there are more concerns for the uk economy this morning as official data shows it shrank in august. meanwhile the governor of the bank of england said he won t extend a financial support package beyond this friday. the emergency measures were launched nearly two weeks ago because of the turmoil prompted by the chancellor s mini budget. official figures released this morning showed the uk economy fell by 0.3% in the three months to august. if it falls again in the next three months we ll be in a recession. there s also been a warning from the international monetary fund which now says it s expecting the economy to hardly grow at all next year just 0.3%. the chancellor has already responded, saying countries around the world are facing challenges because of the war in ukraine and that the government has a comprehensive plan to protect families and businesses from soaring
nearly two weeks ago because of the turmoil prompted by the chancellor s mini budget. official figures released show the uk economy fell by 0.3% in the three months to august. if it falls again in the next three months, we ll be in a recession. there s also been a warning from the international monetary fund, which now says it s expecting the economy to hardly grow at all next year just 0.3%. the uk chancellor has already responded, saying, countries around the world are facing challenges because of the war in ukraine and that the government has a comprehensive plan to protect families and businesses from soaring energy prices and a plan to grow the economy. this all comes shortly after comments by the governor of the bank of england, who said the bank would end its support for the markets this friday. the bank of england has been propping up bond markets for the past two weeks buying government debt to help stabilise pension funds. the pound has fallen, and the interest rate
Protests are held in some of the EU’s major capital cities against soaring inflation and the rising costs of living caused by sanctions imposed on Russia.
high the stakes are. for president biden a dramatic cut in oil production could not come at a worse time. the administration has for months engaged in intensive diplomatic and foreign policy efforts to mitigate soaring energy prices in the wake of russia s invasion of ukraine. that work did appear to pay off with u.s. gas prices falling for almost 100 days in a row. but with just a month to go before the critical mid-term elections, u.s. gas prices have begun to creep up again proposing a critical risk the u.s. is trying to avoid. an advance for ukrainian forces is spelling significant losses on the battlefield. zelenskyy says his troops are advancing further towards kherson. this as ukrainian forces raise the nation s flag over more liberated towns and one official says troops are breaking through