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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
Problem that would take 10,000 years for normal PC is solved in 4 minutes

Problem that would take 10,000 years for normal PC is solved in 4 minutes

Technology
Researchers at Google have created a computer that can carry out calculations way beyond the reach of traditional computers, it has been reported.The scientists say it marks the achievement of something called "quantum supremacy". Quantum supremacy is when a special device, called a quantum computer, can carry out a single calculation that no conventional computer would be capable of within a reasonable time.According to the Financial Times, the quantum computer - called Sycamore - worked out whether an algorithm produced a genuinely random sequence of numbers.It took three minutes and 20 seconds to come up with an answer - something the most powerful commercially available conventional computer would have taken about 10,000 years to do. ...
Forget San Francisco: 5 cities where Bay Area techies would rather live

Forget San Francisco: 5 cities where Bay Area techies would rather live

Finance
View of homes in San Francisco from Alamo Square park.hanusst | iStock Editorial | Getty ImagesWhy buy a house in San Francisco when you can snap up something more affordable in New York?Bay Area tech workers are showing some sensitivity to the cost of housing in the region, according to a survey from Wealthfront, an investment management firm that provides robo-advisor services.The firm polled close to 2,700 of its clients through the first five months of this year. All of the participants work in the Bay Area at tech companies.Close to a quarter of clients think they'll flee altogether and head for cheaper cities elsewhere in the U.S., including Chicago and Austin, Texas.These potential buyers have set their sights on affordable dwellings, too, said Kate Wauck, vice president of communic...
Cuts to Social Security would hurt older, single women most of all

Cuts to Social Security would hurt older, single women most of all

Finance
Jim McGuire | Getty ImagesThe Social Security program is approaching insolvency.Social Security costs keep escalating, with future expenses for the program expected to be 20% higher than projected revenue. To that point, action must be taken promptly to prevent an across-the-board benefit cut for many current and future beneficiaries, according to the Social Security 2019 Annual Report.As soon as next year, Social Security's yearly expenses are expected to exceed its revenue — forcing the program to begin drawing down its trust funds. The projected impact will result in only 75% of benefits promised to actually be paid beginning in 2035. That will impact millions of individuals who rely on this income for their living expenses in retirement.The population most dependent on Social Security
Committee passes bill that would allow Coast Guard members to be paid during shutdowns

Committee passes bill that would allow Coast Guard members to be paid during shutdowns

Business
June 28 (UPI) -- A House committee approved legislation that would allow U.S. Coast Guard members to be paid during any future government shutdowns. The voice vote came on Wednesday as the House Transportation and Infrastructure Committee approved the Coast Guard Reauthorization Act of 2019. The Coast Guard is primarily funded by the Department of Homeland Security, which was affected by the 35-day shutdown of the government in 2018. Coast Guard members missed a Jan. 15 paycheck and were reimbursed after funding was restored in late January. The 41,000 active duty Coast Guard members, 6,000 reservists and 8,500 civilian workers remained on the job despite the shutdown. An employee support program offered suggestions for managing family finances during the shutdown, including garage sales...