President Biden is expected to announce a plan this week to increase tax for those earning over $400,000 a year. The revenue raised from the tax will be spent on extending Medicare, a federal insurance […]
Sales of wine and beer fell drastically in Canada from 2021-2022, demonstrating that the Canadian government’s crackdown on alcohol consumption seems to be doing the trick. Alcohol is a demerit good and governments around the […]
In 2021, the Biden Administration announced the roll out of the Affordable Connectivity Program – low cost and high-speed internet for those who couldn’t afford their own connection or have difficulty setting it up. The […]
The UK economy has been plunged into economic turmoil since the announcement of the mini-budget last week. Since the new chancellor, Kwasi Kwarteng, announced the largest tax cuts in 50 years the economy seems to […]
The UK government has announced the largest tax cuts in 50 years as part of their mini budget to deal with the cost of living crisis and boost the wavering British economy. The UK economy […]
Phase one of what will be the world’s largest fully automated port is now complete and the Singaporean government are loving it. Prime Minister Lee Hsien Loong sees the port as a jewel in Singapore’s […]
Thousands of French households are facing an unexpected tax bill after the use of an artificial intelligence tool found over 20,000 unreported swimming pools. The tool, which was only trialed in a handful of regions, […]
The government of New Zealand, a country notorious for having more sheep than people, has proposed a creative way to fight the impending climate crisis – a tax on the flatulence produced by cattle and […]
The UK inflation rate is rising at its fastest rate in 40 years. This is predominantly a result of soaring fuel and energy prices, as well as recent pressure on food costs. Year-on-year inflation for […]
On April 1st, the new UK plastic tax will come into effect. The levy on firms will charge £200 per tonne of plastic packaging containing less than 30% recycled plastic. The UK government, who announced […]
Filipino drivers to receive fuel subsidies as oil prices rise […]
As inflation spikes throughout the Sri-Lankan economy, the central bank has responded by increasing the interest rate from 5.5% to 6.5%. This tightening of monetary policy follows three consecutive months of double-digit inflation, with the […]
The People’s Bank of China, China’s central bank, announced this week that they would reduce the current reserve requirement ratio (RRR) to just over 8.4%. A reduction in RRR will allow banks to hold less […]
Following a high court ruling about Uber’s relationship with their customers, the price of each ride may be about to increase by 20%. The business was previously operated in a way whereby customers entered into […]
In an attempt to lower the price of oil the US is leading an international effort of other major economies to release oil reserves. The price of crude oil reached a 7-year high of $81.93 […]
The gas price surge across Europe has led to the collapse of two small UK gas providers. Avro Energy and Green, who between them serve just under a million customers, have gone bust due to […]
El Salvador has become the first country in the world to officially adopt a cryptocurrency as a form of legal tender. A law was passed in the Central American nation on the 9th June allowing […]
The US state of Ohio has recently announced an innovative scheme to encourage more people to take the Covid-19 vaccine. From May 26th, all Ohioans over the age of 18 who have received the first […]
Following the introduction in China of temporary tariffs on Australian wine imports last year, the Australian wine industry is now expecting an imminent announcement of both an increase and expansion of the tariffs. Already […]
After months of intense negotiations, the American government looks finally set to inject billions of dollars into the US economy. The so-called “Covid-19 relief bill” should do exactly what it says on the tin: providing […]
A deal has been agreed between the governments of Japan and Myanmar to sign off on ¥42.78 billion (US$414 million) worth of low-interest loans. Over half of the money will be directed towards a huge […]
In what some commentators are calling a bold and audacious pledge, President Xi announced to the UN that China will be carbon neutral by the year 2060. That gives the world’s second largest economy, and […]
The UK chancellor, Rishi Sunak, has just announced the government’s latest scheme to save people’s jobs from the ongoing Coronavirus crisis. With the job retention scheme set to end at the end of October, both employers and […]
The unemployment rate in the UK has risen to its highest level in two years, with an official figure of 4.1% released by the office for national statistics. Given the devastating impact of Covid-19 on […]
According to the latest research on the economic impact of Covid-19, the OECD has announced that the South Korean economy is likely to “only” shrink by -0.8% this year. Whilst all negative GDP growth is […]
Inflation in India, the fifth largest economy in the world, stood at 6.9% in July according to the latest measurement of the CPI (consumer price index). This means that inflation in India has been above […]
