it's, That's, there's, Craig Copeland, Copeland, —, William Arnone, Indira Venkateswaran, Greenwald Organizations: Service, Security, Greenwald Research, Business, AARP, Wealth, Research Institute, Social, Social Security, National Academy of Social Insurance Locations: America

☆ As Social Security's funds face insolvency, experts say these are key factors to watch
▼ + stars: | 2024-05-08 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

Phoenix Wang | Moment | Getty ImagesA new Social Security trustees report released on Monday provides a modest bright spot for the program. watch nowThe trust fund shortfall may be addressed through tax increases, benefit cuts or by taking funds from general revenues, he said. But Social Security is poised to be an issue in the upcoming House, Senate and presidential campaigns, he said. Here are some key revelations to note from this year's Social Security trustees report. If there is a major recession, many workers who are at the margin may apply for disability benefits, he said.

Persons: Wang, Jason Fichtner, Fichtner, Max Richtman, Laura Haltzel Organizations: Social Security, Center, Committee, Budget, National Committee, Preserve Social Security, Social, Congressional Research Service

☆ Liz Truss, Britain’s Prime Minister, Wants to Break America - The New York Times
▼ + stars: | 2024-04-22 | by ( Tanya Gold | ) www.nytimes.com time to read: +2 min

Liz Truss was the prime minister of Britain for 49 days in 2022, an interregnum between Boris Johnson and Rishi Sunak that was so short it was outlasted by a lettuce. If this were the 19th century, Ms. Truss would have perhaps exiled herself to a country estate where peacocks roamed the grounds or fought her enemies with pistols. (In 1809 the foreign secretary, George Canning, was wounded in a duel with the war minister.) A. Disgrace” — but was never really considered a likely leader of the Conservative Party until her predecessor Mr. Johnson almost burned the party down. (Even Mr. Canning, who survived his wounds and eventually became prime minister, lasted longer.

Persons: Liz Truss, Boris Johnson, Rishi Sunak, Queen Elizabeth II, George Canning, Truss, Truss’s, Margaret Thatcher, ”, Johnson, Canning Organizations: Liberal, Liberal Democrats, European Union, Conservative Party, Bank of England Locations: Britain

☆ UK property prices: Brits face biggest obstacles in 70 years to buying a first home
▼ + stars: | 2024-04-22 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

“During some periods both the cost of buying (down payments) and the cost of owning (mortgage repayments) have been high. Mortgage rates biteThe average mortgage repayment has rocketed since late 2021 as the Bank of England, along with other major central banks, began jacking up official interest rates to bring down inflation. (The interest rate on some government bonds is used to set mortgage rates). On Monday, the average rate on a two-year fixed-rate mortgage stood at 5.82%, according to data from product comparison website Moneyfacts. “An election is due within the next year and a new government, committed to helping prospective first-time buyers, might start by acknowledging the challenges younger generations face not just in housing but more generally,” the BSA said.

Persons: Liz Truss, “ Organizations: London CNN, Building Societies Association, BSA, Office, National Statistics, Bank of England, UK Finance Locations: United Kingdom, London, England, Wales

☆ Op-ed: There's a potential tax increase coming. Here's what you need to know
▼ + stars: | 2024-04-15 | by ( Ivory Johnson | ) www.cnbc.com time to read: +5 min

Eva-katalin | E+ | Getty ImagesIt is common folklore, a fairy tale of sorts, that middle-class Americans received perpetual relief in the Tax Cuts and Jobs Act of 2017. First, property taxes generate 32% of state and local income, and U.S. median single-family home property taxes have risen by more than 25% since 2019. Congress will be motivated to etch all the tax cuts in stone, but it would only add fuel to the debt bonfire. watch nowThere is also the qualified business income deduction that offers a 20% tax break for small businesses provided they are below certain income thresholds. All of this is in addition to crippling cost-of-living challenges from excessive government spending, the well our Treasury would have to revisit to make these tax cuts permanent.

Persons: Eva, katalin, he's, Peter G, Uncle Sam, Roth, depreciate — Organizations: Taxation, Economic, Peterson Foundation, Chamber, Commerce, Treasury, Hope Congress, Real, IRS Locations: U.S, United States

☆ Bally's shareholders wage battle over ownership, 'unfunded development projects'
▼ + stars: | 2024-04-02 | by ( Contessa Brewer | ) www.cnbc.com time to read: +5 min

In this article BALY Follow your favorite stocks CREATE FREE ACCOUNTAn exterior view shows the Tropicana Las Vegas at dusk on March 29, 2024 in Las Vegas, Nevada. David Becker | Getty ImagesAs the famous Tropicana in Las Vegas closes its doors Tuesday, its operator Bally's Corporation is facing its own existential battle. Standard General owns about 23% of Bally's stock, it said last month. An exterior view shows the Tropicana Las Vegas on March 29, 2024, in Las Vegas, Nevada. Bally's market cap stands at little more than half a billion dollars.

