markets

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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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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