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From Britain to Sweden and France, debt-laden firms are starting to feel the strain from high inflation and interest rates.

England and Wales are on track for the highest quarterly number of company insolvencies since early 2009, as businesses struggle to repay COVID-19 loans against a tough economic backdrop, government figures showed on Tuesday.

Europe is providing a test of whether weak governments can enact strong policies. It has set firm goals to reduce carbon emissions by at least 55% by the end of the decade, before becoming carbon-neutral by 2050. European Union governments have agreed on the strategy, but they tend to paper over the short-term economic costs of the green transition. If they don’t come clean to public opinion, and explain how these costs will be shared, they may face crippling populist protests that will compromise their end goals.

Multilateral development banks (MDBs) must undergo big changes in the way they operate to eliminate poverty, triple sustainable lending levels by 2030 and create a new funding mechanism to further its agenda, a G20 panel said in a report on Tuesday.

The decision by Britain's antitrust regulator to rip up its play book for Microsoft shows the limit of its ability to kill mega-deals on its own, even if some agreed with its opposition to the U.S company's $69 billion acquisition of Activision Blizzard.