DIRS.INFO The most relevant business & tech news

A source at the Treasury said Kwarteng had no plans to resign or reverse any policies. DO THINGS DIFFERENTLYBritain's first Black Chancellor, Kwarteng is the son of Ghanaian immigrants. In Kwarteng, Truss picked a key ideological ally with whom she co-wrote a book that spells out a low tax, small state, deregulated vision of Britain. One other aspect that raised investor ire was Kwarteng's decision to release a fiscal plan without the accompanying scrutiny of the independent Office for Budget Responsibility. Kwarteng will set out a medium term fiscal plan alongside OBR forecasts on the scale of government borrowing on Nov. 23.

☆ Explainer: Why is Bank of England acting again? What next in the UK crisis?
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +5 min

A general view of the Bank of England (BoE) building, the BoE confirmed to raise interest rates to 1.75%, in London, Britain, August 4, 2022. WHY IS THE BANK OF ENGLAND BUYING BONDS AGAIN? By buying bonds, the BoE is seeking to reverse what it sees as "dysfunction" in the bond market. Specifically, the central bank was seeking to address problems facing pension funds, a source familiar with the decision said. By temporarily acting as a buyer for the bonds, the BoE aims to prevent panic selling.

The Bank of England is seen, in London, Britain, September 26, 2022. REUTERS/Peter Nicholls/File PhotoLONDON, Sept 27 (Reuters) - The Bank of England is likely to deliver a "significant policy response" to finance minister Kwasi Kwarteng's huge tax cuts but it should wait until its next scheduled meeting in November before making its move, BoE Chief Economist Huw Pill said. "I do want to flag clearly at this point that in my view the combination of fiscal announcements that we've seen will act as a stimulus," Pill told the Barclays-CEPR International Monetary Policy Forum in London on Tuesday. Some investors and economists have said the British central bank should hold an emergency meeting now to deliver a big interest rate hike to prop up the value of the pound and avoid further inflation pressure. The pound was higher against the dollar on Tuesday, a day after hitting a record low.

☆ After high profile sacking, UK civil servants fear for jobs under Truss
▼ + stars: | 2022-09-27 | by ( Elizabeth Piper | ) www.reuters.com time to read: +7 min

"(It) creates a sense of fear inside the civil service at senior level which will prevent them for giving the honest advice to ministers that they need to hear," he told Reuters. Mark Serwotka, general secretary of the Public and Commercial Services Union, the largest trade union representing British civil servants, agreed. "I think the whole attitude towards civil servants from the political side is worsening," said one former civil servant on condition of anonymity. Former civil servants such as Kerslake fear for its future. "I call it the 'how high' phase, which is ministers saying jump and civil servants say how high," Kerslake said.

☆ Orthodox Church leader says Russian soldiers dying in Ukraine will be cleansed of sin
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +2 min

Patriarch Kirill of Moscow and All Russia conducts the Orthodox Christmas service at the Cathedral of Christ the Saviour in Moscow, Russia, January 6, 2022. REUTERS/Maxim ShemetovSept 26 (Reuters) - The head of the Russian Orthodox Church has said that Russian soldiers who die in the war against Ukraine will be cleansed of all their sins, days after President Vladimir Putin ordered the country's first mobilisation since World War Two. "Many are dying on the fields of internecine warfare," Kirill, 75, said in his first Sunday address since the mobilisation order. Kirill's support for the war in Ukraine has deepened a rift between the Russian branch of the Orthodox Church and other wings of Orthodoxy around the world. Register now for FREE unlimited access to Reuters.com RegisterReporting by Reuters; Editing by Mark TrevelyanOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Peter NichollsLONDON, Sept 23 (Reuters) - Britain's main opposition Labour Party criticised the Conservative government's economic plans on Friday, describing the new prime minister and finance minister as "two desperate gamblers in a casino" who had run out of ideas. "The prime minister and chancellor (finance minister) are like two desperate gamblers in a casino chasing a losing run," she told parliament. Taking aim at the lack of independent scrutiny of the government's plans, Reeves described Kwarteng's statement as "a budget without figures, a menu without prices". While Labour and other opposition lawmakers were biting in their criticism of the government's fiscal statement, supporters of Britain's new government hailed its radicalism. Some said previous Conservative governments, in power for 12 years with five of them in coalition with the Liberal Democrats, should have adopted the policies a long time ago.

