George Osborne was drawn into a confrontation with Britain’s leading tax and spending experts after the Institute for Fiscal Studies said he had a duty to spell out his deficit reduction plans and warned of cuts on a “colossal” scale.
The eurozone economy stumbled in November, according to a closely watched survey which has raised fears that falling demand from Russia and China will plunge the currency area into renewed recession in the new year.
Imposing curbs on in-work benefits for EU migrants would be discriminatory and would fail to deter migrants from coming to Britain, the Polish ambassador to the UK has said.
It says something about the diminished expectations that the reaction to the latest growth figures for Germany and France was one of relief.
The European Central Bank is ready to pump up to €1tn (£782bn) of fresh stimulus into the flagging eurozone economy to ward off a dangerous deflationary spiral, Mario Draghi has signalled.
Eurozone inflation edged slightly higher in October but economists warned it would provide little relief for policymakers attempting to ward off deflation in the single currency bloc.
Germany has slashed its growth forecasts for this year and 2015, sparking calls for a public spending boost to prevent the eurozone falling into a triple-dip recession.
George Osborne has said the eurozone risks slipping back into a crisis with negative consequences for the British economy.
Fears that Germany is on the brink of recession intensified after the eurozone’s largest economy suffered its biggest slump in industrial output since the beginning of the financial crisis.
Confidence is draining from German businesses, with a survey finding sentiment fell for a fifth successive month in September to its lowest level in nearly 18 months.
It's a mystery.
European leaders reached an agreement with Cyprus early on Monday morning that closes down the island's second-biggest bank and inflicts huge losses on wealthy savers.
Cyprus has become the fifth eurozone nation to seek help from international lenders, but the rescue package includes a hugely unpopular levy on savers at Cypriot banks – and as yet it remains unclear whether the country's MPs will accept it.