Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

Hi, what are you looking for?

slide 3 of 2
THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Economy

Economy

UK’s Hunt says ‘extremely terrible’ if US fails to increase debt ceiling.

UK Chancellor Jeremy Hunt leaves 10 Downing Street on October 14, 2022 in London, England. Photo by ... UK Chancellor Jeremy Hunt leaves 10 Downing Street on October 14, 2022 in London, England. Photo by Leon Neal
UK Chancellor Jeremy Hunt leaves 10 Downing Street on October 14, 2022 in London, England. Photo by ... UK Chancellor Jeremy Hunt leaves 10 Downing Street on October 14, 2022 in London, England. Photo by Leon Neal

Listen to the article now

British finance minister Jeremy Hunt called a U.S. debt ceiling default “absolutely devastating” and a “knocked off track” GDP.

Hunt told reporters that Group of Seven (G7) finance chiefs in Japan had “very frank and open discussions” about banking regulation and Russia’s war in Ukraine’s influence on the global economy.

Hunt called a deadlock between President Joe Biden and the Republican-controlled House of Representatives. This might lead to a first-ever U.S. debt default, a “very serious threat to the global economy.”

“It would be absolutely devastating if America, which is one of the biggest motors of the global economy, was to have its GDP knocked off track by not reaching agreement,” he said. He hoped Biden and Congress could reconcile.

Hunt said G7 officials also discussed Russia’s invasion of Ukraine and the need to curb sanctions evasion.
He said economic restrictions on the Russian economy were “a slow burn” and would “bite” when Western pressure “starts to bite.”

Hunt said it was crucial that India, Indonesia, Brazil, Singapore, and Comoros, non-G7 nations invited by Japan, participated in Russia discussions.

Hunt said Britain’s “strong view” was to avoid a strategy that mistakenly restored the world to “protectionism” and that G7 rich countries want to “de-risk” relations with China rather than decoupling from all commerce.

“No one’s talking about not trading with China, not exporting to China, not importing from China, but we do need to make sure that we don’t have dependencies that can make us vulnerable,” he said, adding that the hard part was figuring out the steps.

G7 members also agreed that any country engaged in economic coercion should anticipate a united reaction from advanced democracies but did not specify how.

Hunt, who spoke before meeting U.S. Treasury Secretary Janet Yellen, said the G7’s failure to persuade more developing nations, or the Global South, to support the West’s unified response to Russia’s invasion was disappointing and required more soul-searching.


Comment Template

You May Also Like

Business

Starting in 2024, the IRS will lower the Form 1099-K reporting threshold to $5,000 for business transactions via payment platforms like PayPal and Venmo....

Business

The stock market saw major premarket moves on February 14, 2025. Roku and Airbnb surged on strong earnings, while Moderna and Informatica fell on...

Business

Warren Buffett’s Berkshire Hathaway trimmed its stake in DaVita amid a weaker 2025 outlook, causing an 8% stock decline. Rising costs and dialysis center...

Business

Stock futures dipped amid new trade policy shifts from President Trump, while GameStop surged on crypto investment speculation. Major retailers scaled back DEI commitments,...

Notice: The Biznob uses cookies to provide necessary website functionality, improve your experience and analyze our traffic. By using our website, you agree to our Privacy Policy and our Cookie Policy.

Ok