In the News: The Galvin Round-Up
Businesses criticise government for in-fighting, while inflation in the UK falls thanks to a petrol price drop and US interest rates go up – find out more with your international perspective on some recent headlines.
Businesses criticise government for in-fighting
British business groups have released a joint statement criticising politicians for focusing on in-fighting instead of preparing for Brexit.
In the joint statement, the British Chambers of Commerce, the Confederation of British Industry, manufacturers’ organisation the EEF, the Federation of Small Businesses and the Institute of Directors have warned the UK doesn’t enough time to prepare for a no-deal scenario.
With 100 days to go before the UK leaves the EU, the groups say firms have been “watching in horror” at the ongoing infighting within Westminster, “rather than practical steps that business needs to move forward”.
UK inflation falls thanks to petrol price drop
The UK inflation rate fell to 2.3% in November, from 2.4% the previous month, largely because of a big fall in petrol prices.
The Consumer Prices Index (CPI) figure for November is at its the lowest since March 2017, according to the Office for National Statistics. This was in line with analysts’ expectations.
Inflation changed so little because of falling petrol prices, thanks to a big drop in the cost of crude oil.
US interest rates go up despite Trump’s warnings
The Federal Reserve has raised interest rates, despite warnings from Donald Trump to do so. The US central bank voted to lift the Federal Reserve’s key interest rate by 0.25%, to a target range of 2.25%-2.5%, and said future increases could come at a slower pace because of concerns about global growth.
Trump urged the bank not to make “another mistake!” in increasing rates, and advised winding down a multi-billion dollar stimulus programme brought in after the financial crisis.
The Galvin News Round-Up
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