Page 2 - Uk Inflation Rate

UK businesses grow for first time in three months, but high rates weigh

Britain's economy has suffered from the highest inflation rate among big, rich countries and gross domestic product failed to grow in the third quarter

UK govt cuts taxes to jam labour ahead of general elections next year

Hunt's most eye-catching announcement was a two percentage point reduction to the headline 12% rate of national insurance

UK PM Rishi Sunak promises tax cuts after meeting his inflation pledge

Under pressure from within his traditionally low-tax Conservative Party, Sunak said his govt needed to prioritise lowering the tax burden

Rishi Sunak hits inflation target amid Suella Braverman's scathing attack

British Prime Minister Rishi Sunak appeared buoyant on Wednesday as official statistics revealed that inflation dropped to 4.6 per cent, meeting his end of year target to curb price rises against the backdrop of his sacked home secretary's attack claiming his plan is not working. The target to half inflation from the highs of over 10 per cent when he took charge at 10 Downing Street last year was among Sunak's top five priorities for his government. The British Indian leader, who undertook a surprise Cabinet reshuffle earlier this week starting by sacking Suella Braverman for repeated insubordination, firmly declared that he will stay the course a day after his former Cabinet minister unleashed a scathing attack on his leadership in a very public three-page letter. We have halved inflation, meeting the priority I set out in January, said Sunak in a statement. It's involved hard decisions and fiscal discipline, rejecting calls for higher spending and more borrowing. As many people .

Big relief for Sunak as UK inflation drops to its lowest in 2 years to 4.6%

Inflation in the UK dropped sharply in October to its lowest level in two years largely because last year's steep rise in domestic energy bills dropped out of the annual comparison, official figures showed Wednesday. The Office for National Statistics said consumer prices in the year to October were 4.6% higher than the year before, much lower than the 6.7% recorded in the previous month. The decline means Prime Minister Rishi Sunak's pledge to halve inflation this year has been met. Sunak made the pledge soon after becoming prime minister when inflation was more than 10%. I did that because it is, without a doubt, the best way to ease the cost of living and give families financial security, he said. "Today, we have delivered on that pledge. The government can take comfort from the decline but the main reason why inflation has fallen in that time is because of the big interest rate increases from the Bank of England, which is tasked with meeting a target inflation rate of 2%. Earl

UK's Jeremy Hunt says will hike minimum wage but rules out tax cuts

Britain's Treasury chief is to announce a hike in the national minimum wage on Monday, as the governing Conservative Party tries to persuade voters it is on the side of those who are struggling financially. Chancellor of the Exchequer Jeremy Hunt has ruled out tax cuts, saying they would fuel inflation. According to excerpts of Hunt's speech released in advance by the Conservative Party, he will tell the Conservatives' annual conference that the hourly rate for workers 23 or older will rise in April from 10.42 pounds ($12.70) to at least 11 pounds ($13.40). The exact amount will be set after a recommendation by the Low Pay Commission, an advisory body. That will mean a raise for more than 2 million workers. Hunt is also to pledge to toughen the rules on social benefits in an attempt to stem the flow of working-age people out of the workforce, a trend that has accelerated since the coronavirus pandemic. Those who won't even look for work do not deserve the same benefits as people

UK inflation cools as expected in July but services surprise to upside

Despite the drop, Britain retains one of the highest rates of price growth in Western Europe, with only Iceland and Austria suffering higher inflation in July

BoE set to join Fed in raising interest rates again amid high UK inflation

The Bank of England is set to raise interest rates Thursday for the 14th time in a row to a fresh 15-year high and keep the door open for further increases in the months to come as it tries to tamp down persistently high inflation. Most economists think the UK central bank will increase its benchmark rate by a quarter of a percentage point, to 5.25 per cent. There had been fears, certainly among hard-pressed households and businesses, that the bank would repeat its outsized half-point increase from June. But figures last month showing that inflation fell more than anticipated to 7.9 per cent eased the pressure to act as aggressively again. With inflation still four times the 2 per cent target, the Bank of England has little choice but to raise the bank rate again and leave the door open to further hikes in upcoming meetings, said Kallum Pickering, senior economist at Berenberg Bank. Though the US Federal Reserve and the European Central Bank raised rates last week, they are thought

