UN’s development arm calls for urgent action as crises could ‘throw tens if not hundreds of millions back into poverty’

Developing countries face a triple shock from the energy crisis, El Niño and surging borrowing costs and need urgent support from the international community, the UN’s development arm has warned.

Speaking before the International Monetary Fund (IMF) and World Bank annual meetings in Bangkok this week, the UNDP’s administrator, Alexander De Croo, called for “solidarity and global action”.

Four native species selected after consultation, but which one adorns which note is yet to be decided

Bees, barn owls, puffins and hedgehogs have been picked to feature on the next generation of banknotes, the Bank of England has announced.

The quartet of creatures were selected after a large-scale consultation settled on wild animals as the theme, with members of the public then asked to pick their favourites out of 18 options divided into three categories.

Kristalina Georgieva says big economies will have to make ‘very touch choices’ as soaring bond yields hit budgets

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The head of the International Monetary Fund has called on governments across big economies to tighten their belts as soaring bond yields hit budgets.

Speaking in Singapore, the IMF’s managing director, Kristalina Georgieva, said global debt-to-GDP ratios were at their highest level since the second world war and on course to hit 100% in the coming years.

Labour wants to make sure mayors and council chiefs in England can be held to account for extra revenues devolved to them

Ministers are mulling over how to ensure that England’s regional leaders do not misuse their newfound spending muscle, as Whitehall prepares to devolve more revenue to local levels.

Ideas under consideration include a new select committee in Westminster, enhanced reporting rules and a new audit body focused on local and regional government.

Exclusive: Economist Ravinder Athwal, who worked in Keir Starmer’s team, is poached from Flint Global

Ravinder Athwal, the economist who wrote Labour’s 2024 manifesto, is taking on a senior role as an adviser to John Healey, in a move likely to fuel speculation about an early general election.

The chancellor is keen to strengthen his team before the critical budget on 28 October, as the economy is buffeted by high oil prices and rising government borrowing costs.

Kirsty McNeill reaffirms Labour’s 0.7% of GDP pledge and promises value for money to allay voter concerns

The development minister, Kirsty McNeill, has declared herself “a huge believer in aid”, as she reaffirmed Labour’s manifesto pledge to return to a target of 0.7% of national income spending.

McNeill, a former adviser to Gordon Brown and senior executive at Save the Children, declined to give any timetable, repeating the formula that the government would work towards the target “when fiscal circumstances allow”.

Critics say threshold pushes higher-paid staff to cut back on work and often mothers to stop working to avoid losing entitlement

John Healey has been urged to fix the £100,000 childcare “cliff edge”, that means some higher-paid employees cut back on work to avoid losing their entitlement.

Since the latest expansion of taxpayer-funded childcare in 2024, families with young children in which both parents earn less than £100,000 a year can be entitled to 30 hours a week of care - or none at all, if one of them cross that threshold.

Facilities likely to employ 10,400 workers, compared with 40,000 in industry estimates, thinktank says

Datacentres in the UK will create just a quarter of the jobs predicted by the tech sector, while consuming vast amounts of energy, according to new research.

Environmental thinktank Verdant predicts that all the datacentres currently planned are likely to directly employ 10,400 workers – compared with the more than 40,000 cited in projections by the industry lobby group TechUK.

Resolution Foundation suggests economy may finally be emerging from shadow of 2008 financial crisis

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Productivity in the UK – a vital measure of economic health – is growing more strongly than official figures suggest, according to analysis from the Resolution Foundation.

The thinktank suggests the chancellor, John Healey, may have inherited an economy finally starting to emerge from the long shadow of the 2008 global financial crisis.

Leaders claim scaremongering from business figures may cause key legislation to become ‘meaningless’

Trades unions are warning Andy Burnham that Labour’s policy on cutting zero-hours contracts risks failing to live up to the party’s manifesto.

Union leaders are seeking reassurances from the business secretary, Jonathan Reynolds, amid what the TUC has condemned as “scaremongering” from business groups.

