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☆ Foreign tourism to Portugal registers best-ever first half
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +1 min

LISBON, Aug 14 (Reuters) - The number of foreign tourists visiting Portugal surpassed eight million in January-June, making it the best first half on record, official data showed on Monday. Tourism, a key driver of Portugal's economy, accounted for almost 15% of gross domestic product before the pandemic. Visitors from Britain made up the largest share of total arrivals in the first half, with over one million visitors, closely followed by the Spanish and U.S. markets. In June, the United States, which has significantly grown as a source of tourism to Portugal, represented the second-largest group of foreign visitors. ($1 = 0.9142 euros)Reporting by Patrícia Vicente Rua; Editing by Andrei Khalip and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Patrícia Vicente Rua, Andrei Khalip, Bernadette Baum Organizations: National Statistics Institute, Spanish, International Air Transport Association, Thomson Locations: LISBON, Portugal, Britain, U.S, United States, Southern Europe

☆ Premarket stocks: Does it matter whether the Federal Reserve hikes or pauses rates in September?
▼ + stars: | 2023-08-14 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

New York CNN —After the Federal Reserve raised interest rates in July to the highest level in 22 years, Wall Street’s focus is on whether September will bring another rate hike. But does it really matter whether the Fed raises or pauses rates next month? Before the Bell: Does it matter whether the Fed raises rates in September by another quarter point or holds steady instead? And, that earnings can grow even in an environment where interest rates are back to levels that they have been in for the past couple of decades. Year-over-year comparisons should improve, but I think investors want to see that.

Persons: Bell, Ed Yardeni, they’ve, Moody’s, they’re, We’ve, Fitch, CNN’s Kathleen Magramo, Women Jan Tinetti, Tinetti, Read, CNN’s Olesya Dmitracova, Darren Morgan, ”, Jonathan Moyes Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Employers, Traders, Yardeni, Women, Labour, Organisation for Economic Co, Development, Gross, National Statistics, Wealth Locations: New York, New Zealand

Official data on Friday showed the economy grew 0.2% in the second quarter, against the consensus for a flat reading in a Reuters poll of economists. The strong showing bolstered bets that the BoE would keep on raising interest rates, given the central bank stressed this month that resilience in the economy was one of the factors that would underpin its judgement. The central bank itself had pencilled in growth of 0.1% for the second quarter. "With much of the drag from higher interest rates still to come, we are sticking to our below-consensus forecast that the UK is heading for a mild recession later this year," said economist Ruth Gregory from consultancy Capital Economics. Reporting by Andy Bruce and David Milliken; editing by William James, Kate Holton and Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Sterling, BoE, Neil Birrell, Jeremy Hunt, Ruth Gregory, Andy Bruce, David Milliken, William James, Kate Holton, Christina Fincher Organizations: Bank of England, U.S ., Reuters, Bank of, Miton, National Statistics, Manufacturing, Reuters Graphics, Capital Economics, Thomson Locations: Bank of England, Britain, Germany, France, Italy, United States

☆ Sterling breaks three-day fall after UK GDP beats forecasts
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +1 min

Wads of British Pound Sterling banknotes are stacked in piles at the Money Service Austria company's headquarters in Vienna, Austria, November 16, 2017. REUTERS/Leonhard Foeger/File PhotoLONDON, Aug 11 (Reuters) - The pound broke three straight days of losses on Friday after data showed the British economy grew more than expected in June, which boosted sterling against the dollar and the euro. British economic output grew by 0.5% in June, figures from the Office for National Statistics showed on Friday. Sterling was last up 0.3% at $1.2708, compared with $1.2685 before the data, but was still on course for a fourth consecutive weekly loss against the dollar. The euro fell against the pound, dropping 0.1% on the day to 86.50 pence, down from 86.64 earlier on.

Persons: Pound, Leonhard Foeger, Sterling, Amanda Cooper, Samuel Indyk Organizations: Money Service Austria company's, REUTERS, Office, National Statistics, Thomson Locations: Vienna, Austria, British

☆ UK economy: GDP records surprise growth in second quarter
▼ + stars: | 2023-08-11 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +2 min

London CNN —The UK economy grew in the three months to June 30, compared with the previous quarter, official data showed Friday. Unlike its G7 peers, the UK economy still has not returned to pre-pandemic levels of output. In the three years before Covid’s rapid spread in 2020, UK output expanded by an average of 0.5% per quarter. Survey data also suggests that Britain’s bout of feeble economic growth has continued beyond the second quarter. The preliminary reading of the Purchasing Managers’ Index for July showed hardly any growth in UK private sector output and the weakest rise in six months.

