Janet Yellen has strongly indicated to Congress that Federal Reserve policymakers are likely to vote to raise US interest rates in two weeks – barring any major shocks to the global economy.
The UK economy has slowed after poor overseas trade figures put a record drag on growth, leaving household spending to drive the recovery and casting further doubt on George Osborne’s hopes that strong tax receipts will help him hit ambitious budget targets.
Bank of England policymakers may need to take action to prevent a risky consumer borrowing binge as the economy recovers, the bank’s chief economist has warned.
The key measure of the US economy was revised from bleh to meh on Tuesday as businesses restocked goods at a stronger pace than first thought, adding to the likelihood of an historic US rate rise next month.
In a letter Monday, Yellen called an interest rate hike "appropriate" if officials see progress toward labor and inflation goals.
George Osborne could be forced to borrow billions of pounds more than forecast by 2020 if he sticks with spending cuts that will hit economic growth, according to a report by City University.
The government’s “fixation” on the size of the state is straining vital public services and undermining social stability, according to a report from the TUC, which argues that further cuts could damage the economy.