ECB continues to see easing wage pressures, chief economist says

The Telegraph
Forget the manifesto, the double death tax is coming
The rush to effect “change” in the next 100 days will become irresistible and the need to tear up the Labour manifesto to justify painful taxes on pensions, savings and “wealth” held in assets will play out.
The Telegraph
Ukraine goes to war... with Western moneymen
For months, the West’s most respected military experts have been insisting that Vladimir Putin’s war machine is close to running out of steam in Ukraine. However, it is a prediction that seems completely at odds with the reality of life for millions of Ukrainians living close to the frontline.
The Telegraph
Labour’s secret tax plans – explained
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.
The Telegraph
The 12 hazards waiting to trip up Keir Starmer
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:
CityAM
Election 2024: What will a Labour government mean for inflation, interest rates and mortgages
Inflation has fallen fairly rapidly over the last few months, hitting two per cent in June. As a result markets expect the Bank of England to start cutting interest rates in the next couple of months, either in August or September.
CityAM
Election 2024: Which taxes will go up under Starmer’s Labour government?
Tax and spend was one of the major points of contention during the election campaign. What will a Labour landslide mean for your taxes?
The Telegraph
When will Labour’s first Budget be – and when will tax changes come into effect?
Sir Keir Starmer has been elected Britain’s 58th prime minister after campaigning with a manifesto entitled “Change”.
Bloomberg
Starmer May Get a Boost From Bank of England Rate Cut Next Month
(Bloomberg) -- The Bank of England may ease interest rates as early as next month, but economists warned Prime Minister Keir Starmer’s new Labour government risks slowing down the shift away from the highest borrowing costs in 16 years.Most Read from BloombergBiden Narrows Gap With Trump in Swing States Despite Debate LossIran Elects President Who Wants to Revive Nuclear Talks With WestBiden’s Defiant Interview Unlikely to Calm Democratic NervesTrump Distances Bid From Second-Term Agenda Pushed
South Wales Argus
Newly released figures reveal ongoing footfall slump in Wales
Recent figures suggest footfall in Welsh retail outlets is lower than last year.
Reuters
UK election-winner Starmer inherits weak economy with 'no magic wand'
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.
Reuters
UK house prices edge down in June, Halifax says
British house prices fell slightly in June but are likely to rise over the rest of this year and into 2025 with interest rates expected to start falling soon, mortgage lender Halifax said on Friday. Property prices fell by 0.2% last month from May and over the 12 months to June they rose by 1.6%, Halifax said. "This continued stability in house prices – rising by just +0.4% so far this year – reflects a market that remains subdued, though overall activity has been recovering," Amanda Bryden, head of mortgages at Halifax, said.
Fortune
Rishi Sunak may have lost his $177,000 Prime Minister gig, but a multimillion-dollar corporate payday awaits the man richer than King Charles
Book deals, speaking engagements, and a return to finance will add to Sunak’s massive net worth.
Yahoo Finance
June jobs report: US labor market adds 206,000 jobs, unemployment rate rises to 4.1%
The June jobs report comes at a crucial moment as economists debate whether the US labor market is still normalizing to pre-pandemic levels or showing the early signs of a broader slowdown.
Reuters
US labor market losing steam as unemployment rate climbs to 4.1%
U.S. employment increased solidly in June, but government and healthcare services hiring made up about three-quarters of the payrolls gain and the unemployment rate hit a 2-1/2-year high of 4.1%, pointing to a slackening labor market that keeps the Federal Reserve on course to start cutting interest rates soon. The Labor Department's closely watched employment report on Friday also showed the economy created 111,000 fewer jobs in April and May than previously estimated, suggesting the trend in payrolls growth was slowing. About 277,000 people joined the labor force, accounting for the increase in the jobless rate from 4.0% in May to the highest level since November 2021.
Barrons.com
How Europe Grew a Spine
Amid the messy elections in the U.K. and France, it’s easy to miss Europe’s slow and steady progress into a more coherent and purposeful global actor, Christopher Smart writes.
Investing.com
NFP: What are analysts saying
The latest Non-Farm Payroll (NFP) report for June has landed, and analysts have been quick to release notes interpreting the implications for the U.S. economy.
Associated Press
Stock market today: Wall Street's scorching rally sets more records as hopes rise for rate cuts
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.
PA Media: UK News
What is next for household finances following Labour’s landslide victory?
Labour faces challenges as the repercussions from the cost-of-living squeeze continue to be felt by households.
The Guardian
Housebuilders rally as investors bet on Starmer’s new homes pledge
Labour’s planning reforms ‘positive’ for sector while currency markets had priced in the election landslide
Reuters Videos
Kenyan president to cut spending amid violent protests
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.

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What the new Labour government means for your money

ECB continues to see easing wage pressures, chief economist says

Latest stories

Forget the manifesto, the double death tax is coming

Ukraine goes to war... with Western moneymen

Labour’s secret tax plans – explained

The 12 hazards waiting to trip up Keir Starmer

Election 2024: What will a Labour government mean for inflation, interest rates and mortgages

Election 2024: Which taxes will go up under Starmer’s Labour government?

When will Labour’s first Budget be – and when will tax changes come into effect?

Starmer May Get a Boost From Bank of England Rate Cut Next Month

Newly released figures reveal ongoing footfall slump in Wales

UK election-winner Starmer inherits weak economy with 'no magic wand'

UK house prices edge down in June, Halifax says

Rishi Sunak may have lost his $177,000 Prime Minister gig, but a multimillion-dollar corporate payday awaits the man richer than King Charles

June jobs report: US labor market adds 206,000 jobs, unemployment rate rises to 4.1%

US labor market losing steam as unemployment rate climbs to 4.1%

How Europe Grew a Spine

NFP: What are analysts saying

Stock market today: Wall Street's scorching rally sets more records as hopes rise for rate cuts

What is next for household finances following Labour’s landslide victory?

Housebuilders rally as investors bet on Starmer’s new homes pledge

Kenyan president to cut spending amid violent protests