Persons: ”, Darren Morgan, Rishi Sunak Organizations: London CNN, Gross, National Statistics, Bank of England’s, Bank of England Locations: United Kingdom

☆ U.K. Economy Grows Weakly
▼ + stars: | 2023-08-11 | by ( Kevin Granville | ) www.nytimes.com time to read: +4 min

The data beat the Bank of England’s forecast last week for 0.1 percent growth, and some economists had predicted a quarter of no growth. For over a year, beginning with the second quarter of 2022, Britain’s economy expanded each quarter by 0.1 percent — except for the July-September period last year, when it contracted by the same amount. Comparisons: Growth in Europe and United StatesIn Europe, the 20 countries that use the euro currency haven’t faired much better in terms of economic growth. The eurozone expanded 0.3 percent in the second quarter, after stalling earlier in the year and shrinking 0.1 percent late last year. “Low economic growth and stagnant productivity is increasing the financial vulnerability of households in the bottom half of the income distribution and the incidence of destitution at the poorest end,” the report said.

Persons: King Charles, Andrew Bailey, “ Organizations: Office, National Statistics, Bank of England’s, Bank of England, Bank, National Institute of Economic, Social Research Locations: Britain, Europe, United States, London

LONDON — The U.K. economy beat expectations with 0.2% growth in the second quarter, boosted by household consumption and manufacturing output, the Office for National Statistics said Friday. The economy expanded by 0.5% in June, beating a forecast of 0.2% growth. It follows monthly GDP growth of 0.1% in May and 0.2% in April. Output was bolstered by 1.6% growth in manufacturing and 0.7% in production in the second quarter, while services grew by 0.1%. In its most recent monetary policy report, it said it expects quarterly GDP growth to remain around 0.2% in the near term.

Persons: eking, King Charles III, Mike Coop, CNBC's, Coop, Jeremy Hunt, BoE, Ruth Gregory Organizations: National Statistics, Reuters, Bank of, ONS, Morningstar, Bank of England, of England, IMF, Finance, Capital Economics Locations: Germany, France, Italy

Minister of Indigenous Peoples Sonia Guajajara said more Indigenous people felt comfortable identifying themselves as such. Tebet told reporters the new population numbers will allow for improved budget funding for policies to help Indigenous communities, in education but mainly in health services and basic sanitation to make up for government neglect. Half of Brazil's Indigenous communities live in the Amazon region, some 867,900, with the highest urban concentration in the city of Manaus, the capital of Amazonas state. But the main reason for the exponential growth in numbers, besides higher fertility rates among Indigenous communities, is the rise in visibility of Brazil's Indigenous movement, he said. "When you have strong Indigenous leaders bringing positive connotations to being Indigenous, this encourages people to begin identifying themselves," Barros said by telephone.

Persons: Vanderlecia Ortega dos Santos, Vanda, Ueslei Marcelino BRASILIA, Sonia Guajajara, Guajajara, Simone Tebet, Tebet, Luiz Inacio Lula da Silva's, Jair Bolsonaro, Lula, Leonardo Barros, Barros, Anthony Boadle, Aurora Ellis, Jamie Freed Organizations: Brazilian Institute of Geography, Teatro, REUTERS, Ueslei, IBGE, Government, Indigenous, Federal University of Viçosa, Thomson Locations: Belem , Para, Brazil, Belem, Portugal, Venezuela, Manaus, Amazonas, Minas Gerais

☆ Ahead of two key inflation reports, what would a soft landing look like exactly?
▼ + stars: | 2023-08-06 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

But aside from simply skirting a recession, it’s not obvious what the economy would look like in a soft landing. And who even declares that the Fed has officially defied the odds and achieved a soft landing? The main aspect of a soft landing, according to economists, is the absence of a recession, which is determined by the National Bureau of Economic Research (NBER.) In a soft landing, the job market has to remain intact. The other key feature of a soft landing is for the Fed to successfully control inflation, but that’s open to some interpretation.

