Category Archives: OECD

Government debt costs in richest nations at highest since 2007

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Payments by OECD countries outstrip amount spent on defence, police services and housing, report finds

The cost of government debt payments in the world’s richest nations last year reached its highest level since 2007, outstripping the amount spent on defence, police services and housing, a report has found.

Across the 38 members of the Organisation for Economic Co-operation and Development (OECD), debt service costs as a percentage of national income rose to 3.3% in 2024, from 2.4% in 2021.

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ECB faces tough task after flip in fortunes for eurozone economies

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Economists say EU countries hardest hit by 2010s debt crisis now in stronger position than France and Germany

The European Central Bank is facing a tough balancing act in 2025 as it tries to navigate a reversal of fortunes in eurozone economies, as the hardest-hit nations of the 2010s debt crisis outperform the traditional core.

Highlighting a potential shift in power dynamics within the single currency bloc, economists said countries in the EU periphery ravaged by last decade’s sovereign debt crisis were in a stronger position than northern Europe’s most powerful nations, including France and Germany.

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Survival rates in UK for two lethal cancers lower than in comparable countries, research shows

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Experts say UK ‘lags behind’ as OECD finds poor outcomes for many diagnosed with colon and lung cancers

People in the UK who are diagnosed with the two most lethal forms of cancer die sooner than those in many other comparable countries, a new study has found.

Research by the Organisation for Economic Co-operation and Development (OECD) showed the UK ranked a lowly 31st out of 43 countries for how many people survive at least five years after being diagnosed with lung cancer.

UK spending on cancer will rise from £14.4bn to more than £23bn by 2050 because the ageing population will lead to more people being diagnosed.

Cancer will cause one in four deaths of people under the age of 75 between now and 2050.

170,000 people at any one time cannot work because they have cancer.

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UK economy to grow faster than Japan, Italy and Germany this year, says OECD

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Forecast upgrades UK to joint second after US but it is still expected to have highest inflation among G7 countries

The global economy is “turning a corner”, according to the Organisation for Economic Cooperation and Development, which has upgraded the UK’s growth forecast for this year to faster than that of Japan, Italy and Germany.

The OECD’s latest outlook ranked Britain joint second among the G7 developed countries in its latest outlook for the world economy. However, the UK is still expected to have the highest inflation in the group.

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Tory health reforms left UK open to Covid calamity, says top doctor’s report

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Britain’s pandemic response was among the worst and the NHS had been ‘seriously weakened’, says leading surgeon

• Three reports lay bare scale of NHS malaise, but will Reeves fund a remedy?

Britain was hit far harder by the Covid-19 pandemic than other developed countries because the NHS had been “seriously weakened” by disastrous government policies over the preceding decade, a wide-ranging report will conclude this week.

An assessment of the NHS by the world-renowned surgeon Prof Ara Darzi, commissioned in July by the health secretary, Wes Streeting, will find that the health service reduced its “routine healthcare activity by a far greater percentage than other health systems” in many key areas during the Covid crisis.

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Hidden cost of UK workplace sickness rockets to £100bn a year, report finds

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Rising bill largely result of ‘staggering’ levels of presenteeism causing loss of productivity

The hidden cost of rising workplace sickness in the UK has increased to more than £100bn a year, largely caused by a loss of productivity amid “staggering” levels of presenteeism, a report warns.

Analysis by the Institute for Public Policy Research (IPPR) shows the cost of staff sickness has grown by £30bn a year to £103bn in 2023. The annual bill was £73bn in 2018, its study found.

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UK needs system for recording AI misuse and malfunctions, thinktank says

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Centre for Long-Term Resilience calls on next government to log incidents to mitigate risks

The UK needs a system for recording misuse and malfunctions in artificial intelligence or ministers risk being unaware of alarming incidents involving the technology, according to a report.

The next government should create a system for logging incidents involving AI in public services and should consider building a central hub for collating AI-related episodes across the UK, said the Centre for Long-Term Resilience (CLTR), a thinktank.

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Investment in UK has trailed other G7 countries since mid-1990s, IPPR says

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Institute for Public Policy Research urges Labour and Conservatives to reverse planned cuts

Investment in the UK has trailed other G7 countries including the US and Germany since the mid-1990s, according to a report that urges Labour and the Conservatives to reverse planned cuts to investment or risk long-term damage to economic growth.

The Institute for Public Policy Research (IPPR) thinktank found the UK was bottom of the G7 league for investment in 24 out of the last 30 years, using figures from the Organisation for Economic Co-operation and Development (OECD).

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Food inflation in world’s rich nations falls to pre-Ukraine war levels

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Rate declines for 15th consecutive month across 38 OECD countries from 6.3% in January to 5.3% in February

Food prices across the world’s richest nations rose in February at the slowest rate since before the Russian invasion of Ukraine, according to figures that show easing inflationary pressures on households.

The Organisation for Economic Co-operation and Development (OECD) said food inflation declined for the 15th consecutive month across its 38 member countries from 6.3% in January to 5.3% in February.