Persons: David Becker, Soo Kim, Kim, it's, Dan Fetters, Edward King, Fetters, King, Bally's, It's, George Rose, Chris Grove, Jim Murren, Jess Golden Organizations: Tropicana, Getty, Bally's, Standard, Growth Capital, Las, Trump, Tahoe, Chicago, Major League Baseball's Athletics, Leisure Properties, New, Acies, MGM Resorts International, CNBC Locations: Las Vegas , Nevada, Las Vegas, New York City, Stateline , Nevada, Seminole, Florida, Nevada, Oakland, Vegas

☆ US debt: Is America at risk of a Liz Truss-style market meltdown? The CBO thinks so
▼ + stars: | 2024-03-26 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

In an interview with the Financial Times, CBO director Phillip Swagel said US government debt — which the Treasury Department puts at nearly $35 trillion — is on an “unprecedented” trajectory. UK government bonds, or gilts, and the pound sold off sharply, partly in response to plans by Truss to issue more debt in order to pay for tax cuts. Mortgage rates and other borrowing costs soared as investors demanded much higher premiums for owning UK debt. He has promised to extend his 2017 tax cuts and has also spoken about reducing the corporate tax rate from the current 21% to 15%. “I will make the Trump tax cuts the largest tax cut in history,” he said last month at the Black Conservative Federation’s Honors Gala in South Carolina.

Persons: Phillip Swagel, Liz, ”, Truss, ” Swagel, Dave Ramsden, Donald Trump’s, Joe Biden, Fitch, “, Trump Organizations: London CNN, Congressional, Financial Times, Treasury Department, CNN, Bank of England, Democrats, Trump, Black Conservative, US Treasury, Federal, CBO Locations: United States, United Kingdom, South Carolina

☆ Runaway government debt could sink markets and slam the economy, 2 watchdogs warn
▼ + stars: | 2024-03-26 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

The US government's ballooning interest payments are eating a hole in its budget, they said. "We are headed toward record spending levels, record deficit levels, record debt levels, record interest payments — the list goes and on," Maya MacGuineas, the president of the Committee for a Responsible Federal Budget, told Fox Business this week. While the US isn't at imminent risk of that kind of chaos, bond markets could "snap back" if the government's interest payments soar to $1 trillion in 2026 as expected, Swagel said. AdvertisementHowever, she noted that some experts on Wall Street were "incredibly worried" about the national debt and interest payments. DoubleLine Capital CEO Jeffrey Gundlach has also sounded the alarm on debt payments.

Persons: —, MacGuineas, Philip Swagel, Liz Truss, Swagel, bitcoin, Jim Rogers, George Soros, He's, Jeffrey Gundlach Organizations: Investors, Service, Federal Budget, Fox Business, Congressional, Office, Financial Times, Bank of, CBO, Wall, DoubleLine

LONDON (AP) — Voters in two districts in England delivered new blows to beleaguered Prime Minister Rishi Sunak, electing opposition-party lawmakers in seats that Sunak’s Conservatives had held for years. Labour Party candidate Damien Egan won the House of Commons seats of Kingswood in southwest England, and Labour's Gen Kitchen took Wellingborough in the country’s center, results announced Friday showed. The Conservatives won both by large margins at the last national election in 2019 but saw support collapse in Thursday's special elections. The hard-right Reform party — formerly known as the Brexit Party — came third, putting more pressure on the Conservatives. The Conservatives pointed to the low turnout — less than 40% of eligible voters cast ballots — as a sign British electors are not enthusiastic about Labour.