Low river levels have stalled German freight traffic and forced closure of nuclear plants in France

Across Europe this scorching summer, workers have struggled in the heat as wildfires raged and critical infrastructure was shut down.

Here we look at the impact of the heatwaves on several major economies across mainland Europe – with the help of analysis from economists at the Dutch bank Triodos, who estimate a total of €180bn could be wiped off EU GDP by the heatwaves. In the UK, the green thinktank Verdant said this week that the heat had already cost the economy £4.4bn by the end of July.

Thinktank urges prospective prime minister to reclaim UK’s role as an international leader on development

Influential backbenchers are calling on Andy Burnham to reclaim Labour’s leadership on international development and chart a course back to spending 0.7% of national income on overseas aid.

In a collection of essays to be published soon by the New Economics Foundation (NEF) thinktank, MPs lay out proposals for a Burnham-led government to rethink foreign policy.

In the first of a series on nationalisation, we look at the critical tests ahead for the PM-in-waiting, from choosing a chancellor to the future of Thames Water

As he swept towards victory in the Makerfield byelection, Andy Burnham told voters he wanted to see “the essentials of life being run primarily for the public interest, not for the private interests”.

Citing the Bee Network of buses and trams across Manchester city region, brought together on his watch, Burnham repeatedly highlighted the need for more “public control” over the necessities of life. Water, energy, transport and housing are at the top of his list.

Exclusive: Economists find Brexit caused 12% depression in UK exports, most of which is due to leaving single market

Brexit has depressed UK exports to the EU by 12%, and rejoining the customs union would undo only a fraction of the damage, research shared with the Guardian shows.

With the UK’s future relationship with the bloc likely to feature prominently in a potential Labour leadership contest, the economists John Springford and Anton Spisak, of the Centre for European Reform, provide fresh evidence of the damage caused by exiting.

Kate Dearden says reforms such as enhanced sick pay simply bring UK into line with other big economies

Labour’s radical workers’ rights reforms have simply put the UK on a “level playing field” with other big economies, the employment minister, Kate Dearden, has said.

The government’s Employment Rights Act became law last year, with specific provisions being implemented this year and next.

Technology secretary Liz Kendall says she is ‘very concerned’ about role of social media but will not be ‘bullied off’ X

The government is considering fresh action to halt the spread of misinformation during public crises, Liz Kendall has said, insisting she will not be “bullied off” Elon Musk’s X.

The technology secretary was speaking after rioting broke out in Southampton over the police response to the fatal stabbing of Henry Nowak, a case about which Musk has repeatedly posted.

Study warns women face job losses and increased unpaid care duties as debt and conflict-driven turbulence force spending cuts

Women are hit hardest when the debt burden in developing countries rises, a trend expected to worsen as the war in the Middle East continues, UN research shows.

A report by experts from the UN Development Programme (UNDP), based on data from 85 countries gathered across three decades, shows women are disproportionately affected when debt repayments increase significantly.

As fossil fuel prices soar ‘the era of clean energy security must come of age’, energy secretary will say

Ed Miliband will double down on Labour’s commitment to net zero in the face of the Middle East conflict this week, insisting that as fossil fuel prices soar “the era of clean energy security must come of age”.

The energy secretary is set to announce a package of new policies in a speech on Tuesday in response to an expected energy crisis prompted by Donald Trump’s war with Iran.

Report by Verdant says rooting out waste, fraud and tax avoidance would save money that could help improve public services

A “Doge of the left,” could save up to £30bn a year for taxpayers by rooting out waste, fraud and tax avoidance, according to the first report from a new green thinktank.

Launched amid growing interest in the future manifesto of Zack Polanksi’s Green party, the Verdant thinktank will be co-chaired by James Meadway, a former adviser to Labour shadow chancellor John McDonnell, and civil society campaigner Deborah Doane.

Iran war and its impact on energy and fertiliser costs is the main risk to the global economy, report says

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An extended period of high oil prices as a result of war in the Middle East could “crimp” the AI boom, the World Trade Organization’s chief economist has warned.

The war and its impact on energy and fertiliser costs is the main risk to the global economy identified in the WTO’s latest Global Trade Outlook.