Insurance Weekly

The European Central Bank has increased its benchmark rate by 75 bps to combat rising consumer price pressures. Christine Lagarde, ECB President, says that, although these movements are not ‘normal’, they will continue until inflation falls below 2%.

Liz Truss' plan to cut taxes could lead to a boom for the UK economy, according to one of Britain's biggest property companies. Sir Nigel Wilson, head of one of the UK's largest pension funds, said that lowering business tax rates would increase the appeal of Britain as an investment location.

Liz Truss has capped energy bills for British households at £1,600 per year after she announced plans to scrap subsidies for renewable sources. According to estimates from analysts, the UK government's plans to pay people to stay at home may end up costing the country as much as $170 billion. Add that to previous similar announcements by German, Austrian, and other European countries, and the total bill for drawing the "stinging" price of rising COVID-19 costs has now reached $500 billion.