Persons: Rishi Sunak, Damien Egan, Kitchen, —, Brexit Party —, Keir Starmer, Chris Skidmore, Peter Bone, Sunak, Liz Truss, Brexit, Boris Johnson, John Curtice, ” “, ” Organizations: —, Labour Party, Wellingborough, Conservatives, Brexit Party, Labour, Conservative, European Union, University of Strathclyde, BBC Locations: England, Kingswood, Wellingborough

RENO, Nev. (AP) — A Nevada judge has approved a petition by abortion access advocates as eligible for signature gathering in their long-standing attempt to get abortion rights on the 2024 ballot. Abortion rights up to 24 weeks are already codified into Nevada law through a 1990 referendum vote, where two-thirds of voters were in favor. The petition would have included protections for “matters relating to their pregnancies” including prenatal care, childbirth, postpartum care, birth control, vasectomies, tubal ligations, abortion and abortion care as well as care for miscarriages and infertility. “Abortion rights are not the only form of reproductive freedom under attack across the country,” Hamon said. Lawmakers in Nevada’s Democratic-controlled Legislature are also attempting to get reproductive rights including abortion access in front of voters on the 2026 ballot.

Persons: James T, Russell, Lindsey Hamon, ” Hamon, Roe, Wade, ___ Stern, Stern Organizations: Carson, Reproductive Freedoms, Nevada Supreme, Supreme, Lawmakers, Nevada’s Democratic, Assembly, Associated Press, America Statehouse News Initiative, America Locations: RENO, Nev, Nevada, U.S, New York, Maryland, Missouri, Arizona

☆ A simple, low-cost protection trade for those doubting this bull market
▼ + stars: | 2024-01-22 | by ( Michael Khouw | ) www.cnbc.com time to read: +9 min

For an agonizing month, the S & P 500 toyed with the prior all-time highs of January 2022 before finally breaking through to new all-time highs on Friday. Yet here we are, reviewing the biggest trading day of the year so far, and AMD was the best-performing stock in the S & P. Nvidia was 12th. What is true is that the S & P 500 rises over time. Market Cap weighted indices, such as the S & P 500 represent the largest and generally most successful publicly traded companies. Notice that a January 2025 SPDR S & P 500 Trust (SPY) $460 strike put costs just over $16 per contract.

Persons: bender, Stocks, SPDR Organizations: AMD, Nvidia, Healthcare, Centene Corp, United Health, Enphase Energy, SEC, Investors, Apple, Microsoft, U.S . Locations: China, U.S

RENO, Nev. (AP) — A judge has struck down an effort to enshrine reproductive rights, including abortion, in Nevada’s constitution, as abortion rights advocates in the western swing state attempt to follow other states in putting the question before voters in 2024. If allowed to proceed, Nevadans for Reproductive Rights would need just over 100,000 signatures to get the issue on the ballot. Abortion rights up to 24 weeks are already codified into Nevada law through a 1990 referendum vote, where two-thirds of voters were in favor. In Nevada, reproductive rights were central to Democratic campaigns in the 2022 midterms. Lawmakers in Nevada’s Democratic-controlled legislature are attempting to get reproductive rights including abortion access in front of voters on the 2026 ballot.

Persons: —, James T, Russell, ” Russell, “ I’ve, Charles Russell, Kenny Guinn, Donald Trump’s, Joe Biden’s, Bradley Schrager, Lindsay Harmon, ” Jason Guinasso, Roe, Wade, Democratic U.S . Sen, Jacky Rosen, ____ Stern, Stern Organizations: Reno, Republican Gov, Reproductive Rights, Nevada, Coalition, Parents, Reproductive, Nevada Supreme, PAC, Supreme, Democratic, Democratic U.S ., Lawmakers, Nevada’s Democratic, Assembly, Associated Press, America Statehouse News Initiative, America Locations: RENO, Nev, Nevada’s, Carson City, Nevada, U.S, Ohio, New York, Maryland, Missouri, Arizona

☆ As Economy Sputters, U.K. Cuts Taxes Ahead of Election
▼ + stars: | 2023-11-22 | by ( Eshe Nelson | More About Eshe Nelson | ) www.nytimes.com time to read: +2 min

Last week, data showed that Britain’s inflation rate had dropped to 4.6 percent in October, and Mr. Sunak declared victory in his pledge to halve inflation this year. The government’s fiscal credibility was also severely damaged by the unfunded tax cuts of Liz Truss’s short premiership. When he was installed as chancellor a year ago, Mr. Hunt took a cautious approach to the nation’s money and abandoned nearly all of Ms. Truss’s plans. He said there was little scope for spending increases and tax cuts because debt levels needed to be cut and the government had to be careful not to stoke inflationary pressures. Now with the election in sight, Mr. Hunt has found the money to offer some sweeteners in the form of lower taxes and even a freeze on alcohol duty.

