we begin here in the uk, where the institute for fiscal studies is warning the chancellor big and painful spending cuts will be needed to put the country s finances on a sustainable path. the independent think tank predicts with a weaker economy and promised tax cuts, there will be a large shortfall in revenue. it calculates the government would have to spend £60 billion a year less by 2026 27. the treasury says its tax cuts and reforms would deliver sustainable funding for public services . more for public services . detail on that on october sist. joining me now is janet mui, head of market analysis, rbc brewin dolphin. they have quite a lot of detail as to why they believe the government will not have the money it needs to go ahead with plans? money it needs to go ahead with lans? ., ., ., plans? thanks for having me, first of all plans? thanks for having me, first of all before plans? thanks for having me, first of all before the - plans? thanks for having me, firs
Of this comes as burning season kicks off in the us. the biggest financial institutions are set to report this week, many believe their forecasts will likely reflect growing pessimism about the american economy. let s get some of the day s other news. ben bernanke, who led the american central bank during the 2008 financial crisis, is one of three recipients of this year s nobel prize in economics. he shared the honour with economists douglas diamond and philip dybvig. the prize was for their work about the importance of preventing runs on banks. the committee said their research had improved our ability to avoid both serious crises and expensive bailouts and had been vital during the covid pandemic. shares of chipmaker tsmc are down over 6% on the taiwan exchange. other major chip makers like samsung are also in the red. it comes after the biden administration published a sweeping set of export controls on friday, including a measure to cut