According to data released by the US Labour Department, new unemployment claims for the week ending August 15th stood at just over 1.1 million people, up 135,000 from the week before. This data paints an […]
Governments need to keep track of their spending just like we all do. If they spend more than they earn, just like our bank balance goes into the red, so does theirs! This is commonly […]
Government spending is a complicated business. In a mixed economy, the role of the government is undoubtedly vital in providing much needed public goods such as roads, schools, hospitals, and of course every economics teacher’s […]
The aviation industry has been one of the hardest hit by Covid-19. With countries closing borders and people ordered to stay at home, the demand for air travel has plummeted. The result has been a […]
Josh Frydenberg, the Australian Treasurer, announced on Wednesday that the economy is likely to have shrunk by as much as 9% from April to June. This further decline in size, following a 0.3% contraction in […]
The economic impact of Covid-19 has been devastating and wide-reaching. One country which is suffering significantly is South Africa, where going into lockdown has stifled almost all economic activity. As South Africa, the second largest […]
The president of France, Emmanuel Macron, announced this week a fiscal stimulus of €8 billion to help the French car industry. His government are hoping that the cash injection will not only help domestic auto […]
Whilst India was initially praised for their response to the Covid-19 crisis by organising a mass lockdown that effectively took 1.3 billion people off the streets, the subsequent effect on their economy will be severe. […]
Australia’s barley producers are about to feel the full force of Chinese protectionism after the Ministry of Commerce (MOFCOM) announced on Monday that an 80.5% tariff would be imposed on barley exports from Australia. The […]
With unemployment levels soaring across the world, the ILO (International Labour Organisation) released a policy brief which outlined the steps they recommend for global governments to take in order to mitigate the impact of the […]
India, the second largest country in the world with a population of 1.35 billion people, has now been in lockdown for over 50 days. The impact of such a widespread stay-at-home order has had a […]
In recent years, the automotive industry has experienced a number of mergers leading to the market becoming increasingly dominated by a few large firms, who by joining forces are only getting larger. The proposed $50 […]
Saudi Arabia, the second largest oil producing nation in the world, has for the last few years been trying desperately to diversify its economy and reduce their dependence on the export of oil. Despite being […]
In April, the UK government launched an unprecedented job retention scheme to combat the economic fallout of the coronavirus on employment. Under the scheme, the UK government will fund 80% of workers’ wages, up to £2,500 a month, […]
After coming to a grinding halt in February this year, the Chinese economy is open again and gradually returning to normality. The first sign of this is that the air is hazy once again, which […]
According to a report by the World Food Programme (WFP), the economic and social disruption caused by the spread of Covid-19 has significantly increased the risk of a hunger pandemic in the poorest regions of […]
In the last three months, governments around the world have been spending huge sums of money on packages to reduce the economic devastation being caused by Covid-19. So far, the global response has amounted to […]
Since the US economy was essentially shutdown four weeks ago, the economic fallout has been tremendous and devastating. With businesses closing across all sectors of the economy, millions of people have been forced into unemployment. […]
China’s unbelievable economic growth streak of over forty years has finally come to an end today, with the world’s second largest economy recording a negative growth rate of -6.8% in the first quarter of 2020. […]
The economic impact of the coronavirus is unprecedented and far-reaching. People all over the world have been affected in some way, and it is likely that our lives will never be the same again. One […]
According to the IMF, the world economy is predicted to experience negative economic growth of -3% this year. This projection comes after the IMF released their latest world economic outlook report a survey which is usually […]
The government of Singapore has announced an additional US$3.6 billion to support the economy as the city state sees coronavirus cases increase despite earlier signs that the virus seemed to have been contained. The additional […]
Clothing workers in Bangladesh, the South Asian country which is only second place to China in the global manufacturing of clothing, have been hit hard by the worldwide spread of Covid-19. The plummeting demand for […]
As of Wednesday this week, national minimum wage in the UK has increased by 6.2% for those aged 25 and above. This now means that any minimum wage worker over 25 will now be paid […]
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