Persons: ” Mr, Hunt, Rishi Sunak, Sunak, Liz Truss’s, Truss’s, Stephen Castle Organizations: Bank of England’s Locations: United States, Western Europe

LONDON (AP) — Britain's Conservative government will try to win favor with voters by cutting taxes but avoiding worsening inflation in a budget statement Wednesday, coming ahead of a likely national election next year that opinion polls suggest it will lose. Sunak said Monday that his government would “cut tax and reward hard work” but would “avoid doing anything that puts at risk our progress in controlling inflation." Political Cartoons View All 1262 Images“Now that inflation is halved and our growth is stronger — meaning revenues are higher — we can begin the next phase and turn our attention to cutting tax,” he said. The election must be held by January 2025, with speculation focusing on May or sometime next fall. Arguably, cutting personal taxes will make that “journey” more difficult because it would likely raise consumer spending, thereby ratcheting up price pressures.

Persons: —, Rishi Sunak, Sunak, Jeremy Hunt's, ”, “, ” Sunak, Liz Truss, Hunt, There's, hasn't, “ Hunt, Kallum Pickering, Andrew Bailey Organizations: Conservative, Conservative Party, Labour Party, Bank of, Bank of England Locations: Ukraine, Berenberg

☆ UK PM Sunak promises tax cuts after meeting his inflation pledge
▼ + stars: | 2023-11-20 | by ( Alistair Smout | ) www.reuters.com time to read: +3 min

Under pressure from within his traditionally low-tax Conservative Party, Sunak said his government needed to prioritise lowering the tax burden but stressed he would not repeat the unfunded tax cut plan that his predecessor Liz Truss announced last year, triggering turmoil in bond markets. Sunak said the government would cut taxes over time and would not do anything that added to inflation. "You can trust me when I say we can responsibly start to cut taxes," he said. Conservative lawmakers have long called on Sunak to cut taxes to help reduce the gap in the opinion polls with the opposition Labour Party before an election expected next year. Blowing tens of billions of pounds on unfunded spending is just as dangerous as blowing tens of billions of pounds on unfunded tax cuts," he said.

Persons: Rishi Sunak, Jeremy Hunt, Sunak, Liz Truss, Hunt, Sarah Young, Alistair Smout, William Schomberg, Kylie MacLellan, Kate Holton, Christina Fincher Organizations: British, Conservative Party, Data, Conservative, Labour Party, Thomson Locations: Rwanda

SYDNEY, Nov 13 (Reuters) - Australia's financial position will be more precarious and credit rating at risk should the government succumb to the temptation to spend the sovereign wealth fund on political projects, its outgoing chair said in a speech on Monday. The A$205 billion ($130 billion) Future Fund will come under pressure to fund state priorities as an aging population reduces taxpayers and consumes a larger chunk of spending, Chairman Peter Costello said on Monday at a UBS conference in Sydney. "As government's financial position declines, I expect we'll see more plans to spend it," he said. "Once it is spent there is nothing to offset government sovereign debt, unfunded pension and unfunded military claims. Once it is spent the pressure to raise taxes and borrow more will accelerate."

Persons: Peter Costello, Costello, telco, Lewis Jackson, Stephen Coates Organizations: SYDNEY, UBS, Labor, Liberal, Australia's AAA, telco Telstra, Thomson Locations: Sydney, China

☆ Meet the guy in charge of deciding how to spend $1.2 trillion from Biden’s infrastructure bill
▼ + stars: | 2023-11-07 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

You can see in the funding for the infrastructure bill that we’re working hard to do all of that. We want to build generational wealth and do it in a way that heals communities rather than separates them. Between the Bipartisan Infrastructure Law, the Inflation Reduction Act and the CHIPS act, there’s been a $1.8 trillion dollar investment. You may recall that when this conversation started about three or four years ago, the number was $6 trillion. So $1.2 trillion is significant, but it’s just a downpayment on what the real needs are.

Persons: Mitch Landrieu, Joe Biden, Biden’s, Landrieu, Bell, you’ve, We’re, Biden, it’s, He’s, he’s, there’s, I’ve, Catherine Thorbecke, ”, David Tolley, WeWork, Adam Neumann, Neumann, ’, AFTRA, Ramishah Maruf, “, ” It’s Organizations: CNN Business, Bell, New York CNN, White, Infrastructure Investment, Jobs Act, Economic Security, Infrastructure Law, SAG, ’ Locations: New York, New Orleans, Lowndes County , Alabama, Napakiak, Alaska, China, America, Hollywood

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