When looking into the current financial status of the world, there are several ways that the world has changed at the hands of the pandemic. But how are countries working to change this? In this article, we will be providing you with some of the top financial news that you need to be aware of, from across the globe.
UK Borrowing Could Be At Its Highest Since WW2
Throughout the pandemic, the UK government has had to borrow several billions of pounds to cover the financial impact that the pandemic has had on the economy. As a result of this borrowing for the furlough scheme as well as a grant for several businesses to stay open, it is estimated that the public sector borrowing could be higher than that following WW2. But what does this mean for the general public?
With the price of food increasing and many still struggling to find jobs following the pandemic, there is reason to suggest that many will be feeling the financial impact of the pandemic long after life has returned to somewhat normalcy. However, it is important to make sure that you have your finances in order. Though it may seem tempting to opt for bad credit loans when met with a financial emergency, it is important to make sure that you are managing your finances.
Proposed Higher Taxes In The US
In addition to the financial impact of the Pandemic in the UK, several financial changes are happening in the USA. Under a new president, there are several changes to not only environmental documents but also the higher taxes for those rich members of the US. This is promising for those that are earning less than $400,000 per year, as those who are suffering financial will not be experiencing any changes to their tactics. Though this is only proposed at this time, this could have a significant impact on the financial status of several families in the US at this time following the end of the Trump administration and the taxes that were implemented by Trump.
Developments In Spending On Several Projects
The final financial change that has come into place over the world is the development of hydrogen and carbon capture in Australia. With $539.2 million Aussie dollars have been spent on the development of these projects in an attempt to cut the number of carbon emissions that are being generated in Australia. This is an announcement that coincides with the USA re-joining the Paris accord. It is this development in these projects and future financial spending that is set to occur, there are several ways that those in Australia are set to benefit from this whilst reducing the number of carbon emissions that they are generating as a country.
With this in mind, several financial changes are set to have a significant impact on the world as we know it following the pandemic. How do you think it will impact the future of finance?