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Search resuls for: "Fiscal Studies"


4 mentions found


☆ Premarket stocks: The curious case of falling gold prices
  + stars: | 2022-09-23 | by ( Julia Horowitz | ) edition.cnn.com   time to read: +7 min
But gold prices haven’t surged. “Investors don’t have much appetite to hold gold in the current environment,” Warren Patterson, head of commodities strategy at ING, told me. Breaking it down: Gold prices skyrocketed in early March as fears about the consequences of Russia’s invasion of Ukraine mounted. A stronger currency makes it more expensive for foreign investors to buy in, and can reduce demand, pushing down prices. In the meantime, Costco plans to leverage its size to stay competitive on prices and keep growing sales.
☆ New UK finance minister Kwarteng seeks end to "cycle of stagnation"
  + stars: | 2022-09-22 | by ( David Milliken | ) www.reuters.com   time to read: +4 min
Paul Johnson, director of the Institute for Fiscal Studies (IFS) think tank, said Truss and Kwarteng's tax cuts could be the largest since 1988, and risked putting Britain's public debt on an unsustainable path. The IFS, together with U.S. bank Citi, estimate household energy subsidies will cost about 120 billion pounds over two years, while six months of business energy subsidies will cost 40 billion pounds. read moreThese are a one-off, and the bigger concern for the IFS is around 30 billion pounds of permanent tax cuts - starting with 14 billion pounds in reduced payroll taxes, confirmed on Thursday, and 15 billion pounds of cuts to corporation tax. For Kwarteng, tax cuts and deregulation are a way to end what he calls "a cycle of stagnation" that led to tax rates being on course for their highest level since the 1940s. "We will liberalise planning rules in specified agreed sites, releasing land and accelerating development," Kwarteng is expected to say.
☆ Interest rates: Bank of England hikes by half a point for second straight month
  + stars: | 2022-09-22 | by ( Mark Thompson | ) edition.cnn.com   time to read: +2 min
London CNN Business —The Bank of England announced its seventh interest rate hike in less than a year on Thursday as it battles the highest level of inflation of any G7 economy. The central bank repeated last month’s hike of half a percentage point, taking rates to 2.25% from 1.75%. The US Federal Reserve on Wednesday announced an historic third consecutive three-quarter percentage point rise in interest rates, adding further wind to the dollar’s sails. The European Central Bank also broke new ground with its decision earlier this month to hike eurozone interest rates from 0% to 0.75%. The Swiss National Bank on Thursday hiked rates by three quarters of a percentage point, taking them out of negative territory to 0.5%.
☆ UK tax cuts risk 'unsustainable' debt rise - think tank
  + stars: | 2022-09-21 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/David 'Dee' DelgadoLONDON, Sept 21 (Reuters) - Prime Minister Liz Truss's plans to cut payroll taxes and reverse a planned increase in corporation tax risk putting Britain's national debt on an unsustainable upward path, the Institute for Fiscal Studies think tank said on Wednesday. Truss promised the tax cuts, worth around 30 billion pounds a year, as part of her successful campaign for the Conservative Party leadership, along with a temporary subsidy for household energy bills that will cost around 100 billion pounds. Register now for FREE unlimited access to Reuters.com Register"Reversing National Insurance Contributions and corporation tax rises would leave debt on an unsustainable path," it said. The IFS said there was little guarantee that permanent tax cuts would create enough growth to pay for themselves. "There is no miracle cure, and setting plans underpinned by the idea that headline tax cuts will deliver a sustained boost to growth is a gamble, at best," it said.
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