Displaying items by tag: Mark Carney

Mark Carney, prime minister-designate, has expressed willingness to renegotiate a trade deal with Donald Trump, provided Canadian sovereignty is respected. His remarks came as Canada imposed C$29.8 billion (£16 billion) in retaliatory tariffs on US imports after Trump enacted 25% tariffs on steel and aluminium. Trump has justified the move as a national security measure, aiming to bolster domestic industries. However, Carney condemned the tariffs as ‘unjustified’, warning of economic instability. Canada, the largest foreign supplier of these metals to the USA, is heavily impacted. Ottawa’s retaliatory tariffs include steel, aluminium, and other goods, with more measures set to take effect. The Bank of Canada has cut interest rates to 2.75% to cushion the economic fallout. Meanwhile, the EU has taken strong retaliatory measures against Trump’s tariffs coming into effect: see

The Chancellor’s biggest tax package in fifty years has sparked fears within businesses and banking. Also, in an unusually outspoken statement, the IMF (which works to stabilise the global economy, and also funds countries in need of economic rescue) has openly criticised the tax cuts plans, warning that they will likely fuel the cost-of-living crisis by increasing inequality and pushing up prices. While the Government said the measures will kickstart economic growth, markets are raising alarms, plunging the pound to a record low of $1.03 on 26 September. Christians Against Poverty (CAP) says the government's 'short term' economic policy will tip millions more into poverty, and former Bank of England governor Mark Carney accused the Government of ‘undercutting’ key economic institutions. The bank will now buy £65bn government bonds to try to protect pensions.