Fact check: Biden’s midterms message includes false and misleading claims

Fact check: Biden’s midterms message includes false and misleading claims

Washington CNN  —  President Joe Biden has been back on the campaign trail, traveling in October and early November to deliver his pitch for electing Democrats in the midterm elections on Tuesday. Biden’s pitch has included claims that are false, misleading or lacking important context. (As always, we take no position on the accuracy of … Read more

A decade of rising house prices is over. The UK economy will feel the pain

A decade of rising house prices is over.  The UK economy will feel the pain

London CNN Business — For years, home ownership in the UK has been a one-way venture. Prices have risen steadily since the global financial crisis, increasing in even greater increments after the pandemic began. Fueled by a post-lockdown buying frenzy, the average UK house price hit a record £275,000 ($315,474) in December, up £27,000 on … Read more

How Liz Truss’ tenure as British Prime Minister went from bad to worse

How Liz Truss’ tenure as British Prime Minister went from bad to worse

CNN — Taking the keys to 10 Downing Street in the wake of Boris Johnson’s political death, Liz Truss vowed to “ride out the storm” of Britain’s economic crisis. A good six weeks later she was engulfed by a hurricane of her own making. It was a humiliating end to a disastrous premiership marked by … Read more

Liz Truss told to hold a press conference while the tax cut is swirling

Liz Truss told to hold a press conference while the tax cut is swirling

London CNN Business — British Prime Minister Liz Truss will hold a press conference on Friday amid widespread speculation that she is preparing to ditch a major part of her economic strategy unveiled just three weeks ago. Her “mini budget”, presented by finance minister Kwasi Kwarteng on September 23, promised huge tax cuts and increased … Read more

Truss must give the speech of his life to turn his fortunes around

Truss must give the speech of his life to turn his fortunes around

Birmingham, England CNN — Despite only being in the job for a month, British Prime Minister Liz Truss must give the speech of her life on Wednesday if she is to get her fledgling premiership back on track. Her government was forced to make a stark U-turn on Monday over a proposal to cut Britain’s … Read more

Liz Truss admits mistakes in controversial tax cuts plan, but doubles down on it anyway

Liz Truss admits mistakes in controversial tax cuts plan, but doubles down on it anyway

London CNN — British Prime Minister Liz Truss admitted mistakes were made with her government’s controversial “mini-budget” announced last week – which sent the pound to historic lows and sparked market chaos – but stood by her policy. Speaking to the BBC’s Laura Kuenssberg on Sunday morning, Truss said: “I accept that we should have … Read more

Liz Truss is standing firm with her party after a disastrous week. Many Conservatives fear defeat at the next UK election

Liz Truss is standing firm with her party after a disastrous week.  Many Conservatives fear defeat at the next UK election

London CNN — Liz Truss’ first full week as British Prime Minister has not been easy. It began with the pound plunging to its lowest level in decades following her government’s mini-budget last Friday. She ended up meeting Britain’s independent financial forecasters and having to explain herself after a week of economic chaos. This weekend … Read more

US officials worried about controversial UK tax cut plan

US officials worried about controversial UK tax cut plan

New York CNN — US officials are increasingly worried about the UK’s proposal to cut taxes at a time of crushing inflation, a plan that has ignited turbulence in financial markets. British Prime Minister Liz Truss’ tax cut plan has drawn criticism from economists and investors, prompting the Bank of England to calm panicked markets … Read more

Britain is in the grip of an economic crisis of its own making

Britain is in the grip of an economic crisis of its own making

London CNN Business — A week ago, the Bank of England took a stab in the dark. It raised interest rates by a relatively modest half a percentage point to tackle inflation. It could not know the extent of the storm that was about to break. Less than 24 hours later, the government of new … Read more

IMF criticizes huge UK tax cuts and calls for a rethink

IMF criticizes huge UK tax cuts and calls for a rethink

London CNN Business — One of the world’s leading multilateral financial institutions has joined a chorus of criticism of huge tax cuts announced by the British government last week that sent the pound to a record low. In a rare and stinging rebuke of such a large developed economy, the International Monetary Fund warned that … Read more