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The UK’s inflation rate hit another 40-year high in May, reaching 9.1 per cent, its highest level since 1982. Fuelled by higher food prices last month, the rise was in line with economists’ expectations that suggest inflation will march higher in the coming months to reach double digits by the autumn. The Bank of England
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The UK government has announced plans to strengthen rules on buy now pay later services, improving protection for users of the short-term credit. The announcement on Monday, a response to a consultation which closed in January, follows concerns being raised around the model and consumer protection as the cost of living crisis deepens. The government
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A top US Federal Reserve official expressed early support for another 0.75 percentage point interest rate rise at the central bank’s next meeting in July, in anticipation that inflation will not moderate sufficiently to slow the pace of monetary tightening. In a remarks delivered on Saturday, Christopher Waller, a Fed governor, affirmed the central bank’s
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Shares in Asia followed Wall Street lower after the UK and Switzerland raised interest rates, adding to concerns that tighter monetary policies from central banks could undercut a global economic recovery. Japan’s benchmark Topix index and Australia’s S&P/ASX 200 both shed 2 per cent, while South Korea’s Kospi fell 1.7 per cent. China’s CSI 300
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US defence secretary Lloyd Austin accused China of stepping up coercive behaviour towards Taiwan as he stressed that Washington would maintain its military capacity to resist any force that threatened the country. Speaking at the IISS Shangri-La Dialogue defence forum in Singapore, Austin said China was engaging in provocative behaviour across the Indo-Pacific region that
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