Persons: we’ve, ”, Kayla Bruun, “, Julia Pollak, ” Pollak, Josh Markman, cooldown, Austan Goolsbee, ” Goolsbee, Raphael Bostic, Michelle Bowman, Patrick Harker, Armour, Ralph Lauren Organizations: CNN Business, Bell, DC CNN, Federal Reserve, Bank of America, Fed, National Bureau of Economic Research, Morning, Atlanta, ZipRecruiter, Labor, Bel Air Investment Advisors, Federal, Federal Reserve Bank of Chicago, Bloomberg, Atlanta Fed, “, Tyson Foods, UPS, Fox, Restaurant Brands, The National Federation of Independent Business, US Commerce Department, China’s National Bureau of Statistics, Disney, US Labor Department, National Statistics, University of Michigan Locations: Washington

☆ The UK once vowed to be a global climate leader. Now Rishi Sunak is stoking a culture war on green policies
▼ + stars: | 2023-08-01 | by ( Rob Picheta | ) edition.cnn.com time to read: +8 min

Since becoming prime minister, critics say he has diminished the UK's standing as a leader on the climate. A Just Stop Oil protester disrupts a match at July's Wimbledon Championships. Foreign Office minister Zac Goldsmith resigned in June, lambasting Sunak’s climate policies. A North Sea oil rig off the coast of Scotland. Sunak's decision to expand drilling in the North Sea was criticized by climate experts.

Persons: Boris Johnson, Queen Elizabeth II, Rishi Sunak’s, Sunak, DANIEL LEAL, ” Luke Murphy, they’ve, Murphy, ”, “, We’ve, ” Murphy, Steve Tuckwell, Tuckwell, Hannah Mckay, Grant Shapps, Keir Starmer, ” Tim Bale, “ Uxbridge, ” Bale, Sadiq Khan, Khan nodded, Rishi Sunak, Zac Goldsmith, Chris Skidmore, ” Skidmore, – Organizations: London CNN, Telegraph, Getty, CNN, Conservative Party, Conservatives, Labour Party, July's Wimbledon, Reuters, Energy, Queen Mary University in, “, Office, National Statistics, London’s, Foreign, Conservative, Uxbridge Locations: Britain, Glasgow, North, Sunak, Uxbridge, London, Queen Mary University in London, Europe, lambasting, Scotland

Gross domestic product (GDP) contracted by 0.3% on a quarterly basis between April and June and was up 0.6% year-on-year, national statistics bureau ISTAT said. ISTAT gave no numerical sector breakdown of its preliminary second-quarter GDP estimate, but said industry and agriculture output decreased whereas services grew marginally. The 0.3% contraction left Italy with so-called "carryover" growth of 0.8% this year, assuming GDP would be flat in the remaining two quarters. "Italy is an advanced industrial country and the weakness in industry is much more important than the tourism sector for the economy's health," said Lorenzo Codogno, head of LC Macro Advisors and former chief economist at Italy's Treasury. ISTAT also said annual inflation slowed to 6.4% in July from 6.7% in June, on a EU-harmonised consumer prices.

Persons: Giorgia Meloni, Franziska Palmas, Intesa, Lorenzo Codogno, Alvise Armellini, Elvira Pollina, Sharon Singleton, Alistair Bell Organizations: Gross, Reuters, Capital Economics, ISTAT, LC Macro Advisors, Italy's Treasury, Thomson Locations: ROME, Italy, Rome, Milan

☆ Europe economy: The recession may already be over
▼ + stars: | 2023-07-28 | by ( Mark Thompson | ) edition.cnn.com time to read: +3 min

Spain reported GDP growth of 0.4%, just a shade weaker than in the first quarter. Second-quarter GDP figures for the euro area as a whole will be published on Monday. “We expect a modest expansion in eurozone GDP after two weak quarters,” Oxford Economics said in a research note on Friday. Only 7% of forecasters expect the euro area to suffer another recession, or two consecutive quarters of contraction, between now and the first quarter of 2024. Separately, survey data released Monday showed that business activity in the euro area contracted at the fastest pace in eight months in July.

