The basic idea is that the consistent ratcheting up of workers' pay to match inflation and cost of living increases leads to firms raising prices to protect their profit margins.

As prime minister, Boris Johnson vowed to bring long-neglected post-industrial areas level with other, more prosperous places.

British former finance minister Rishi Sunak said on Friday he was running to replace Boris Johnson, three days after helping to launch the cascade of resignations that brought the prime minister down.

U.S. economic growth could fall below 1% this year and remain sluggish through 2023 as the Fed acts "resolutely" to curb inflation, New York Federal Reserve president John Williams said Friday.

Hopes that the Polish central bank's monetary policy tightening cycle may be nearing its end could be shattered by government policies aiming to support domestic demand and ease the pain of inflation in a pre-election year, economists say.

Britain's finance and health ministers resigned in quick succession on Tuesday, in moves that put the future of Prime Minister Boris Johnson in peril after a series of scandals that have damaged his administration.

Six million first-time voters are set to effectively decide whether to extend President Tayyip Erdogan's rule into a third decade or to opt for something they have never known - Turkey under a different leader.

British manufacturing firm Corbetts the Galvanizers used to rely on a stream of workers from Poland and Romania to fill its shop floor, where steel is dipped into a long vat of molten zinc at temperatures of around 450?C (842?F).

Britain's economy is struggling under the strain of two major risks in the form of double-digit inflation and a possible recession, leaving the Bank of England in a dilemma about how much further it should raise interest rates.

For some Ukrainians, war forces dramatic career changes

Britain's heavy-handed approach to industrial relations has backfired as employees reject its "nonsense" demands for pay restraint and increasingly join unions, the head of the country's biggest trade union umbrella group said.

As interest rates rise, consumers and businesses will find it more costly to borrow to invest and spend, and aggregate demand will fall further.

A series of surprise actions by some of the world's largest central banks fretting about runaway inflation has left bond investors battered.

The U.S. Federal Reserve will release the results of its annual bank health checks on Thursday.

After 21 years as a service agent at Air France, Karim Djeffal left his job during the COVID-19 pandemic to start his own job-coaching consultancy.

British finance minister Rishi Sunak has toughened his language towards Bank of England Governor Andrew Bailey, a reflection of the political pressure piling on them both as inflation surges towards double digits.

The pound slumped one percent against the dollar following the announcement, one day after the Federal Reserve hiked US interest rates far more aggressively to fight runaway consumer prices in the world's biggest economy.

Britain's jobless rate rose for the first time since late 2020 and other measures of the country's hot labour market cooled, potentially easing inflation worries at the Bank of England which is due to raise rates again this week.

Federal Reserve Chair Jerome Powell used his first four years as the world's top central banker to reshape U.S.

Big U.S. banks including JPMorgan Chase & Co and Citigroup appear set for some earnings boost from a pick-up in the battered credit-card business, but a possible recession would pull consumers back and bring losses on outstanding loans.

Pakistan's government is set to present a budget for financial year 2022-23 on Friday aimed at tight fiscal consolidation in a bid to convince the International Monetary Fund (IMF) to release much-needed bailout payments for the cash-strapped country.

The poorest 10% of households spend up to three times more of their family budget on food and energy bills as compared to the wealthiest 10%

British Prime Minister Boris Johnson is facing a confidence vote on Monday following a series of scandals, including a damning official report about COVID-19 lockdown-breaking parties at his official residence.

As a challenge to economic theory, workers are facing cuts in their real pay with seemingly no prospect of wages catching up with headline inflation. This is despite the fact that unemployment is low.

The steadier market mood has seen the safe-haven dollar and yen decline, while the euro was boosted by hawkish comments from European Central Bank (ECB) officials who have been flagging a rate hike as early as July.

Before the pandemic, Britain enjoyed steady labour force growth and high rates of participation.

Retail sales in April shrank 11.1% year-on-year, after falling 3.5% in March.

Total employment remained below its pre-pandemic level, with job vacancies at a record-high of almost 1.3 million at the end of April.

NIESR cut its UK growth forecast for 2022 to 3.5% from 4.8%, and downgraded its 2023 forecast to 0.8% from 1.3%

There are concerns the Fed could raise rates too high and choke off economic growth