Funds

OBR: Eight years of living standards growth wiped out in 7% fallAs Hunt sat down, the Office for Budget Responsibility released its latest economic and fiscal outlook.It’s grim.The OBR says that despite the new support with energy bills, living standards are going to fall by 7% over the next two years.That’s a dire outcome, wiping out eight years of growth.The OBR says:Over £100bn of additional fiscal support over the next two years cushions the blow of higher energy prices – but the economy still falls into recession and living standards...

Republicans officially captured control of the House on Wednesday, as the Associated Press called the 218th seat for the party. The House victory ends four years of Democratic control of the lower chamber, handing Republicans the speakership and the chairmanships of key committees, while Democrats will maintain control of the Senate.But the incoming Republican speaker has the unenviable task of attempting to pass legislation with a very narrow majority, where only a few defections within the party will be enough to kill a bill.Republicans had hoped that a “red wave”...

A class action lawsuit has been launched against FTX’s former chief executive Sam Bankman-Fried over the crypto exchange’s collapse which also names as defendants a host of its celebrity backers including Larry David, Naomi Osaka, Gisele Bündchen and Shaquille O’Neal.Filed in Florida by class action attorney Adam Moskowitz, the case is one of the first to attempt to hold the sports stars and entertainers who promoted cryptocurrencies in the boom years responsible for their support.As well as naming Bankman-Fried as a personal defendant, the case pulls in as co-defendants a...