Persons: “, Christine Lagarde, ” Lagarde Organizations: CNN, “, French, Oxford, European Central Bank, headwinds, ”, ECB Locations: France, Spain, Germany, China

☆ Mexico's inflation eases to lowest in two years
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

July 24 (Reuters) - Mexico's headline inflation eased in the first half of July to its lowest level in more than two years, the national statistics agency said on Monday. In Latin America's second largest economy, 12-month headline inflation reached 4.79% in the first half of July, the lowest since March 2021, slowing further but still above the central bank's official target of 3%. INEGI data showed that annual core inflation, which strips out some volatile food and energy prices, slid to 6.76% in the first two weeks of July. Last month, Mexico's central bank board members made the unanimous decision to keep its benchmark interest rate at 11.25% for the second time, and said might need to maintain rates at current levels for an extended period to bring inflation down to target. Banxico first paused its rate hikes in May after a nearly two-year hiking cycle that began in June 2021.

Persons: Natalia Siniawski, Bernadette Baum Organizations: Reuters, Thomson

☆ 'Bougie broke' is the latest financial trend sweeping the internet, and it's all about living large with a small budget
▼ + stars: | 2023-07-24 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

"Bougie broke" is a personal finance trend dispensing advice on living the high life on a small budget. Enter "bougie broke," a personal finance trend dispensing advice on living the high life on a small budget, crafted as a humorous yet critical response to the cost of living crisis. The thing is, like you broke, but like a bougie broke, like you broké." Another TikTok user recommended fitting a room with LED lighting and sensors to "make it luxury but on a budget." Emily Irwin, the managing director of advice and planning at Wells Fargo's Wealth & Investment Management, told CNBC that the "bougie broke" trend helps to dismantle long-standing taboos around talking about money.

Persons: Bougie, bougie, Josh Jacobs, Jacobs, groundedineutral, Michelle Kilfoyle, Emily Irwin Organizations: Service, Youtube, Times, Wells, Wealth, Investment Management, CNBC Locations: TikTok, Wall, Silicon, United Kingdom, Great Britain

☆ UK borrows less than thought but Hunt pledges budget discipline
▼ + stars: | 2023-07-21 | by ( William Schomberg | ) www.reuters.com time to read: +4 min

Although borrowing remains high after the shocks of the coronavirus pandemic and last year's energy price surge, the budget deficit in June stood at 18.5 billion pounds ($23.8 billion), down by 0.4 billion pounds from June 2022. A Reuters poll of economists had pointed to higher borrowing of 22 billion pounds last month. "Now more than ever we need to maintain discipline with the public finances," Hunt said after Friday's borrowing figures. As this week's fall in inflation showed, we will start to see results if we stick to our plan to halve inflation, grow the economy and get debt falling." However, a measure of consumer confidence fell in July for the first time since January as households felt the hit from higher inflation, borrowing costs and taxes.

Persons: Hunt, Jeremy Hunt, Rishi Sunak, Samuel Tombs, Tombs, Martin Beck, Beck, David Milliken, Angus MacSwan Organizations: LONDON, Conservative Party, National Statistics, Conservatives, Pantheon, Treasury, Thomson Locations: Britain

☆ British retail sales beat expectations in June
▼ + stars: | 2023-07-21 | by ( David Milliken | ) www.reuters.com time to read: +2 min

LONDON, July 21 (Reuters) - British retail sales rose more than expected in June, boosted by unusually hot weather and a rebound in food sales after a dip the month before when public holidays disrupted normal spending patterns, official figures showed on Friday. Retail sales volumes in June were 0.7% higher than in May, the Office for National Statistics said, a bigger increase than the 0.2% forecast by economists in a Reuters poll. Sales volumes were 1.0% lower than a year earlier, beating economists' forecasts for a 1.5% decline. "Retail sales grew strongly, with food sales bouncing back from the effects of the extra bank holiday, partly helped by good weather, and department stores and furniture shops also having a strong month," ONS chief economist Grant Fitzner said. The ONS data showed a 7.8% annual rise in the value of retail sales excluding fuel.

Persons: Grant Fitzner, King Charles ', Sterling, David Milliken, Kate Holton, Andrew Heavens Organizations: National Statistics, U.S, Industry, British Retail Consortium, Thomson

Sterling weakened against the U.S. dollar and the euro as the Office for National Statistics said the consumer price inflation growth rate was its lowest since March 2022 but stayed above the pace of price growth in other big, rich economies. The BoE said in May it expected June inflation would fall to 7.9%. Economists polled by Reuters had expected the core measure of price growth to hold at 7.1%. Reuters GraphicsFood price and non-alcoholic drinks price inflation slowed to 17.3% - still a major strain on the finances of many households - from 18.3% in May. Services prices, also monitored closely by the BoE, rose by 7.2% in annual terms, slowing from 7.4% in the 12 months to May.

