Britain's inflation rate rose to a new 40-year high of 10.1 per cent in July, a faster pace than in the U.S. and Europe as climbing food prices in the United Kingdom tightened a cost-of-living squeeze fuelled by the soaring cost of energy.
The double-digit surge in consumer prices over a year earlier was higher than analysts' central forecast of 9.8 per cent and a jump from the annual rate of 9.4 per cent in June, the Office for National Statistics said Wednesday. The increase was largely due to rising prices for food and staples, including toilet paper and toothbrushes, it said.
Most economists believe worse is to come. The Bank of England says soaring natural gas prices are likely to drive consumer price inflation to 13.3 per cent in October. It says that will push Britain into a recession that is expected to last through 2023.
Those pressures persuaded the bank to boost its key interest rate by half a percentage point this month, the biggest of six consecutive increases since December. The rate now stands at 1.75 per cent, the highest since the depths of the global financial crisis in late 2008.
"We expect another 50bp (basis points) rate hike in September," said James Smith, developed markets economist and ING Economics. "We wouldn't rule out another hike in November."
Inflation is surging in many countries as Russia's war in Ukraine has triggered unprecedented increases in energy prices worldwide. Russia has reduced natural gas shipments to Europe in retaliation for the West's support of Ukraine, creating a crisis for the fossil fuel that powers factories and heats homes in the winter.
The gas woes are threatening a recession in the 19 countries sharing the euro currency, where inflation hit a record 8.9 per cent in July. The United States has already seen two quarters of economic contraction, intensifying fears of a recession. U.S. inflation eased somewhat to 8.5 per cent in July but is still near a four-decade high.
"I understand that times are tough, and people are worried about increases in prices that countries around the world are facing," U.K. Treasury chief Nadhim Zahawi said.
"Although there are no easy solutions, we are helping where we can," he said, including with a 400-pound (US$483) payment to households facing rocketing energy bills.
Britain's Conservative government is under pressure to do even more to help people cope with the cost-of-living crisis. The average U.K. household fuel bill has risen more than 50 per cent this year, and another increase is due in October, when the average bill is forecast to hit 3,500 pounds (US$4,300) a year.
Prime Minister Boris Johnson is due to leave office next month and says any new measures must be left to his successor. The favourite to replace him, Foreign Secretary Liz Truss, is opposed to major intervention, saying she favours tax cuts over "handouts."
The other contender, former Treasury chief Rishi Sunak, introduced a 25 per cent windfall tax on oil and gas companies' profits in May that is expected to raise several billion pounds to help fund payments for people with rising utility costs. Opposition politicians want the tax expanded to electricity firms -- a move Truss firmly opposes, saying, "I don't think profit is a dirty word."
In an effort to level the playing field for young people, in the 2024 federal budget, the government is targeting Canada's highest earners with new taxes in order to help offset billions in new spending to enhance the country's housing supply and social supports.
Five thousand public service jobs will be cut over the next four years, while underused federal office buildings, Canada Post properties and the National Defence Medical Centre in Ottawa could be turned into new housing units, as the federal government looks to find billions of dollars in savings and boost the country's housing portfolio.
With a variety of fiscal and policy measures announced in the federal budget, winners include small businesses and fintech companies while losers include the tobacco industry and Canadian pension funds.
From plans to boost new housing stock, encourage small businesses, and increase taxes on Canada’s top-earners, CTVNews.ca has sifted through the 416-page budget to find out what will make the biggest difference to your pocketbook.
Police say that arrests have been made in connection with a $20-million gold heist at Toronto Pearson International Airport one year ago.
Three teenagers were arrested in connection with a pair of alleged hazing incidents on a Manitoba hockey team, police say.
Phonebooks have been in circulation since the 19th century. These days, in this high-tech digital world, if someone needs a phone number, 'I Google,' said Bridgewater, N.S. resident Wayne Desouza.
The Liberals are proposing new charges for the use of violence while stealing a vehicle and for links to organized crime, as well as laundering money for the benefit of a criminal organization.
The Ottawa Police Service will receive $50 million in new federal funding over the next five years to "enhance security" around the Parliamentary Precinct.
Phonebooks have been in circulation since the 19th century. These days, in this high-tech digital world, if someone needs a phone number, 'I Google,' said Bridgewater, N.S. resident Wayne Desouza.
Three teenagers were arrested in connection with a pair of alleged hazing incidents on a Manitoba hockey team, police say.
An inmate who escaped from Dorchester Penitentiary in Dorchester, N.B., on Saturday evening has a long history of violent crimes and a history of escaping custody.
Toronto police say they have laid 54 charges against three suspects following a carjacking investigation.
A Quebec Superior Court judge has authorized a class-action lawsuit against 16 pharmaceutical companies that are alleged to have misled consumers about the efficacy and dangers of opioid medications.
