Sunak: BoE will ‘act forcefully’ on inflation and govt will ‘be responsible with borrowing and debt’ June 22, 2022 Rishi Sunak sought to reassure people following a 40-year high in UK inflation to 9.1 per cent, insisting the Bank of England will “act forcefully” to counter the rise. The BoE, which is independent of government, has been criticised for not being quick and decisive enough about rising costs of living, with members of the [...]
Raab: Pensioners need double-digit increase in payments, but striking rail workers don’t June 22, 2022 Dominic Raab has defended the government’s decision to hand out an inflation-linked increase in state pensions next year, while it rallies against similar wage rises for striking rail workers. The justice secretary said old age pensioners were in a “different position” to rail workers, because they were “disproportionately affected by the increase in energy costs [...]
Inflation jumps to 9.1 per cent: Worried City insiders respond to consumer prices climbing again June 22, 2022 The rate of inflation rose again in May, remaining at 40-year highs, the Office for National Statistics said this morning. The rate of Consumer Prices Index inflation rose slightly to 9.1 per cent in May from 9 per cent in April, according to the ONS. The increase matches what analysts had expected. “Though still at [...]
After trains, it’s a bus strike: Hundreds of Stagecoach drivers to walk out on 30 June and 4 July June 22, 2022 Hundreds of bus drivers are to go on strike in a dispute over pay. Members of the Unite union employed by Stagecoach will walk out on June 30 and again on July 4. Unite general secretary Sharon Graham said: “Stagecoach is a highly profitable company – it can easily afford to pay its workers a [...]
We’re not reliving the 1970s yet, but today’s decisions will keep us out or drag us back June 22, 2022 In the current wave of discontent, rail unions, along with teachers, NHS and other public sector unions, are asking for increases which match inflation. They are still, just about, in single figures and a long way from the 20 per cent-plus of 1975. But only eighteen months previously, at the end of 1973, inflation had still been in high single figures.
Parliamentary body hammers Ofgem for £2.7bn clean-up bill to fix crisis-hit energy sector June 22, 2022 British households face an eye-watering £2.7bn clean-up bill following market carnage across the energy sector warned regulator Ofgem.
Bank of England’s chief economist Pill sees more rate hikes down the line June 21, 2022 Further rate hikes will be needed to tame the worst inflation crunch in a generation, the Bank of England’s top wonk said today. Huw Pill, who succeeded Andy Haldane as the Bank’s chief economist last September, said at an Institute of Chartered Accountants in England and Wales event that in his view, getting inflation back [...]
Aviation leaders optimistic about future of industry June 21, 2022 The aviation industry is set to recover soon from ongoing labour shortage and travel chaos issues, according to aviation leaders. Willie Walsh – former boss of BA’s parent company IAG and now at the helm of the International Air Transport Association (IATA) – argued that while some airlines will need to adjust capacity forecasts, not [...]
Household energy bills to hit £3,000 per year in the depths of winter June 21, 2022 Energy bills will spike to over £3,000 per year next January, putting more pressure on cash-squeezed Brits in the coldest month of the year.
British factories pare back price hike intentions on cooling demand June 21, 2022 British factories’ are paring back their expectations of price hikes in a sign that inflation may be beginning to ease, reveals a closely watched survey published today. The proportion of manufacturers planning to raise prices over the next three months fell to 58 per cent in June, the lowest level since September and down from [...]