New York City Mayor Zohran Mamdani proposed a nearly 10 percent increase in property tax rates on Tuesday, a measure he plans to implement if he cannot persuade Governor Kathy Hochul to raise income taxes on the wealthy, according to the New York Times. The proposed increase would affect over 3 million single-family homes, co-ops, and condos, as well as more than 100,000 commercial buildings.
Mamdani acknowledged that the tax increase would impact working- and middle-class New Yorkers, but stressed that it was not his preferred option, according to the New York Times. He noted that New York City mayors have limited authority to raise taxes without the approval of the governor and state legislature.
In other news, the United Kingdom saw its inflation rate fall to 3 percent in January, down from 3.4 percent in December, reported BBC Business. This decrease, driven by lower fuel, food, and airfare prices, has raised the likelihood of the Bank of England cutting interest rates at its March monetary policy meeting, according to economists. The Office for National Statistics (ONS) stated that the fall in January took inflation to its lowest rate since March 2025. ONS chief economist Grant Fitzner said, "Inflation fell markedly in January to its lowest annual rate since March last year, driven partly by a decrease in petrol prices."
Meanwhile, young jobseekers in the UK are facing significant challenges in finding work, according to new figures from the ONS, as reported by BBC Business. Some 16.1 percent of people aged 16 to 24 are unemployed, compared to a national unemployment figure of 5.1 percent. Businesses, particularly in sectors that traditionally employ young people, are cutting staff due to higher costs. Emer Moreau, a business reporter, noted that the job search is "soul-destroying" for young people.
In Peru, interim president José Jerí was ousted in an express impeachment after just four months in office, reported The Guardian. Lawmakers voted 75 to 24 to remove Jerí amidst a scandal concerning his secretive meetings with Chinese businessmen.
Finally, the Mexican president, Claudia Sheinbaum, announced that her government would send a formal letter of complaint to the United Kingdom after the wife of a former governor, Karime Macías, was granted asylum in Britain, according to The Guardian. Macías is wanted for allegedly pilfering nearly $5 million of public money and is believed to be living in London.
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