Business

At lunchtime today, Philip Hammond will give the weakened Conservative government’s first budget in the new parliament.

Against a likely backdrop of downgrades for the economy from the OBR, the Chancellor will be under immense pressure to provide a sound plan going forward on many issues. As Statista's Martin Armstrong notes, the NHS has already had its call for an emergency boost of £4 billion rejected, but there will need to be at least some answers to the problems surrounding health and public services funding.

This week, the European Union agreed to end unjustified geoblocking after a late-night session.

Last month, we reported that wealthy homeowners in one of America’s prototypical enclaves of wealth and privilege have begun to pull their stately mansions from the market as demand for high-end properties in Greenwich, Conn. Has plunged in recent years.

Despite sellers slashing prices, so far, only three Greenwich homes have sold for more than $10 million. In response, new listings have dropped 31% as sellers opt to wait out the gully in hopes of securing a higher price.

Authored by Michael Pettis, op-ed via The Financial Times,

Beijing must reveal the true level of GDP and wasted investment...

China’s 19th Communist party congress ended last month with an indication that Xi Jinping’s new administration plans to rein in debt by abandoning the country’s long-term economic targets and allowing gross domestic product growth to fall.

Authored by David Stockman via Contra Corner blog,

The Senate Finance Committee tax bill is not supply side and it's not even a tax cut; it's a gimmick-ridden policy mongrel that smells to high heaven of political desperation and cynicism.