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The biggest development story of the last two decades has been the vast reduction in the number of the world’s extreme poor thanks to the rapid growth of China and other developing economies. But how does the US, the world’s richest economy, fit in when you apply the $2/day poverty line the World Bank and others normally use to grade much poorer countries?
In a fascinating new paper, researchers at the Brookings Institution look at exactly that question and come up with some potentially shocking findings, albeit ones that come with plenty of caveats attached.Continue reading: Are 12 million Americans living on less than $2 a day?
The Bank of England will weigh the weakness of Britain’s wage growth against the strength of its economic recovery when it delivers fresh forecasts in its quarterly inflation report on Wednesday morning, containing signals about when a rise in interest rates is likely.
<To be delivered in tandem with the latest UK employment data, the BoE's estimates of the amount of slack in the economy will be one of the most closely watched metrics. At the last quarterly inflation report in May, the BoE estimated the amount of spare capacity was between 1 - 1.5 per cent, judging there was room for this to narrow further before rates tightened.
By Sarah O'Connor and Claer BarrettContinue reading: Live Blog: BoE inflation report
The UK decision to send ground attack aircraft to perform reconnaissance missions over Iraq has led to mounting speculation that it could soon join the US in conducting bombing missions against Islamist extremists terrorising the local population.
The British government has so far resisted calls from some politicians and former officers to join the US in launching air strikes against insurgents from the Islamic State of Iraq and the Levant (known as Isis). But the type of aircraft it has sent to the region – the Tornado GR4 – leaves the option open.Continue reading: Will the UK join the US with air strikes in Iraq?