3 years ago

Bank of England raises key rate to highest level in 13 years
The central bank hiked rates for the fourth time since December as UK inflation runs at 30-year highs. Its Monetary Policy Committee voted 6-3 to lift the rate that the Bank of England pays other banks by a quarter-percentage point, to 1%. The three members in the minority wanted to raise it even higher — by half a point to 1.25%, the bank said, in a sign of growing momentum for strong action to counter rising consumer prices.
“Global inflationary pressures have intensified sharply following Russia’s invasion of Ukraine. This has led to a material deterioration in the outlook for world and UK growth,” the bank said.
The decision comes a day after the U.S. Federal Reserve stepped up its attack on inflation, approving the biggest rate increase in more than two decades and signalling that more are on the way. The Fed increased its key short-term rate by a half-percentage point, to a range of 0.75% to 1%.
Britain’s inflation rate rose to a 30-year high of 7% in March, more than triple the central bank’s target of 2%. Economists expect inflation to reach 9% or more later this year.

https://www.euronews.com/2022/05/05/bank-of-england-raises-key-rate-to-highest-level-in-13-years?utm_source=flipboard.com&utm_campaign=feeds_news&utm_medium=referral

British ports ask for compensation after delay to post-Brexit border checks leaves them with multi-million pound ‘white elephants’
Ports have built high-tech facilities and recruited staff on the orders of Defra, only to be told that the checks would amount to an act of "self harm" by Jacob Rees-Mogg.

The Brexit opportunities minister, stood outside the Euro Tunnel, told reporters that free trade is “hugely advantageous to consumers” in an astonishing interview which saw him branded a Remainer.

He admitted that pushing back checks would save £1 billion, which is effectively admitting that implementing them would cost £1 billion.

But British ports have already moved to prepare for the transition, bringing in high-tech facilities that risk becoming multimillion-pound “white elephants”, according to the latest reports.
UK Major Ports Group, a trade body for the largest operators, estimates that the industry has spent £100 million to construct the new border facilities, with an additional £200 million provided in post-Brexit government grants via the Port Infrastructure Fund.

https://www.thelondoneconomic.com/news/british-ports-ask-for-compensation-after-delay-to-post-brexit-border-checks-leaves-them-with-multi-million-pound-white-elephants-321630/

Government minister tells people struggling with cost of living to just not buy branded products from Tesco, Morrisons, Sainsbury's, and Asda
He added that the four big supermarkets - Tesco, Morrisons, Sainsbury's, and Asda - were very competitive and to buy their own value brands instead as a solution. He said those that did this could "actually contain and manage their household budget".
“Where it gets harder is on things like chicken and poultry, and some fresh produce, where those increased feed costs do end up getting passed through the system because these people work on wafer-thin margins and they have to pass that cost through.”
Mr Eustice added: “Generally speaking, what people find is by going for some of the value brands rather than own-branded products – they can actually contain and manage their household budget. It will undoubtedly put a pressure on household budgets and, of course, it comes on top of those high gas prices as well.”

https://www.examinerlive.co.uk/news/uk-world-news/government-minister-tells-people-struggling-23857629

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