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The US could be facing a 2008-style financial crisis. Why does Sunak want to copy it?

TheGuardian

What it ignores is the way the US economy zips ahead on fantastical stock market valuations and off-balance-sheet accounting reminiscent of the years before the 2008 financial crisis. And how both these habits could bite back in a big way, much as they did in 2008, and pretty soon. Continue reading.

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Bankers’ bonuses double since 2008 crash, TUC study finds

TheGuardian

There is ‘no justification for lifting the cap’ on bonuses, said general secretary Frances O’Grady Bankers’ bonuses have doubled since the 2008 financial crash, according to research by the TUC, which accuses the government of enriching City financiers while “holding down” the pay of key workers.

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Bankers’ pay rises three times as fast as nurses’ since 2008 crash, TUC finds

TheGuardian

Government lifted cap on bankers’ bonuses in September, allowing them to ‘help themselves’ to unlimited payouts, TUC said Bankers’ pay has risen more than three times as fast as nurses’ pay since the 2008 financial crisis, according to an analysis by the TUC, which said low paid nurses are being forced to rely on handouts from food banks.

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NatWest poised to report biggest profits since 2008 financial crisis

TheGuardian

Expected increase in bonus pool could prove controversial given cost of living crisis and government’s stake NatWest is set to reveal its largest annual profit since the 2008 financial crisis amid speculation that the taxpayer-backed bank will ramp up the size of its bonus pool just as consumers struggle with the cost of living crisis.

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UK two-year fixed mortgage rates hit highest level since 2008

TheGuardian

Average rate rises to 6.66%, according to Moneyfacts, in more bad news for homeowners UK interest rates likely to rise again despite slowing labour market Two-year fixed mortgage rates in the UK have risen to the highest level since the 2008 financial crisis, adding to the pressure on homeowners. Continue reading.

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UK mortgage lender to offer first 100% loans since 2008 crisis

TheGuardian

Skipton building society aims product at renters who cannot save enough for a deposit A leading lender plans to launch a 100% mortgage aimed at would-be first-time buyers who cannot save for a deposit, the first since the 2008 financial crisis.

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US Consumer Price Index Drops To 2008 Level In April

PYMNTS

It’s the largest monthly decline since December 2008. The CPI, a measure of the change in the prices of goods and services, dropped 0.8 percent in April on a seasonally adjusted basis. At nearly 21 percent, the decline in the gasoline prices was the largest contributor to the monthly decrease.

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