CNN — When she took the keys to 10 Downing Street in the wake of Boris Johnson’s political demise, Liz Truss promised to “ride out the storm” of Britain’s economic crisis. Just over six weeks later, she was engulfed by a hurricane of her own making. It was a humiliating end to a calamitous premiership … Read more
London CNN — Liz Truss’ first full week as British Prime Minister has not been an easy one. It began with the pound crashing to its lowest level in decades following her government’s mini-budget last Friday. It ended with her meeting the UK’s independent financial forecaster and having to explain herself after a week of … Read more
New York CNN — US officials are increasingly troubled by the United Kingdom’s proposal to slash taxes at a time of crushing inflation, a plan that has ignited turbulence in financial markets. UK Prime Minister Liz Truss’s tax-cut plan has drawn criticism from economists and investors and prompted the Bank of England to calm panicked … Read more
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 couldn’t know the scale of the storm that was about to break. Less than 24 hours later, the government of new UK … Read more
The finance ministry‘s Department of Expenditure has argued against extending the free food ration scheme beyond September or making any major tax cuts, warning of consequences for the government’s fiscal position. The government in March extended the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) for six months to September. The government has budgeted ₹2.07 lakh … Read more
States are expected to lose revenue of around Rs 44,000 crore from the reduction in value-added tax on petrol and diesel and a cut in excise duty by the Centre, but gains from the more-than-budgeted tax devolution are likely to be relatively higher at Rs 60,000 crore, according to estimates by ratings firm . However, … Read more