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Why the US economy is ringing alarm bells
US national debt passed $40tn (£29.4tn) this week, a milestone economists say marks a significant warning sign for the world’s largest economy, even as they stop short of calling it a crisis. The debt has doubled in the decade since 2016, driven by rising spending on social programmes, crisis responses such as the 2008 financial…
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UK reports unexpected deficit of £1.8bn as John Healey prepares for first budget
The UK government recorded a surprise public sector deficit of £1.8bn in July, defying City economists’ forecasts of a balanced budget, adding pressure on chancellor John Healey as he prepares to deliver his first budget on 28 October. The unexpected shortfall came despite strong tax receipts, a month typically boosted by self-assessment income tax payments,…
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Retail sales fall despite World Cup and hot weather boosting alcohol and drinks trade – business live
UK retail sales fell by 0.5% in July, according to the Office for National Statistics, reversing a 1% rise in June despite the World Cup drawing crowds to pubs and hot weather boosting drink sales in supermarkets. The dip suggests the resilience British shoppers have shown in the face of high energy costs and geopolitical…
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Vance: Bessent has ‘very discreet plan’ to shrink $40 trillion national debt
Vice President Vance said Thursday night that Treasury Secretary Scott Bessent has a “very discreet plan” to shrink the nation’s debt. “He [Bessent] has had a very discreet plan, of course, supported by the president of the United States, to get the United States to a point where our economy is growing faster than our…
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How much could Trump’s ‘economic D-Day’ hurt Iran?
US President Donald Trump has promised an “economic D-Day” of sanctions against Iran, nearly six months into a conflict that has settled into a stalemate with neither a military breakthrough nor a negotiated settlement in sight. The move reflects growing frustration within the administration that its existing strategies have failed to force Iran to capitulate,…
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Bond markets rattle economy, sparking controversial buyback
Welcome to The Hill’s Business & Economy newsletter {beacon} Business & Economy Business & Economy The Big Story Bond markets rattle economy, sparking controversial buyback The U.S. bond market is raising alarm bells for the economy, forcing the Trump administration to take emergency measures to ease the immediate impact on American pocketbooks. Yuki Iwamura,…
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Mother who built £170k two-storey annexe for disabled daughter is ordered to rip it down by jobsworth council officers
A mother who spent £170,000 building a two-storey annexe to care for her disabled daughter has been ordered by council officials to demolish it, in a case that has drawn criticism of the local authority’s handling of the matter. The dispute highlights the difficulties families can face when trying to adapt their homes to meet…
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Bessent urges US partners to back plans to ‘squash’ Iran economy
US Treasury Secretary Scott Bessent has urged Washington’s allies to decide whether they will support a new American campaign to “squash” Iran’s economy, warning that the message to partners is essentially “you are either with us or against us”. This follows a Truth Social post from President Trump threatening “tremendous economic consequences” for any country…
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Israeli criminal probe into Gaza killings, US Army drone U-turn and Amazon’s drone delivery push
Tonight: Israel opens its first war-crimes probes into troops over Gaza deaths, the US Army reverses its drone unit plans as Amazon expands Prime Air, Chester Zoo fights a carbon pipeline, and Arsenal’s title defence dominates football talk.