UK inflation hits highest level on record: Top economics stories to read this week

UK inflation hits highest level on record: Top economics stories to read this week

This weekly wrapper brings you the latest stories from the world of economics and finance.

Top economy stories: just 8% of insurers 'preparing adequately' for climate change; UK inflation hits highest level on record; World Bank to make $30 billion available to tackle food security.



1. Top global economy news stories

The Russian economy, hit by unprecedented Western sanctions, is potentially resilient but needs a significant increase in imports and greater freedoms, economists at state development bank VEB said on 17 May.

Uruguay's central bank has increased its benchmark interest rate to 9.25%. It also signalled it would continue to rise in an effort to tackle inflation. Consumer prices rose 9.4% in April.

Chinese government income has fallen while spending has risen in the first four months of the year, Ministry of Finance data has shown. Income for January to April 2022 was 7.43 trillion yuan, down 4.8% on the same period in 2021. General fiscal spending rose 5.9% during the same period, reaching 8.1 trillion yuan.

Bank of England Deputy Governor, Jon Cunliffe, has warned that most retail investors who've put money in digital currencies probably don't understand exactly what they've purchased, or the risks.

The US Biden Administration