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UK inflation hits 40-year high amid warnings of global recession

Gmorning. There’s no let-up in the latest inflation figures, which hit a new 40-year high in May. The consumer price index rose to 9.1pc last month, according to the ONS. That’s up from 9pc a month earlier. Prices rose 0.7pc in the month alone, which marks a slowdown from the 2.5pc pace recorded in April …

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European markets open to close, earnings, data, central banks

LONDON — European stocks are expected to open in negative territory on Wednesday, giving up gains made in the previous session amid more positive global sentiment. The UK’s FTSE index is expected to open 45 points lower at 7,103, Germany’s DAX 112 points lower at 13,180, France’s CAC 40 down 56 points at 5,906, and …

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Credit Suisse warns of ‘new world order’ in markets

Gmorning. There are some early signs of how inflation is hitting retailers after Tesco warned the cost-of-living crisis was forcing customers to cut back. Ken Murphy, chief executive of Tesco, warned the company was seeing “some early indications of changing customer behavior as a result of the inflationary environment” amid “unprecedented” increases in the cost …

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Bank of England accused of ‘bottling’ interest rates after eighth new inflation forecast

The boss of Halfords has accused the Government of taking a “backwards step” with its decision to end the plug-in car grants scheme. The Government confirmed earlier this week that it was scrapping the £1,500 subsidy for purchases of new electric cars, saying it would “refocus” funding to encourage users of other vehicles to make …

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Euro goes into reverse as ECB crisis talks fail to calm markets

Central banks have a case for front-loading interest rate rises as they walk a “fine line” between controlling inflation and supporting the economic recovery, Mark Carney has said. The former Governor of the Bank of England told Bloomberg: “Central bankers need to catch up to their economies. They’ve been behind the curve, they’ve acknowledged this. …

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