We should abolish the Nobel Prizes, mostly the Peace one.
https://english.almayadeen.net/news/economics/india-becomes-5th-largest-economy-pushing-the-uk-to-6th-plac
India becomes 5th largest economy, pushing the UK to 6th place
The UK has fallen behind India to become the world's sixth largest economy, dealing another blow to the government in London as it mitigates a devastating cost-of-living shock.
In the final three months of 2021, India overtook the UK to assume its place as the world's fifth-largest economy.
According to GDP data from the International Monetary Fund (IMF), which is based on US dollars, India increased its lead in the first quarter.
Unfavorable circumstances surround the next prime minister, including the UK's slide down international rankings.
On Monday, Conservative Party members will elect Boris Johnson's replacement and Foreign Secretary Liz Truss is predicted to prevail against former Chancellor of the Exchequer Rishi Sunak.
The winning candidate would lead a country that is experiencing its highest rate of inflation in four decades as well as growing chances of a recession that the Bank of England predicts may stretch well into 2024.
The Indian economy, on the other hand, is anticipated to expand by more than 7% this year. Following a world-beating rally in Indian equities this quarter, their position in the MSCI Emerging Markets Index has risen to second place, following only China's.
The size of the Indian economy, on an adjusted basis and using the dollar exchange rate on the final day of the relevant quarter, was $854.7 billion from January through March. The UK's was $816 billion on the same basis.
The computations were performed on the Bloomberg terminal using historic exchange rates and the IMF database.
Since then, the UK is likely to have dropped even further. In the second quarter, the UK's GDP increased by only 1% in nominal terms and by 0.1% after accounting for inflation. With the pound losing 8% against the rupee this year, the sterling has underperformed the dollar relative to the Indian currency.
According to the IMF's own projections, India will surpass the UK in dollar terms annually this year, leaving the Asian giant just behind the US, China, Japan, and Germany. India was the eleventh-largest economy ten years ago, while the UK was the fifth-largest.
Living expenses wreak havoc in the UK
It is worth noting that the collective West's decision to isolate Russia and sanction it without properly taking into account the consequences has driven them to face a difficult winter if no solutions unfold soon. While energy alone is not the cause for the decline in living standards in certain parts of the world while others advance, it remains at the heart of the ongoing global struggle.
The increasing energy crisis is wreaking havoc on British family budgets more than any other country in Western Europe, according to The Guardian, citing a research by the International Monetary Fund research.
The research also made note of the fact that compared to other countries in Europe, Britain has a far wider disparity in the cost burdens placed on low-income and rich families. This was ascribed to the UK's high reliance on gas to create energy and heat houses during a period of rising gas costs. The IMF also notes that the UK has the least energy-efficient housing in Western Europe.
According to the study, increasing energy costs will cause the typical UK household to lose 8.3% of its overall purchasing power in 2022. The percentage is anticipated to be 4% in Germany and Spain. In all of Europe, only Czech and Estonian households are more affected than UK households.
Energy costs are expected to account for 17.8% of household budgets for the lowest 10% of UK households this year, compared to just 6.1% for the wealthiest 10%. The IMF evaluated 25 European nations, and this divergence of 11.7% points is by far the biggest among them. The gap is 3.9% points in France and 2.5% points in the Netherlands.
Furthermore, in 2022, it is anticipated that the rising cost of other goods would reduce household budgets in Britain by another 2%.
You are truly awesome by how stupid you are. Ever single person who won that peace prize is a criminal and a liar. Starting with Hussein. This is why that prize should be abolished. It's fake and it's a lie, just like the MSM and Hollywood and the Olympics etc.
https://english.almayadeen.net/news/economics/british-factories-face-risk-of-closure-due-to-high-electrici
British factories face risk of closure due to high electricity bills
Bloomberg reported that 6 of 10 factories in the UK are facing closure due to soaring energy bills.
The agency quoted the results of research led by the British Manufacturers Association MakeUK, which found that nearly half of UK manufacturers have experienced a jump in electricity bills of more than 100% in the past year.
Gas comprises a crucial part of Britain's energy mix, with tens of millions of homes relying on gas-powered boilers for their heating. Starting January next year, average bills could top £5,000 according to some projections, as Ofgem updates the cap every three months rather than the previous norm of twice a year.
Ofgem had also previously announced that the energy price cap will be raised by 80% starting October 1, and the average gas and electricity bill will be £3,549 a year.
In research conducted by IMF, the agency found that the energy crisis was affecting British family budgets more than any other country in Western Europe.
The research also noted that compared to other European countries, Britain has a far wider disparity in the cost burdens placed on low-income and wealthy families. This was ascribed to the UK's high reliance on gas to create energy and heat houses during a period of surging gas costs. The IMF also notes that the UK has the least energy-efficient housing in Western Europe.
The UK economy contracted by 0.6 in June and decreased 0.1 percent between April and June, compared to a growth of 0.8 percent in the previous three months.
Christopher Dembik, head of macro analysis at Saxo Bank, said that “What Brexit has not done by itself, Brexit coupled with Covid and high inflation have succeeded in doing,” adding that “The UK economy is crushed.”
Health experts have also warned the government of a potential "humanitarian crisis" due to the sharp increase in energy prices.
The National Health Service, which brings together a number of public health organizations, said that “many people could face the awful choice between skipping meals to heat their homes and having to live in cold, damp, and very unpleasant conditions."
An NHS chief has warned last month that soaring energy costs will kill more than 10,000 people this winter; a situation the NHS Confederation referred to as a "humanitarian crisis".
The International Monetary Fund (IMF) has warned that the UK faces the slowest rate of growth in the G7 next year.
https://english.almayadeen.net/news/politics/massive-rally-held-in-prague-to-protest-against-government-e
Massive rally held in Prague to protest against government, EU, NATO
Civil unrest unfolded as nearly 70,000 people gathered in Prague's iconic Wenceslas Square on Saturday to demand change in several areas of government policy.
Protesters demanded the resignation of the center-right government of Prime Minister Petr Fiala's coalition due to it neglecting its citizens at the expense of war-ravaged Ukraine.
Clear outrage was expressed over the growing inflation, soaring energy prices, Covid-19 vaccination, and immigrants.
Organizers of the demonstration dubbed "Czech Republic in the first place" said the central European nation should be neutral militarily and ensure direct contracts with gas suppliers, including Russia.
"The goal of our protests is a call for change, we want the issue of energy prices, especially electricity and gas, to be resolved, because if it is not resolved, it will destroy our economy this fall," one of the organizers Jirži Havel told iDNES.cz.
"The best for Ukrainians and two sweaters for us," read a banner, a reference to concerns over winter heating bills.
Rallies previously took place this year during the month of May in Republic Square to protest the provision of military aid to Ukraine.