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in energy bills from tomorrow, despite government help to limit price rises. plus: auto austerity! citroen s answer to the energy crisis a cheap electric car made of recycled plastics and cardboard! hi, there. prime minister liz truss and chancellor of the exchequer kwasi kwarteng will be trying to rebuild the confidence of financial markets today after a week of turmoil sparked by their economic plans last friday. they are to meet with the head of the uk s government spending watchdog, the office for budget responsibility. the obr s role is to give independent oversight of borrowing and spending plans. critics say it should have been involved from the start. the pound hasjumped the most against the dollar in over two years, erasing all its losses over the past week. this, after the bank of england continued to pump money into the bond markets to prop up the value of uk debt. the prime minister though is still insisting her tax cutting plans are right for the britis ....
just about everything nowadays has silicon chips in it, from phones and computers to kitchen appliances and cars. but the world has been facing a chip shortage, which has exposed just how dependent we all are on semiconductor manufacturers in asia, with the vast majority of chips produced by the taiwanese company tsmc. among those who want to wrestle back some of that market share is the us. today, president biden will sign into law a bipartisan bill to boost microchip manufacturing in the us. the $280 billion package is aimed at addressing supply chain problems exacerbated by the coronavirus pandemic. supporters call it a win for the nation s economy and security. here s our north america correspondent michelle fleury in new york. microchips, the digital brains of every piece of technology around us. but a global shortage has disrupted everything from the production of cars to household appliances.- of cars to household appliances. of cars to household a- liances. ., ....
of cheer on wall street: amazon shares soar as it racks up sales of $121 billion in the last three months. hello there. we start in the us, with fears of a recession in the world s biggest economy. in the world s biggest economy are rattling people. official figures out on thursday show it shrinking for the second quarter in a row. two quarters of negative growth are what many countries around the world would define as a recession. not so in the us, as we ll show you why in a minute. us gross domestic product declined at an annual rate ofjust under 1% between april and june. that comes after a steeper 1.6% decline in the first three months of the year. but that hasn t hit the labour market yet. us treasury secretary janet yellen said the economy is now at full employment with the unemployment ratejust 3.6%. meanwhile, prices for groceries, petrol and other basics are rising at the fastest pace since 1981. he s what president biden had to say. both chairman powell an ....
we start with the soaring cost of living because prices here in the uk are now rising at the fastest rate in a0 years. the annual rate of inflation hit 9% in april up from 7% in march, driven bya bigjump in energy bills. britain s finance minister, chancellor of the exchequer, rishi sunak is warning of tougher times ahead as pressure grows on him to take action. our economics editor faisal islam has more. when prices rise this fast it hits everyone, the fracture seen on every street, office and household in the country, including in lancashire. she recently ran her business, after the pandemic she finds money running out as bills get more expensive and even essential things become too expensive. essential things become too “pensive- expensive. gas and electric because i expensive. gas and electric because i got expensive. gas and electric because i got in expensive. gas and electric because i got in arrears - because i got in arrears because i got in arrear ....
NEW YORK :The dollar rose against the euro on Wednesday as investors awaited Federal Reserve meeting minutes for insight into the central bank's interest rate path, while the pound strengthened on data showing UK inflation fell in April.Investors have been shoring up U.S. rate cut bets after a milder inflatio ....