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IMF boss Kristalina Georgieva warns of ‘painful’ Brexit

IMF boss Kristalina Georgieva warns of ‘painful’ Brexit

Business
The new head of the International Monetary Fund has warned that Brexit in whatever form will be "painful", adding to the effects of a global slowdown.Kristalina Georgieva said the split will hurt not only the UK and European Union, but also low income countries with economic ties to them.IMF data show that growth has already slowed in almost 90% of the world."It is very obvious that this [Brexit] is going to be painful," she told the BBC.Ms Georgieva said UK politicians will have to figure out how to shield people hurt by Brexit - but the options available to fund those measures are limited."The choices are not that many - you either borrow or you look at the [tax] increase," she said.Ms Georgieva, who spoke to the BBC ahead of t...
No-deal Brexit would push borrowing above £100bn, IFS warns

No-deal Brexit would push borrowing above £100bn, IFS warns

Business
A no-deal Brexit would see government borrowing rise to almost £100bn a year and overall debt reaching levels not seen since the 1960s, a leading economic think-tank has warned.Analysis by the Institute for Fiscal Studies (IFS) predicted a mini-boom in public spending, funded by the extra borrowing, to help soften the blow if the UK crashes out of Europe without a deal. But the boom would likely be followed by bust as the government struggles to cope with the consequences of a smaller economy and higher debt on its funding of public services, the IFS said.The findings were published in the think-tank's "green budget" setting out the issues likely to be facing the chancellor Sajid Javid as he prepares his first budget.It also contained analysis from economists at the global investment bank
Saudi crown prince warns of ‘Iran threat’ to global oil

Saudi crown prince warns of ‘Iran threat’ to global oil

World
Media playback is unsupported on your device Saudi Arabia's crown prince has warned that oil prices could rise steeply if the world does not act to deter Iran.Mohammed bin Salman said failure to act could embolden Iran and lead to war, which he said would ruin the global economy, following an attack on oil facilities which he blames on Tehran.Iran said the prince's remarks would "bring [the Saudis] nothing but shame".The prince also said he accepted some responsibility for journalist Jamal Khashoggi's killing.But, speaking to CBS News, he denied personally ordering it.The prince, who is considered the de facto ruler of Saudi Arabia, is suspected of personally targeting Mr Khashoggi, a Saudi journalist critical of the government in Riyadh.Mr Khashoggi was k...
Climate change severely damaging world’s oceans, major new report warns

Climate change severely damaging world’s oceans, major new report warns

Science
Climate change is devastating our seas and frozen regions as never before, a major new United Nations report warns.According to a UN panel of scientists, waters are rising, the ice is melting, and species are moving habitat due to human activities.And the loss of permanently frozen lands threatens to unleash even more carbon, hastening the decline.There is some guarded hope that the worst impacts can be avoided, with deep and immediate cuts to carbon emissions.This is the third in a series of special reports that have been produced by the Intergovernmental Panel on Climate Change (IPCC) over the past 12 months. Media playback is unsupported on your device The scientists previously lo...
Iran warns foreign forces to stay out of Gulf, amid new US deployment

Iran warns foreign forces to stay out of Gulf, amid new US deployment

World
Iran's president has warned that foreign forces are threatening the security of the Gulf, after the US said it was deploying troops to the region.Hassan Rouhani said foreign forces had always brought "pain and misery" and should not be used in an "arms race".The US is sending more troops to Saudi Arabia after an attack on Saudi oil facilities both nations blame on Iran.Mr Rouhani also said Iran would present a new Gulf peace initiative at the United Nations in the coming days.This year has seen continuing tension between the US and Iran, following President Donald Trump's abandonment of a deal aimed at limiting Iran's nuclear activities in return for the easing of sanctions. Why Saudi Arabia and Iran are bitter rivals Who's using...