Displaying items by tag: austerity

A University of California study highlights the long-term damage caused by Brexit and austerity measures on the UK’s economic growth and social cohesion. The report calls for urgent action from the incoming government to address setbacks since the 2008 financial crisis. Political scandals, such as rule-breaking during the pandemic, have intensified public discontent and eroded trust in UK institutions. The study warns of interlocking crises for the next government, including signs of stagnation, particularly in addressing social and economic challenges. The report predicts a potential historic defeat for the Conservatives in the election and a challenging path for Labour to restore public trust and economic stability. Labour’s pledges include fiscal discipline, housing and infrastructure reforms, and clean energy investments. The study concludes that austerity and Brexit have left lasting scars on the UK economy, urging the government to prioritise regional planning and recovery.

President Hassan Rouhani's chief of staff has called upon people, in the current economic situation, to avoid buying more goods than they require. He urged merchants and shopkeepers to respect fairness in pricing commodities. Since the USA re-imposed sanctions, Iran is experiencing skyrocketing prices and shortages of essential commodities. People are hoarding medicines, foodstuffs, and baby nappies in large quantities, even in warehouses. Iran's currency fell to a record low (140% drop), and Iranians are now using money-changers in fear of further drops. The second stage of US sanctions, targeting oil exports and banking, will begin on 4 November. Experts believe ongoing political and economic challenges are fuelling widespread anger against the regime. But as the regime’s popularity decreases, the influence of the gospel increases. World Mission reported that Iran’s underground church is one of the fastest-growing in the world.