The average rate on a 30-year mortgage rose to 6.95% this week, Freddie Mac says, ending a four-week rate slide
LOS ANGELES (AP) — The average rate on a 30-year mortgage rose to 6.95% this week, Freddie Mac says, ending a four-week rate slide.
LOS ANGELES (AP) — The average rate on a 30-year mortgage rose to 6.95% this week, Freddie Mac says, ending a four-week rate slide.
Rishi Sunak left the D-Day celebrations early, got caught in the rain and came under fire for some Treasury forecasts of tax rises. The Labour Party droned on about “change” while endlessly repeating some imaginary numbers about “investing” in the NHS and creating “green jobs”. Meanwhile, the Lib Dems sailed through the past six weeks with fun days out at CenterParcs.
Labour could launch an inheritance tax raid on bereaved families, a leaked recording from a shadow frontbencher has suggested.
With Labour now in power, the threat of higher taxes is looming large. I am going to make a few suggestions about how we might prepare.
One year from now, our new Labour government may be finding it as hard as the outgoing Conservatives to govern effectively, despite its substantial mandate. Here are the principal problems likely to sour its staggering success from day one:
Council tax bills would rise by an average of £1,230 for more than four million households in England if Labour were to redraw the method in which the levy is calculated.
Book deals, speaking engagements, and a return to finance will add to Sunak’s massive net worth.
Tax and spend was one of the major points of contention during the election campaign. What will a Labour landslide mean for your taxes?
Sir Keir Starmer has been elected Britain’s 58th prime minister after campaigning with a manifesto entitled “Change”.
Britain's next prime minister Keir Starmer spent the election campaign accusing Rishi Sunak's Conservatives of "14 years of economic failure", but he has no obvious quick fix to lift the country out of its slow-growth rut. Living standards have stagnated since Conservatives took power in 2010 and Britain's recovery from the COVID pandemic has been the weakest among big rich nations after Germany. Starmer will be under pressure to use Labour's huge majority in parliament to end the sense of decline, from creaking public services and inflation-hit personal finances to a shortage of housing and weak business investment.
STORY: :: June 18, 2024After deadly protests against the Kenyan president’s finance bill – containing tax increases – the bill has been scrapped... and now, President William Ruto has unveiled plans to plug the massive hole in the budget.At least 39 people were killed in recent clashes with police, amplifying the biggest crisis of Ruto’s term so far.In a Friday speech, Ruto said he would ask for - not tax increases - but spending cuts amounting to over $1 billion U.S. for the fiscal year that began this month, as well as additional borrowing."Whatever we are going to borrow, the difference, will increase our fiscal deficit from what I intended..."The president has been caught between the demands of lenders - like the International Monetary Fund - to cut deficits, AND citizens reeling from rising living costs.According to Ruto, austerity measures will include the end of 47 state corporations, a 50% reduction in the number of government advisers… along the removal of budget lines for the president and deputy president's spouses."I believe these changes will set out our country on a trajectory towards economic transformation.”Following the speech, Ruto hosted a live audio forum on X meant to engage with young people. He faced sharp questioning about police brutality, alleged abductions by state security agents and economic policy.Many protesters are still calling for the president to resign.Activists have blamed the violence on thugs hired by politicians to discredit the protest movement. But the government has said that opportunistic criminals are responsible.
Labour faces challenges as the repercussions from the cost-of-living squeeze continue to be felt by households.
Sir Keir Starmer has been warned that tax rises would threaten crucial UK investment as the new Labour Government seeks to boost Britain’s economy.
(Bloomberg) -- US hiring and wage growth stepped down in June while the jobless rate rose to the highest since late 2021, bolstering prospects that the Federal Reserve will begin cutting interest rates in coming months.Most Read from BloombergBiden’s Defiant Interview Unlikely to Calm Democratic NervesStocks Up as Path to September Fed Cut Gets Wider: Markets WrapA $14 Billion Walmart Heir Joins Novogratz Urging Biden ExitSingapore Couples Are Marrying Earlier to Buy Homes, Leading Some to Regre
U.S. stocks rose to more records Friday after a highly anticipated report on the job market bolstered Wall Street’s hopes that interest rates may soon get easier. The S&P 500 climbed 0.5% to set an all-time high for a third straight day following Thursday’s pause in trading for the Fourth of July holiday. The Dow Jones Industrial Average rose 67 points, or 0.2%, while the Nasdaq composite added 0.9% to its own record.
"All told the DMP gave a nuanced signal this month," Rob Wood, chief UK economist at Pantheon Macroeconomics said.
Recent figures suggest footfall in Welsh retail outlets is lower than last year.
An imminent Nato summit, bursting prisons and another strike by junior doctors for starters mean whoever takes the keys to No 10 will have little to no time to celebrate
BRUSSELS (Reuters) -The European Union will impose tariffs of up to 37.6% from Friday on imports of electric vehicles made in China, EU officials said, ratcheting up tensions with Beijing in Brussels' largest trade case yet. There is however a four-month window during which the tariffs are provisional and intensive talks are expected to continue between the two sides as Beijing threatens wide-ranging retaliation. The European Commission's provisional duties of between 17.4% and 37.6% without backdating are designed to prevent what its president Ursula von der Leyen has said is a threatened flood of cheap EVs built with state subsidies.
Labour’s planning reforms ‘positive’ for sector while currency markets had priced in the election landslide
Nonfarm payrolls rose above expectations for the month of June, the US Bureau of Labor Statistics reporting 206,000 new jobs added to the economy against economist estimates of 190,000. The US unemployment rate ticked up to 4.1%, while many experts were originally forecasting it to hold at 4.0%. The Morning Brief's Brad Smith and Brian Sozzi break down the latest jobs print. For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Luke Carberry Mogan.