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Clare Lombardelli named deputy governor of Bank of England

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Ex-Treasury official and adviser to David Cameron will replace Ben Broadbent, making MPC majority female for first time

The Bank of England’s interest-rate-setting committee is set to become majority female for the first time, after the appointment of a former key adviser to David Cameron and George Osborne as one of its deputy governors.

Clare Lombardelli, the chief economist at the Organisation for Economic Co-operation and Development (OECD), will sit on the nine-member monetary policy committee (MPC) when she joins as the Bank’s next deputy governor for monetary policy.

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Nearly 80% Australian students say they ‘didn’t fully try’ in latest Pisa tests

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Exclusive: Unpublished OECD data on students’ motivation and sense of belonging at school calls into question validity of national rankings, experts say

More than three-quarters of Australian students say they didn’t fully try in the latest Pisa tests, unpublished data reveals, calling into question the real source behind a continued decline in rankings.

The Programme for International Student Assessment has measured the academic performance of 15-year-olds every three years since 2000, providing the most comprehensive international rankings in science, reading and mathematics.

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Central banks ‘risk tipping UK and other developed countries into recession’

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Stance on inflation poses threat to ‘soft landing’ forecast for global economy, says OECD

Continued tough action by central banks to tackle stubborn inflation risks tipping Britain and other developed countries into recession next year, the west’s leading economic thinktank has warned.

The Organisation for Economic Co-operation and Development (OECD) said the chances of policymakers getting it wrong were “pretty high” and posed a threat to its central “soft landing” forecast for the global economy.

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EU agrees to ban exports of waste plastic to poor countries

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Rules, still subject to formal approval, stop exports to non-OECD countries and limit them elsewhere

The EU has struck a deal to stop ships of waste plastic landing in ports of poor countries.

European lawmakers and member states agreed on Friday to ban exports of plastic rubbish to countries outside the OECD group of mostly rich countries from the middle of 2026. The deal comes as diplomats meet in Nairobi, Kenya, to hammer out a global treaty on plastic pollution.

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Plastic waste ‘spiralling out of control’ across Africa, analysis shows

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Predicted 116m tonnes of waste annually by 2060 is six times higher than in 2019, driven by demand in sub-Saharan Africa

Plastic waste is “spiralling out of control” across Africa, where it is growing faster than any other region, new analysis has shown.

At current levels, enough plastic waste to cover a football pitch is openly dumped or burned in sub-Saharan Africa every minute, according to the charity Tearfund.

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UN to vote on new tax convention proposed by African states

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Developing nations hope draft resolution will pave way for fresh talks on global tax policy

Developing nations are hoping to secure greater power over global tax affairs at a critical United Nations vote in New York on Wednesday.

If the body’s members vote in favour of a resolution put forward by the African Group of states, it could pave the way toward fresh intergovernmental talks on global tax policy.

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UK to be second weakest performer of world’s big economies next year – OECD

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Most countries’ forecasts cut as Ukraine war prompts ‘largest energy crisis since the 1970s’

The UK will be the second weakest performer of the world’s big economies next year as the global economy continues to suffer the knock-on effects of the biggest energy shock in four decades, a leading international institution has warned.

The Paris-based Organisation for Economic Co-operation and Development said only Russia of the members of the G20 group of leading developed and developing nations would suffer a bigger contraction than Britain in 2023.

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Nations must work together through ‘conflict and crisis’ to reduce climate change risks, Albanese tells OECD

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Prime minister will say food insecurity has become a significant challenge and Australia has a major role to play in meeting the challenge

Australia’s prime minister Anthony Albanese will declare the world must raise ambition to reduce the risks of runaway global heating and cooperate amid national policy differences even when “long shadows of conflict and crisis are threatening our shared security”.

The prime minister will use a speech to a special session of the council of the Organisation for Economic Co-operation and Development in Paris to launch a clarion call for international cooperation on climate policy, as well as practical measures to safeguard energy and food security, as the world grapples with disruptions created by the coronavirus pandemic and the war in Ukraine.

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Zero-growth warning for UK economy as petrol prices surge

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OECD singles out cost of living crisis as a cause of Britain’s slide down growth league table

Boris Johnson’s attempt to reset his troubled premiership has received a double blow after petrol prices had their biggest daily rise in 17 years and a leading international thinktank said the UK economy would slow to a standstill next year.

Fears that Britain is heading for a prolonged period of 1970s-style stagflation intensified amid fresh evidence of the damaging impact of the war in Ukraine on the cost of living and growth.

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Wealthy nations urged to meet $100bn climate finance goal

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Countries must close gap on funding target for developing countries says European Commission president

The European Commission president has urged wealthy countries to close the gap to meet a $100bn annual climate finance target for developing nations a year earlier than expected.

Speaking before crucial meetings on the climate emergency at the G20, and at the UN Cop26 talks, the president, Ursula von der Leyen, said rich countries had “to try harder” to close the shortfall in climate finance.

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