UK central bank raises interest rate, warns of recession
07 August 2022 | 12:00 pm
The Bank of England has warned that Britain is facing a recession as it hiked its benchmark interest rate by 0.5%.
Since Russia invaded Ukraine four months ago, the cost of living crisis has become a global issue. Prices have gone up around the world. In Europe, the countries that use the euro saw an average of 8.1 percent inflation in May. Pressure on prices, combined with stuttering economic growth, has sparked fears of a recession. These concerns could still come into play regarding the EU's response to the Russian invasion of Ukraine. In this programme, we're joined by two MEPs to discuss how the EU should balance sanctions against Russia with the risk of recession.
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Foreign Minister Annalena Baerbock has written an opinion piece with her Irish counterpart in a British paper, saying the UK was "not engaging in good faith" with its plans to change the Northern Ireland protocol.
British Prime Minister Boris Johnson was clinging to power on Wednesday, gravely wounded by the resignation of ministers who said he was not fit to govern and with a growing number of lawmakers calling for him to go.
UK Prime Minister Boris Johnson has faced lawmakers' questions after two of the most-senior figures in his government resigned. The finance and health ministers said they could no longer tolerate the culture of scandal.
Britain continues to have a functioning government, Cabinet Office Minister Michael Ellis said on Thursday in a statement to parliament ahead of Prime Minister Boris Johnson's expected resignation.
British Prime Minister Boris Johnson has finally resigned as the United Kingdom's prime minister. His premiership was defined by one scandal after another.
The race for a new leader of the Conservative party is already underway after Boris Johnson fired the starting gun by announcing his resignation. But how does the somewhat secretive process work?
Some 11 candidates are vying to replace Boris Johnson but that number will be whittled down to two candidates who will be voted for by party members across the country.
Six candidates, including former Finance Minister Rishi Sunak, are now in the running to replace Boris Johnson as Conservative Party leader. Voting will continue next week until only two are left.
Much of Western Europe continues to bake in extreme heat, with the UK expected to record its hottest day on record and wildfires burning through forests in southern France. Relief is expected later in the week.
One of three Conservative candidates will have to leave the race to become Boris Johnson's successor. The vote will come after Johnson makes his final appearance in Parliament as prime minister.
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