From plans to boost new housing stock, encourage small businesses, and increase taxes on Canada’s top-earners, CTVNews.ca has sifted through the 416-page budget to find out what will make the biggest difference to your pocketbook.
Defiant and determined, House Speaker Mike Johnson pushed back Tuesday against mounting Republican anger over his proposed U.S. aid package for Ukraine, Israel and other allies, and rejected a call to step aside or risk a vote to oust him from office.
The world installed 117 gigawatts of new wind power capacity in 2023, a 50 per cent increase from the year before, making it the best year for new wind projects on record, according to a new report by the industry's trade association.
Australia's prime minister said Tuesday a French construction worker who confronted a man who stabbed six people to death in a Sydney shopping mall is welcome to stay in the country as long as he likes.
The British government's plan for a landmark smoking ban that aims to stop young people from ever smoking cleared its first hurdle in Parliament on Tuesday despite vocal opposition from within Prime Minister Rishi Sunak's Conservative Party.
After its last closure in 2021, it has now reopened for guided tours of the air raid shelter and the bunker. The complex now includes a multimedia exhibition about Rome during World War II, air raid systems for civilians, and the series of 51 Allied bombings that pummeled the city between July 1943 and May 1944.
The first seven jurors for Donald Trump's hush money trial were seated Tuesday after lawyers grilled the jury pool about their social media posts, political views and personal lives to decide who can sit in fair judgment of the former president.
In an effort to level the playing field for young people, in the 2024 federal budget, the government is targeting Canada's highest earners with new taxes in order to help offset billions in new spending to enhance the country's housing supply and social supports.
From plans to boost new housing stock, encourage small businesses, and increase taxes on Canada’s top-earners, CTVNews.ca has sifted through the 416-page budget to find out what will make the biggest difference to your pocketbook.
Small- and medium-sized business owners are set to receive a long-awaited refund from Ottawa, which was holding onto billions of dollars while it sorted out a way to deliver them their carbon pricing rebates.
For years, conventional wisdom in fitness culture has promoted the belief that stretching to become more flexible leads to better movement and injury prevention.
The strain placed on Canadian health care during the COVID-19 pandemic shows no sign of abating, and the top official of the Canadian Medical Association (CMA) is warning that improving the system will be a 'slow process' requiring sustained investment.
A group of doctors say Canadian cancer screening guidelines set by a national task force are out-of-date and putting people at risk because their cancers aren't detected early enough.
NASA confirmed Monday that a mystery object that crashed through the roof of a Florida home last month was a chunk of space junk from equipment discarded at the International Space Station.
Using genes from coffee plants around the world, researchers built a family tree for the world's most popular type of coffee, known to scientists as Coffea arabica and to coffee lovers simply as 'arabica.'
NASA is seeking innovative methods that could help retrieve samples collected by the Perseverance rover on Mars in the future.
Courtney Love has a new radio show about women in music, but she is not much of a fan of several of the biggest female artists of our time.
Participant, the activist film and television studio that has financed Oscar winners like 'Spotlight' and socially conscious documentaries like 'Food, Inc,' and 'Waiting For Superman' is closing its doors after 20 years.
Classic characters, new stories, fresh mashups. Will it all be a bonanza for makers as classic works again begin entering the public domain?
Unifor says it’s temporarily withdrawing its applications to represent workers at two Vancouver-area Amazon facilities, accusing the e-commerce giant of providing a “suspiciously high” employee count.
Shoppers Drug Mart is facing a proposed class-action lawsuit by current and former franchise owners at the retail chain who allege parent company Loblaw engaged in corporate practices that placed them in an “irredeemable conflict of interest” and put patient care at risk.
Canada Mortgage and Housing Corp. says the annual pace of housing starts in March declined seven per cent compared with February.
In Salman Rushdie's first book since the 2022 stabbing that hospitalized him and left him blind in one eye, the author wastes no time reliving the day he thought might be his last.
A Celebrity Apex cruise to the Caribbean this month turned into a rocking Newfoundland kitchen party when hundreds of people from Canada's easternmost province happened to be booked on the same ship.
The one thing 9-year-old Cal Clifford wanted more than anything since he was a toddler was a pet octopus.
One of the nation's most beloved and decorated curlers, Glenn Howard, officially announced his retirement on Tuesday.
Three teenagers were arrested in connection with a pair of alleged hazing incidents on a Manitoba hockey team, police say.
An Ontario woman says she never expected to be gifted a Blue Jays jersey for her ailing husband when she sat alone at the team’s home opener next to a couple of kind strangers.
Tesla has hit a series of roadblocks, including increased competition and declining sales. The company announced Monday it is slashing 10 per cent of its global workforce.
