The governor of the Bank of England has warned that large wage rises and price-setting to reflect surging inflation risk embedding rising costs in the economy, resulting in “slow activity and increased unemployment”. Andrew Bailey told the Treasury committee of MPs that the so-called second round effects of the energy-led rise in living costs were
Retail sales rebounded in January after falling in December, posting their biggest monthly rise since the shops reopened last spring. Despite rising prices due to inflation, volumes jumped by 1.9% last month following a drop of 4% in December, according to the Office for National Statistics (ONS), triggered by surging rates of Covid-19. The figures
NatWest announced a swing back to profit in 2021, aided by the UK’s economic recovery, but warned of storm clouds on the horizon as inflation begins to bite. The taxpayer-owned bank reported pre-tax profits on Friday of £4bn for 2021, up from a £351m loss it made the previous year. British lenders have been boosted
Inflation hit 5.5% in January, its highest rate since March 1992, as the cost of living in Britain continued to surge, official figures show. The consumer price index (CPI) measure of inflation, up from 5.4% in December, was in line with economists expectations – as clothing, housing, and furniture prices climbed higher, the Office for