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Chancellor John Healey announced a £100 energy payment for households funded by increased bank profit taxes, along with measures to support businesses and boost minimum wage in his first Budget.
The Federal Reserve maintained interest rates unchanged at its latest meeting before midterm elections, with two board members dissenting in favor of a rate increase.
Lloyds’s chief financial officer has criticized the chancellor for linking bank tax increases to energy bill support, warning against extending the higher levy beyond March 2028.
Major UK think tanks warn of a “painful” few years ahead, forecasting disposable incomes will fall by 3% through 2029 and that this decade will see the worst household income growth on record.
US GDP grew at a 3.4% annualized rate in the third quarter, exceeding expectations, while inflation rose to 3.7% in September, creating mixed economic signals ahead of midterm elections.
DoorDash will acquire grocery delivery service Instacart in a $17 billion deal expected to close within approximately one year, creating a combined platform serving meals, groceries, and retail items.