A driver from London will have to find alternative transportation after an OPP officer clocked them travelling nearly 200 km/h on Highway 401 over the weekend.
General Motors will move its Detroit headquarters to a new downtown office building next year and work to redevelop its iconic home along the Detroit River, company and city officials confirmed Monday.
Just steps from Parliament Hill is a barber shop that for the last 100 years has catered to everyone from prime ministers to tourists.
A high score on a Foo Fighters pinball machine has Edmonton player Dave Formenti on a high.
A compound used to treat sour gas that's been linked to fertility issues in cattle has been found throughout groundwater in the Prairies, according to a new study.
While many people choose to keep their medical appointments private, four longtime friends decided to undergo vasectomies as a group in B.C.'s Lower Mainland.
A popular highway in Alberta's Banff National Park now has a 'no stopping zone' to help protect two bears.
B.C. resident Robert Conrad spent thousands of hours on Crown land developing an unusual bond with deer.
A Sudbury woman said her husband was bringing the recycling out to the curb Wednesday night when he had to make a 'mad dash' inside after seeing a bear.
A school teacher who took part in the Quebec version of the Survivor reality TV show took time off work to be a contestant is now out of a job.
A young actor from Prince Edward Island is getting the chance to fulfill a childhood dream, playing the precocious and iconic Anne Shirley on stage.
British Columbia's highest court has upheld a manslaughter conviction against a Vancouver man who shoved a senior outside a busy Costco store, rejecting his argument that the trial judge failed to consider how his claustrophobia and fear of crowds led to the fatal altercation.
A defence lawyer for Ibrahim Ali, who was convicted of first-degree murder of a 13-year-old girl in Burnaby, B.C., says the man wants to appear at his sentencing hearing by video over fear for his safety.
Two ducklings that were being picked on by crows were rescued from an 11th-storey balcony in downtown Vancouver, as calls to a local organization about hatchlings on high-rises began their annual spike.
Police say that arrests have been made in connection with a $20-million gold heist at Toronto Pearson International Airport one year ago.
A Toronto woman is warning others to be on the lookout after a coyote approached her while she was sitting on a park bench near Ontario Place last weekend.
Ontario’s Minister of Health is asking her federal counterpart to help close a loophole she says has led to a “disturbing” rise in clinics charging for access to primary care.
A motion before Calgary councillors wants the provincial government to consider doubling the fines for speeding through a playground or school zone across Alberta.
A Crown prosecutor making the case against three men charged with mischief at the border blockade at Coutts, Alta., told jurors Tuesday they don’t have to determine the accused were kingpins of the protest in order find them guilty.
Marda Loop business owners are expressing concern over revenue losses after the City of Calgary announced construction in the area is expected to continue several months longer than planned.
Five thousand public service jobs will be cut over the next four years, while underused federal office buildings, Canada Post properties and the National Defence Medical Centre in Ottawa could be turned into new housing units, as the federal government looks to find billions of dollars in savings and boost the country's housing portfolio.
CTVNewsOttawa.ca looks at four things in the federal budget that will have an impact on the city of Ottawa.
The Ottawa Police Service will receive $50 million in new federal funding over the next five years to "enhance security" around the Parliamentary Precinct.
Quebec's education ministry says it is working on clarifying directives on when officials can communicate with the public in a language other than French.
The federal government plans to convert some government office buildings into housing, including some in Quebec, and to leasing federal land, according to the budget announced Tuesday.
Teenagers are showing post-pandemic improvements when it comes to screen time, according to a new study published Tuesday by Montreal Public Health.
Staff caring for frail babies at hospitals in the Edmonton area are asking for help from the province.
Three people have been charged after police recovered nearly half a million dollars worth of stolen property.
A pipeline was involved in a wildfire in western Alberta on Tuesday, Yellowhead County says.
A Celebrity Apex cruise to the Caribbean this month turned into a rocking Newfoundland kitchen party when hundreds of people from Canada's easternmost province happened to be booked on the same ship.
The Nova Scotia RCMP says four people have been charged following a man’s homicide two years ago.
A portion of Barrington Street has reopened after a three-vehicle crash Tuesday morning.
Three teenagers were arrested in connection with a pair of alleged hazing incidents on a Manitoba hockey team, police say.
In an effort to level the playing field for young people, in the 2024 federal budget, the government is targeting Canada's highest earners with new taxes in order to help offset billions in new spending to enhance the country's housing supply and social supports.
One Winnipeg sports memorabilia shop has been the target of multiple break-ins and is now looking to recover some stolen property.
Winter weather seemed to be in the rear view mirror for Saskatchewan the past couple weeks, but now Environment and Climate Change Canada (ECCC) is forecasting as much as 30 centimetres of snow for some parts of the province.