Persons: Sterling, BoE, Paul Dales, Rishi Sunak, Jeremy Hunt, Hunt, William Schomberg, Andy Bruce, Kate Holton, Catherine Evans Organizations: Reuters, Bank of, Bank of England, U.S ., National Statistics, Capital Economics, Investors, Reuters Graphics, Labour Party, Sunak's Conservative Party of, Manufacturers, Thomson Locations: Bank of England, Britain

☆ UK inflation rate slides to 7.9% in June, below expectations
▼ + stars: | 2023-07-19 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

LONDON — U.K. inflation cooled significantly in June, coming in below consensus expectations at 7.9% annually. On a monthly basis, headline CPI increased by 0.1%, below a consensus forecast of 0.4%. Falling prices for motor fuel made the largest downward contributions to the monthly change in the CPI annual rate, the Office for National Statistics said Wednesday. Food prices rose in June, but by less than in the same period of last year. Chief Secretary to the Treasury John Glen told CNBC on Wednesday that the larger-than-expected decline in the inflation rate was "very encouraging."

Persons: Sterling, John Glen Organizations: Reuters, Bank of England's, National Statistics, CNBC, Treasury, Bank of England Locations: London, lockstep

The BoE said in May it expected June inflation would fall to 7.9%, moving further away from October's 41-year high of 11.1% but still way above its 2% target. Economists polled by Reuters had expected the core measure of price growth to hold at 7.1%. Despite June's drop, Britain's inflation rate remains the highest among the world's top seven rich economies. In Western Europe, only Iceland had a higher rate of inflation in June. Suren Thiru, Economics Director at ICAEW, an accountancy body, said July's inflation rate was likely to slow to below 7%.

Persons: Sterling, BoE, James Smith ,, BoE Governor Andrew Bailey, Rishi Sunak, Jeremy Hunt, Hunt, William Schomberg, William James, Sarah Young, Catherine Evans Organizations: Reuters, Bank of, Bank of England, U.S ., Reuters Graphics, National Statistics, Labour Party, Sunak's Conservative Party of, Reuters Graphics Reuters, Manufacturers, Thomson Locations: Bank of England, May's, Western Europe, Iceland, Britain

☆ UK inflation slows to lowest level in more than a year
▼ + stars: | 2023-07-19 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —UK inflation eased more than expected in June, slowing to its lowest annual rate since March 2022, official data showed Wednesday. Consumer prices rose 7.9% last month compared with a year ago, down from 8.7% in May, the Office for National Statistics said. “Inflation slowed substantially … driven by drops for motor fuels,” ONS chief economist Grant Fitzner said in a statement. “While the Bank of England will welcome the fall in inflation, it is unlikely to substantially change its hawkish policy stance,” said KPMG chief economist Yael Selfin. “The main story today is that inflation is lower than expected, fueling a narrative that we are through the worst,” said Kitty Ussher, chief economist at the Institute of Directors.

Persons: Grant Fitzner, ”, Yael Selfin, Paul Dales, Selfin, “, Kitty Ussher, … Organizations: London CNN —, National Statistics, Reuters, Bank of England, ONS, “, KPMG, Capital Economics, ”, Institute of Directors

☆ Argentines tighten wallets to fight spiraling inflation
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +2 min

BUENOS AIRES, July 13 (Reuters) - Argentines are tightening their wallets to make end meets as the South American country battles inflation which could surpass 140% on an annual basis this year, hunting for the cheapest prices on basic goods to shield their income. Inflation in the 12 months through June hit 115.6%, official data showed on Thursday. While Argentines are on track this year to keep up their high steak consumption, higher prices are taking a bite out of their selections. Analysts forecast that annual inflation could close this year at 142.4% compared to 94.8% last year, according to a central bank poll, steadily cutting away at consumers' purchasing power in Latin America's third-largest economy. The country is seeking adjustments as rising inflation, a weakening peso and a historic drought hamper exports and financial reserves.

