A general election. The backdrop a flat lining Economy Millions struggling with the cost of living and polling indicating the Conservative Party is lagging far behind the opposition. Not to mention Financial Markets on edge for anything that might worsen the uks finances. The memory of Prime Minister liz truss s disastrous Tax Cutting Budget no doubt not far from mr hunts mind. So lets remind ourselves what he came up with. The rate of National Insurance paid by employees and the self employed, will be cut again by 2 pence in the pound. That comes on top of an earlier 2p cut mr hunt announced in the autumn. In april, full Child Benefits will be paid to households, where the highest earning parent is getting up to £60,000. The current limit is £50,000. And the non dom tax break for wealthy uk residents whose permanent home is overseas, is to be scrapped raising £2. 7 billion a year for the government. That announcement is highly controversial as it was a key pillar of labour policy.
Up that comes on tuesday . Good evening. A british man has died and 47 others have been injured after a flight from heathrow hit severe turbulence on its way to singapore. Passengers say within seconds of the Seat Belt Sign being turned on the aircraft plummeted thousands of feet, throwing passengers, crew and belongings around the cabin. It fell with such force that some hit with force and went through the plastic ceiling of the plane, where the oxygen masks are routinely fitted. The flight data shows the plane falling about 5,000ft, from a Cruising Altitude of 37,000ft in the space ofjust two minutes. It was then diverted to bangkok airport. Singapore airlines confirmed that a british man, 73 years of age, who had a previous heart condition, died, possibly from a heart attack. His wife has also been taken to hospital. Of the 46 passengers and one crew member injured, seven are said to be in a severe condition in hospital. A further 23 are described as having medium injuries. Singapor
And European Council president , charles michel, for the 27th eu us summit at the white house later today. At the summit the eu is expected to try to lessen the impact of the us Inflation Reduction Act and its subsidies for electric vehicles. Theres also expected to be focus on ways to tackle global overcapacity of steel and aluminium and to promote Sustainable Production in a move against chinese steelmakers. Also on the agenda will be the Global Clean Energy economy, secure and resilient supply chains, digital infrastructure, ai and economic resilience. There is a lot for them to discuss. Joining me now from brussels is ian lesser, Vice President and executive director, at the German Marshall Fund of the United States. A warm welcome to the programme. Quite a significant agenda for those three leaders. First off, could you take us through the Inflation Reduction Act . ~. ,. , act . Well, the Inflation Reduction Act . Well, the Inflation Reduction Act act . Well, the Inflation Reducti
Mandate objectives. Inflation has eased substantially over the past year, while the Labour Market has remained strong. And that is very good news. But inflation is still too high, further progress in bringing it down is not assured and the path forward is uncertain. We are fully committed to returning inflation to our 2 goal. While the prices of many goods have fallen, from cars to furniture, an increase in housing and Petrol Prices have contributed to a recent rise in consumer inflation. With progress on inflation taking longer than expected, hopes for lower rates have dimmed. One scenario that could change that calculation . Chair powell said if the Labour Market unexpectedly weakened, that could spur rate cuts. And sweetening the mood on wall street, the Dowjones Industrial Average closed higher, after the fed chair implied that the Central Banks next move was unlikely to be a rate hike. As youve heard from the Us Federal Reserve, Interest Rates in america will remain high for some
It faces fierce domestic competition in china along with softer demand. Remember, tesla is not just a car company. It is an Autonomous Driving and robotaxi company with massive amounts of data needed to train its algorithms and fine tune the system. Meanwhile, apple has seen iphone sales fall in china and that will be in focus when it reports Quarterly Results after the us market close on thursday, as will any announcement it makes on Artificial Intelligence. Another stock that has the power to move markets this week is amazon which turns in its report card later today. The tech giant is under under pressure to pay shareholders a dividend. It is the only Big Tech Firm that doesnt after alphabet did it last week. Traders are also keeping a watchful eye on the Federal Reserve chairjerome powell. The muddled Inflation Picture has some asking if rate cuts have been cancelled or delayed. The fed is expected to leave Interest Rates unchanged when its Policy Meeting ends on wednesday. As we m