The Guardian view on the digital pound: an impetuous idea with a risky momentum of its own | Editorial

Two years ago, the House of Lords looked into whether the Bank of England should issue digital pounds to be held in electronic wallets. Peers were unconvinced, asking if this wasn’t “a solution in search of a problem”. Last December, MPs on the Treasury select committee said the same thing. The government’s response, however, was to tell the public to prepare for a “Britcoin” to be in use by the end of the decade. Physical money has been around for thousands of years for good reason. Cash is convenient, reliable and…

China’s share of Europe’s electric car market accelerates as UK leads sales

China’s share of the European electric car market has more than doubled in less than two years as the world’s second largest economy tries to take the lead in the transition away from petrol and diesel cars. The UK is the largest market in Europe for Chinese electric car brands, accounting for almost a third of sales in 2023 so far, according to data from Schmidt Automotive Research on the 18 largest European car markets. About 5% of all new car sales in the UK were from Chinese brands in…

International Energy Agency warns of higher bills this winter

The head of the International Energy Agency has said energy prices may spike again this winter, forcing government to subsidise bills – just days after state support for UK households fell away. Fatih Birol said a rapid improvement in the Chinese economy, coupled with a harsh winter, could put pressure on gas supplies and push up bills for consumers. He said the agency “cannot rule out” another spike in gas prices this winter, which would mirror last year when a surge in wholesale costs as a result of Russia’s invasion…

The Guardian view on India at a crossroads: development, not dictatorship | Editorial

Becoming the world’s most populous nation allows India to burnish its credentials as a global economic and political heavyweight. With a population that is much younger than those of China, the US and the EU, there will be renewed interest in India’s potential to be a beacon of liberal values. The west is eager to draw a democratic giant into its orbit. China and India will together account for about half of all global growth this year. But India risks emulating its bigger northern neighbour’s economic ascent under tight political…

‘Everything is fake’: how global crime gangs are using UK shell companies in multi-million pound crypto scams

A woman meets a man online. They flirt. Then, after a few weeks, they begin imagining a future together. Fast forward a few months and one of them has had their heart broken and been defrauded of their life savings. It sounds like a classic romance scam, but it isn’t. This is “pig butchering”: a brutal, elaborate and rapidly expanding form of organised crime, often involving criminal syndicates, modern-day slaves and victims around the world. Since it came to prominence in 2021, the fraud – which involves scammers grooming their…

UK energy bills to fall to about £2,200 from July as wholesale gas costs drop

Energy bills are expected to fall to about £2,200 from July in a fillip for the government and households struggling with ballooning costs. Leading energy consultancy Cornwall Insight has predicted that, excluding government subsidies, typical annual household energy bills will have fallen from £4,279 now to £3,208 from April, and then will ease to roughly £2,200 for the remainder of the year. The forecasts are about £300 a year lower than its previous expectations because of the recent fall in wholesale gas costs. Nevertheless, bills are set to remain far…

Leading economies sliding into recession as Ukraine war cuts growth, OECD finds

The world’s leading economies are sliding into recession as the global energy and inflation crises sparked by Russia’s invasion of Ukraine cut growth by more than previously forecast, according to the Organisation for Economic Co-operation and Development (OECD). A dependency on expensive gas for heavy industry and home heating will plunge Germany, Italy and the UK into a long period of recession after global growth was projected by the OECD to slow to 2.2% in 2023 from a forecast in June of 2.8%. With the global economy needing to grow…

The Guardian view on Biden’s risky gamble: betting on lowering oil prices | Editorial

Joe Biden’s trip to Saudi Arabia this month highlights the paradox of American power. The US has the economic heft to punish an opponent – but not enough to alter the behaviour of a determined adversary. Sanctions will see Russia’s economy contract by 9% next year. But Washington needs more nations to join its camp to halt Moscow’s brutal invasion of Ukraine. Mr Biden has been forced to prioritise war objectives over ethics in meeting Crown Prince Mohammed bin Salman, who the CIA says ordered the barbaric murder of the…

Wealthy Chinese exile Guo Wengui, tied to misinformation campaigns, sued by investors in media company

Fugitive Chinese billionaire Guo Wengui hold a news conference on November 20, 2018 in New York, on the death of of tycoon Wang Jian in France on July 3, 2018. Don Emmert | AFP | Getty Images Wealthy Chinese businessman Guo Wengui, an outspoken critic of China’s government, and several others are accused of breaking state securities laws in a class-action lawsuit filed in Arizona. The civil complaint was filed in late June in the U.S. District Court for the District of Arizona. The plaintiffs claim to have tried to…