UK inflation slows sharply, offering some relief to Bank of England

Bank Rate peaking at 6% is no longer fully priced, which had been the case on Tuesday

Promising signals of further decline in UK inflation: BoE's Dhingra

Dhingra is one of two members of the BoE's nine-member Monetary Policy Committee (MPC) who have consistently voted against the central bank's interest rate rises since December

Crypto wrap: Profit booking, UK inflation data pull major tokens down

After a good show in the first half of the week, major crypto tokens saw major sell-off

Bitcoin drops again below $30,000 on account of interest rate fears

The largest token fell as much as 4.5% before paring some of the slide to trade at about $29,175 as of 11:50 a.m. in London on Wednesday

UK inflation jumps to 10.4% for the first time, surprising analysts

Britain's inflation rate rose for the first time in four months in February, surprising an analysts and increasing pressure on the Bank of England to raise interest rates at its meeting on Thursday. The consumer price index jumped to 10.4 per cent in the 12 months through February from 10.1 per cent the previous month, as high energy prices continued to squeeze household budgets, the Office for National Statistics said Wednesday. While economists expect prices to drop rapidly later this year, inflation is more than five times higher than the Bank of England's 2 per cent target. The central bank will weigh the need to control inflation against concerns about the fallout from global banking troubles when it decides whether to raise interest rates on Thursday. The bank has approved 10 consecutive rate increases since December 2021, pushing its key bank rate to 4 per cent. Michael Hewson, chief analyst at CMC Markets UK, said he expects the Bank of England to raise rates by at least a

Rising costs by inflation force UK govt to delay major rail project

The UK has announced a two-year delay to parts of a new high-speed rail link between London and northern England, citing escalating costs caused by inflation

UK inflation eases for a second month in December, falling to 10.5%

UK inflation eased for a second month in December, boosting confidence that the cost-of-living crisis has peaked. Consumer prices rose 10.5 per cent in the year through December, down from 10.7 per cent the previous month, the Office for National Statistics said on Wednesday. Inflation peaked at a 41-year high of 11.1 per cent in October. While the drop is welcome, inflation is still running at levels last seen in the early 1980s. UK prices are also rising faster than in other major industrialised nations. Inflation slowed to 6.5 per cent last month in the US and 9.2 per cent in the 20 countries that use the euro. Inflation soared after Russia's invasion of Ukraine fuelled sharp increases in food and energy prices, eroding savings and living standards. That has triggered a wave of strikes across Britain as nurses, train drivers, border guards and teachers demand pay increases and the government tries to prevent higher wages from triggering a second round of domestically driven ...

UK inflation falls from 41-yr high to 10.7% in Nov giving relief to BoE

British inflation fell more sharply than expected in November to 10.7% from October's 41-year high of 11.1%, according to official consumer prices data

UK manufacturers are sitting on a $29 bn pile of unfinished goods

The poll showed 72% of the 631 companies in Britain are facing the inventory logjam tied to a lack of components, materials or ingredients

UK firms expect to raise prices 6% in 12 months, see inflation lingering

Inflation pressures in the UK economy showed only limited signs of abating in November, with companies expecting to raise prices by 5.7% in the coming 12 months

Britain's inflation rate rises to 41-year high at 11.1% in October

Britain's inflation rate rose to a 41-year high in October, fuelling demands for the government to do more to ease the nation's cost-of-living crisis when it releases new tax and spending plans on Thursday. Consumer prices rose 11.1% in the 12 months through October, compared with 10.1% in September, the Office for National Statistics said Wednesday. The October figure exceeded economists expectations of 10.7%. Higher prices for food and energy drove October's inflation rate to the highest since October 1981, the ONS said. The new data comes a day before Treasury chief Jeremy Hunt is scheduled to unveil a new budget amid growing calls for higher wages, increased benefits and more spending on health and education as raging inflation erodes the spending power of people across the country. Those demands are complicating Hunt's efforts to close an estimated 50 billion-pound budget shortfall and restore the government's financial credibility after former Prime Minister Liz Truss's ...

Crypto weekly wrap: Experts see Bitcoin at 19,600, Ethereum at 1,300 soon

After the release of the UK's inflation data showing inflation for September at 10.1 per cent, the crypto markets plunged