☆ New UK finance minister Kwarteng seeks end to 'cycle of stagnation'
▼ + stars: | 2022-09-23 | 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.

Finance minister Kwasi Kwarteng's plans will require an extra 72 billion pounds ($79 billion) of government borrowing over the next six months alone, and - a particular concern for investors - cement permanent tax cuts costing 45 billion pounds a year. But to bond investors, they bring the prospect of more persistent inflationary pressures - at a time when inflation is already near a 40-year high - as well as tighter Bank of England (BoE) policy. Government borrowing is likely to total 218 billion pounds this financial year and 229 billion pounds in 2023/24, Citi predicted, and it expects benchmark 10-year British government bond yields to rise to 4.25%. Adding to the pressure, on Thursday the BoE confirmed it planned to reduce its own 838 billion pounds of gilt holdings by 80 billion pounds over the coming year. "That is a strong indication that domestic and overseas investors are losing confidence in the UK's inflation-fighting credibility," he said.

☆ After Turkey's stock market plunge, investors brace for another rate cut as inflation soars
▼ + stars: | 2022-09-22 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

Investors are bracing for another potential interest rate cut – or simply a hold on the current rate – as Turkey refuses to follow economic orthodoxy in battling its soaring inflation, now at more than 80%. Or indeed, the investors that can still stomach Turkey's market volatility. It prompted regulators and brokers to hold an emergency meeting, though ultimately they decided not to intervene in the market. First, Turkey's high inflation had pushed investors to pour their money into stocks to protect the value of their assets. The drop wiped out more than $12.1 billion in market value from the country's publicly-listed banks.

☆ Turkey cuts interest rates again as country struggles under 80% inflation
▼ + stars: | 2022-09-22 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

Turkey's central bank surprised markets once again with its decision Thursday to cut its key interest rate, despite inflation in the country surging beyond 80%. The country's monetary policymakers opted for a 100 basis point cut, bringing the key one-week repo rate from 13% to 12%. In August, Turkish inflation rate was recorded at 80.2%, quickening for the 15th consecutive month and the highest level in 24 years. Turkey also cut rates by 100 basis points in August, and had gradually lowered interest rates by 500 basis points at the end of 2021, setting off a currency crisis. The months-long campaign to continuously lower rates as Turkey's trade and current account deficit balloons and its foreign exchange reserves run low has instead sent Turkey's currency, the lira, into a multi-year tailspin.

☆ 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

☆ 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.

☆ How the Inflation Reduction Act Could Help Normal Americans
▼ + stars: | 2022-08-05 | by ( Paul Constant | ) www.businessinsider.com time to read: +6 min

Interest rates are rising as the Federal Reserve attempts to combat inflation by slowing down the economy. In response, Democrats are pushing the Inflation Reduction Act, which aims to address the inflation crisis in a new way. It's a catchy name that's garnered a lot of media attention, but the political risks of tying the bill directly to the inflation crisis could damage the Democratic Party in the midterm elections. A growing number of economists believe that because the current inflation crisis was inspired by both pandemic-related supply-chain issues and runaway corporate greed, the Fed's actions are unnecessary and will cause an avoidable recession. In order to study its effects, we need to explore what's in the Inflation Reduction Act.

☆ Rep. Marjorie Taylor Greene just bought stock in 2 more companies that back Black Lives Matter
▼ + stars: | 2021-09-07 | by ( Dave Levinthal | ) www.businessinsider.com time to read: +6 min

Greene has purchased stock in several companies that contradict her political positions. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyIn April, Rep. Marjorie Taylor Greene said Black Lives Matter "is the strongest terrorist threat in our county." She also introduced legislation to award Congressional Gold Medals to law-enforcement officers "who protected American cities during the Black Lives Matter (BLM) riots" of 2020. Speaking up because BLACK LIVES MATTER." Consumers may also buy numerous Black Lives Matter-themed products at Walmart.com — but no "all lives matter" merchandise.

Search resuls for: "Orthodoxy"

14 mentions found