recession

UK’s Opposition Labour Pledges To Reverse Tax Cut For Richest

September 26, 2022 5:41 am

The leader of the UK’s main opposition party yesterday swore to ensure the reversal of the tax cut for top earners which was recently announced by the Conservative government as the nation heads for a possible recession.

Africa Daily News, New York reports that the new Conservative Prime Minister Liz Truss is in support of tax cuts as a way to stimulate economic growth and her government removed a top rate of 45 percent for the highest earners in a ‘mini-budget’ which was announced last weekend

Labour Party leader Keir Starmer, speaking before the party’s annual conference in Liverpool, …

Inflation: South African Central Bank Hikes Rate Again

September 22, 2022 9:27 pm

In lieu of the ongoing recession, South Africa’s central bank on Thursday has reportedly raised its benchmark interest rate which saw it going up by a hefty 0.75 percentage points again as it battles to control the inflation in the country.

The move is also coming on the heels of some new rate hikes which had been instigated by the United States Federal Reserve and some of the other central banks in Europe this week as countries scramble to tame galloping consumer prices.

Read Also: Nigerian Civil Servants Mull Salary Increase As Inflation Bites Hard

The South African central bank’s …

A Decade After Debt Crisis, Greece On Verge Of Recession

May 2, 2020 5:23 pm

Ten years after sinking into its worst economic crisis in living memory, Greece once again faces the spectre of a grave recession in the midst of a global coronavirus lockdown.

Though the country has so far been spared the death toll of other European nations at fewer than 150 fatalities from COVID-19, it will not escape the resulting economic downturn, Prime Minister Kyriakos Mitsotakis warned this week.

“The consequences of this coronavirus attack will undoubtedly be dramatic,” he told parliament on Thursday.

“We know with certainty that (the recession) will be deep… we don’t know how long the health crisis …