Persons: INDEC, Gabriel Segovia, Sergio Massa, Annabella Paez, Horacio Soria, Sarah Morland, Susan Heavey, Diane Craft Organizations: Economy, Analysts, International Monetary Fund, Reuters, IMF, Thomson Locations: BUENOS AIRES, American, Buenos Aires, Argentine, Candelaria

Economic output fell 0.1% in May from April, the Office for National Statistics (ONS) said, after growth of 0.2% in the previous month. All sectors of the economy contracted with the exception of services, which showed no growth. Finance minister Jeremy Hunt said high inflation continued to hamper the economy and he called for patience in bringing it down. Some companies in the arts, entertainment and recreation sector said they had benefited from the extra bank holiday, as well as hotels and restaurants, the ONS said. Britain's economy often shows some rebound in subsequent months when output is temporarily dented by extra bank holidays.

Persons: Maja Smiejkowska, King Charles, Paul Dales, Dales, BoE, Jeremy Hunt, Andy Bruce, William Schomberg, Kate Holton, Peter Graff, Toby Chopra Organizations: Charing Cross, REUTERS, National Statistics, Bank of England, Capital Economics, Reuters, ONS, European Union, Thomson Locations: London, Britain, Germany

☆ Fact Check-UK COVID-19 death statistics used online to misrepresent impact of vaccines
▼ + stars: | 2023-07-12 | by ( Reuters Fact Check | ) www.reuters.com time to read: +5 min

This counters a claim spreading online that misinterprets public data to suggest it shows the vaccines did not prevent deaths. The data shows there were 22,361 COVID deaths in England and Wales in 2022 where the individuals were vaccinated three times. This would be 80%, not 92%, of all COVID deaths for 2022, she said. The 92% pertains to COVID deaths of anyone who ever received a vaccine dose, the spokeswoman added. Moreover, the online claim’s wider suggestion of vaccine ineffectiveness is a misrepresentation of COVID deaths data, she said.

Persons: COVID, ”, Jeffrey Morris, biostatistics, Read Organizations: National Statistics, Reuters, Triple, Twitter, Facebook, England, Perelman School of Medicine, Wharton School, University of Pennsylvania Locations: England, Wales, COVID

☆ How AI’s astonishing productivity gains could help curb inflation
▼ + stars: | 2023-07-12 | by ( Hanna Ziady | ) edition.cnn.com time to read: +7 min

Experts say the technology will help address a steep and prolonged slowdown in productivity growth in many Western economies, which has kept businesses’ costs higher than they would otherwise be and made inflation harder to tame. “AI has huge potential to increase productivity,” BlackRock CEO Larry Fink said at the company’s Investor Day last month. Productivity gains in Europe could be similar, albeit slightly smaller, Brynjolfsson told CNN. In some cases, productivity gains could be achieved sooner. That’s because most generative AI tools live on the internet — “the technology we already have on our desks” — making them widely accessible, Brynjolfsson said.

Persons: chatbot, —, Smart, Hannes P Albert, Bill Gates, Larry Fink, Erik Brynjolfsson, ” David McMillan, ” McMillan, Hollie Adams, Neil Shearing, Martin Neil Baily, Anton Korinek, Brynjolfsson, Goldman Sachs, ” Organizations: London CNN, Microsoft, BlackRock, CNN, Stanford University, Organisation for Economic Cooperation, Development, OECD, University of Stirling, Bloomberg, Getty, “, National Statistics, IBM, Capital, Brookings Institute, University of Virginia’s Darden School of Business, America, Productivity, Google, SAP, Goldman Locations: East, Scotland, London, United Kingdom, United States, Europe, Wimbledon

Former BoE policymaker Kate Barker told the Financial Times this weekend that targetted and temporary tax rises on top earners may be the most effective and fairest way to go. "We're asking monetary policy to do all the work," she said. But the political sensitivity of income tax likely dictates the way forward, however cogent the economics. Yet the more general point of fiscal policy helping with the final throes of the inflation battle continues to be made. "Fiscal Policy should remain aligned with monetary policy in the fight against inflation," the Fund concluded.

Persons: BoE policymaker Kate Barker, President Biden, Mike Dolan, Matthew Lewis Organizations: International Monetary Fund, Bank for International, U.S, Bank of, Financial Times, Fed, U.S . Bureau of Labor Statistics, Britain's, National Statistics, Reuters Graphics Reuters, Reuters, Republicans, Twitter, Thomson Locations: Britain, London

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