Municipal Hail Insurance and the Hospitals of Regina Foundation (HRF) has teamed up to raise money for upgrades to the Mosaic Heart Centre at the Regina General Hospital (RGH).
A Yorkton woman is still catching her breath after reporting a $100,000 lotto win.
The mayors of Kitchener and Waterloo are weighing in on the federal government’s 2024 budget.
Grand River Rocks will have limited time in their new home on Victoria Street North, after Kitchener City Council officially approved the rezoning of the property to allow for a condo development.
Many people have their sights set on summer, but it seems some spots in Waterloo Region are stuck in another season.
The founders of a Saskatoon real estate investment company that left investors with millions of dollars in losses have reached a settlement with Saskatchewan’s financial and consumer watchdog.
Two men accused of beating and tying up a mentally ill man on a Saskatchewan farm have pleaded guilty to assault causing bodily harm.
Winter weather seemed to be in the rear view mirror for Saskatchewan the past couple weeks, but now Environment and Climate Change Canada (ECCC) is forecasting as much as 30 centimetres of snow for some parts of the province.
Rescue crews are searching for a man reported missing on the weekend after the vehicle he was driving was pulled into a creek near the Quebec border in northern Ontario.
In an effort to level the playing field for young people, in the 2024 federal budget, the government is targeting Canada's highest earners with new taxes in order to help offset billions in new spending to enhance the country's housing supply and social supports.
The YMCA of Sault Ste. Marie is selling its building and ceasing operations in May.
A two-vehicle crash between a pickup truck and a transport truck on Highway 401 in London, Ont. has resulted in one fatality Tuesday afternoon, with police warning motorists to expect delays in the area.
It’s an issue affecting local high schools across the Thames Valley District School Board (TVDSB) and the London District Catholic School Board (LDCSB).
A driver from London will have to find alternative transportation after an OPP officer clocked them travelling nearly 200 km/h on Highway 401 over the weekend.
Two new shows are coming to Casino Rama's Entertainment Centre for fans of country music and 80s rock.
Fire officials say a lithium-ion battery inside a vacuum cleaner sparked a fire at an apartment complex Sunday afternoon in Gravenhurst.
One of the nation's most beloved and decorated curlers, Glenn Howard, officially announced his retirement on Tuesday.
County of Essex officials said construction season has arrived and in some cases started early this year thanks to the warm weather this spring.
A group of landlords contesting the city’s new residential rental licensing bylaw is appealing a recent court decision.
In an effort to level the playing field for young people, in the 2024 federal budget, the government is targeting Canada's highest earners with new taxes in order to help offset billions in new spending to enhance the country's housing supply and social supports.
A moulting seal who was relocated after drawing daily crowds of onlookers in Greater Victoria has made a surprise return, after what officials described as an 'astonishing' six-day journey.
British Columbia's highest court has upheld a manslaughter conviction against a Vancouver man who shoved a senior outside a busy Costco store, rejecting his argument that the trial judge failed to consider how his claustrophobia and fear of crowds led to the fatal altercation.
In an effort to level the playing field for young people, in the 2024 federal budget, the government is targeting Canada's highest earners with new taxes in order to help offset billions in new spending to enhance the country's housing supply and social supports.
British Columbia is planning to add 240 new units to its complex-care housing program, providing homes for people with mental-health and addictions challenges that overlap with other serious conditions.
More than 80 residents from a low-income apartment building in Kelowna, B.C., have learned they won't be able to return to their homes for at least another two weeks.
Mounties are investigating a reported "road rage" incident in Kelowna, B.C., that left two men injured last week.
Lethbridge West MLA Shannon Phillips is calling on the province to reinstate funding for the Lethbridge Elder Abuse Response Network.
If you’re planning to head to the coulees this weekend to enjoy the nice weather, don’t forget to look down.
With the weather starting to feel like spring is really here, more kids will likely be outside enjoying the sunshine and warm temperatures, which organizers of the Slow Your Roll campaign say is a perfect time to re-launch the campaign.
The Sault College Women’s Hockey team is less than a month removed from its second straight ACHA W2 National Championship.
A long-time Sault Ste. Marie bartender is teaming up with a local restauranteur on a new business venture.
The YMCA of Sault Ste. Marie is selling its building and ceasing operations in May.
A Celebrity Apex cruise to the Caribbean this month turned into a rocking Newfoundland kitchen party when hundreds of people from Canada's easternmost province happened to be booked on the same ship.
A pricing agreement has been reached between crab fishers and seafood processors that will allow for Newfoundland and Labrador's annual crab fishery to get started.
Longliners across Newfoundland and Labrador are tied up once again, as a new protest by the province's fish harvesters threatens to derail the crab fishery for a second straight year.
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