April 19, 2023 /Economy/ — The cost of living crisis is a global issue, and it is having a significant impact on people in the UK. Energy bills, food prices, and fuel costs are all rising, and this is putting a strain on household budgets. There are concerns that the cost of living crisis could lead to social unrest, and there is no clear timeline for when this could happen.
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Steve Schifferes, City, University of London
UK chancellor Jeremy Hunt’s spring budget is a tricky one in terms of timing. Having announced a set of steadying measures in the autumn statement after the Truss/Kwarteng debacle, this budget is likely to be the last but one before a 2024 general election. This makes it a little early for eye-catching tax cuts or business boosts.
As war rages in Ukraine and inflation impacts the economy, financial institutions in the United States expect a subsequent economic downturn to drive a rise in financial crime. Continue reading
John Hammond, University of Reading and Yiorgos Gadanakis, University of Reading
Welcome to this special report on the food industry, the fourth instalment in our series on where the global economy is heading in 2023. It follows recent articles on inflation, energy and the cost of living.
David Bach, International Institute for Management Development (IMD)
Chinese leader Xi Jinping’s recent speech to the Communist Party Congress could be one of the most consequential of the decade. He told the audience – and the world – that his economic growth-crushing zero-COVID policy is here to stay, and that Beijing is more determined than ever to reunify with Taiwan, peacefully if possible and by force if necessary.
Phil Tomlinson, University of Bath; Andrew Burlinson, University of East Anglia; Catherine Waddams, University of East Anglia; Donald Hirsch, Loughborough University; Jean-Philippe Serbera, Sheffield Hallam University; Jim Watson, UCL; Jonquil Lowe, The Open University, and Steven McCabe, Birmingham City University
UK chancellor Kwasi Kwarteng has just launched the biggest package of tax cuts in half a century. This will involve around £45bn of reductions for people and businesses by 2027 – 50% more than anticipated before the mini-budget announcement.
By Nita Bhalla
NAIROBI, Sept 22 (Thomson Reuters Foundation) – When the pain started in Agnes Wachira’s chest almost six months ago, the Kenyan mother-of-three dismissed it as a symptom of the daily grind of working long hours hand-washing clothes in the narrow lanes of Nairobi’s Kawangware informal settlement.
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Jonquil Lowe, The Open University
The Bank of England has raised its base rate by 0.5 percentage points, the largest single upward jump in 27 years. It takes the base rate to 1.75%, its highest level since 2008. This latest interest rate hike will affect personal finances and reflects the Bank’s efforts to control rampant inflation amid the cost of living crisis in the UK.
People around the world are facing increasing pressures on their day-to-day lives. Food, energy bills and living costs are rocketing as inflation reaches record levels due to Russia’s invasion of Ukraine, the ongoing coronavirus pandemic and rising global instability.
The Thomson Reuters Foundation has spoken to people living in 18 countries around the world in an attempt to gauge the human impact of the crisis.
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