To stay updated with the latest news, sign up for the Global Economy myFT Digest newsletter. The Chancellor announced a cut in national insurance contributions and a big business tax cut in the Autumn Statement. Although the NI cut was welcomed, it won’t fully offset the increase in the tax burden. The Office for Budget Responsibility predicts that living standards will still be lower than before the pandemic and revised its estimates for UK growth. Other important measures include support for businesses and welfare reforms. In Europe, the European Central Bank warned of stress in bank balance sheets and the European Parliament backed a plan to reduce packaging waste. In the global economy, oil prices fell, the US Federal Reserve isn’t planning to raise interest rates further, and worries over wheat supplies rose due to Russian attacks in Ukraine. Hedge funds suffered losses, Stellantis is considering a partnership with a Chinese company to build low-cost electric car batteries in Europe, and the UK advertising regulator banned a Toyota advert. In the world of work, there is a trend in Australia of companies linking pay to office attendance. Lastly, climate mitigation policies can bring substantial health benefits and prevent premature deaths, according to The Lancet Pathfinder Commission. You can subscribe to more newsletters such as Working it and The Climate Graphic: Explained.
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