The UK economy saw increased activity in the final week of January as the effects of the Omicron wave of Covid retreated and consumers saw the removal of Covid restrictions.
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"EZ inflation to settle well below target and one of the lowest in G10 once base effects fade".
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Rising inflation see HM Treasury looking for solutions, but only a temporary VAT cut could immediately reduce prices.
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Staff absences due to the UK's fourth Covid wave meant businesses struggled in January, according to a regular monthly survey that also showed inflationary pressures continue to build.
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The newest member of the Bank of England's Monetary Policy Committee has urged her colleagues to take decisive action in the near-term to lean against inflation.
Read more … →Although retail sales fell by a far greater margin than the market was looking for, economists say the data are unlikely to prevent the Bank of England from raising interest rates again in February…
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Bank of England Governor Andrew Bailey told UK lawmakers he and colleagues remain concerned with the trajectory of UK inflation, and that they stand ready to act.
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