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Pound hits one-year high as UK inflation rate jumps to 2.9% - as it happened

Published on Tuesday 12th of September 2017 07:31:05 AM in Guardian
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  • Social Trend Analysis for "Pound hits one-year high as UK inflation rate jumps to 2.9% - as it happened"

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    Source : Guardian [Read Article] Friday 22nd of September 2017 05:40:43 PM
    ....”. Britain’s economy has slowed this year as the effect of a weaker pound pushed up inflation and weakened consumer demand. ...
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    Source : Guardian [Read Article] Thursday 21st of September 2017 11:09:46 AM
    ....5%, during a difficult time in the grocery market. Traditional grocers have come under pressure from the fast-expanding discounters Aldi and Lidl as shoppers have looked to save money in the face of inflation fuelled by the fall in the value of the pound since the EU referendum. ...
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    Source : Guardian [Read Article] Wednesday 20th of September 2017 06:10:52 PM
    ....But he warned that her belief that the US economy was bouncing back from a slowdown in the first quarter may be too optimistic and that the reduction in the balance sheet, combined with rising interest rates, “will very likely push long-term interest rates higher over the next few years. While still low inflation should limit the back up in yields, it will likely feel a little worse than ‘paint drying’ for investors heavily allocated to the long end of the treasury market,” he wrote. ...
    UK shoppers continue to spend despite rising prices image
    Source : Guardian [Read Article] Wednesday 20th of September 2017 12:58:06 PM
    .... Footwear stores also fared well in the back-to-school shopping season. Kate Davies, a senior statistician at the ONS, said: “We are seeing strong price increases across all store types compared with a year ago, reflecting wider inflationary pressures. ...
    UK growth will trail Italy, France and Germany next year, says OECD image
    Source : Guardian [Read Article] Wednesday 20th of September 2017 09:00:02 AM
    .... But weak productivity and real wage growth persist. “The depreciation of the sterling has modestly improved export prospects but also pushed up inflation, dampening purchasing power and private consumption. ...
    Cadbury staff get sweet relief from inflation with new pay deal image
    Source : Guardian [Read Article] Tuesday 19th of September 2017 04:08:44 PM
    . Workers at three Cadbury plants have won an inflation-linked pay deal for the next two years, bringing employees relief from the squeeze on British households amid the rising cost of living. ...
    Public inquiry needed into UK's £200bn debt crisis, say senior MPs image
    Source : Guardian [Read Article] Tuesday 19th of September 2017 12:50:07 PM
    ....The £200bn of debt amassed on credit cards, personal loans and car deals is now at the same level it reached before the 2008 financial crisis and there are fears that rises in interest rates could put more households under pressure. Mark Carney, the governor of the Bank of England, warned on Monday that interest rates were likely to rise in response to rising inflation and skills shortages brought on by Brexit that will increase pressure on wages. ...
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    Source : Guardian [Read Article] Tuesday 19th of September 2017 10:49:04 AM
    ....Since the summer of 2016, the global economy has been in a period of moderate expansion, with the growth rate accelerating gradually. What has not picked up, at least in the advanced economies, is inflation. ...
    What's your experience of being in debt? image
    Source : Guardian [Read Article] Tuesday 19th of September 2017 08:31:16 AM
    ....Consumer credit, which covers personal loans, credit cards and borrowing for cars, is rising at just under 10% a year, at a time when wages are falling at 0. 4% a year taking inflation into account. ...
    Aldi and Lidl increase share of British shoppers as inflation hits spending image
    Source : Guardian [Read Article] Tuesday 19th of September 2017 08:22:50 AM
    ....Aldi and Lidl account for £1 in every £8 spent in UK supermarkets, with two-thirds of British shoppers visiting the discounters over the past three months. The German chains are outpacing their bigger rivals as inflation and stagnating wages eat into families’ spare cash, prompting many to seek ways of saving money. ...
    Britain's debt time​bomb: FCA urges action over £200bn crisis image
    Source : Guardian [Read Article] Monday 18th of September 2017 05:34:39 PM
    ....Consumer credit, which covers personal loans, credit cards and borrowing for cars, is rising at just under 10% a year, at a time when wages are falling at 0. 4% a year taking inflation into account. ...
    UK debt is explosive – and it only needs a spark to light the fuse | Larry Elliott image
    .... In phase one, during the crisis and its immediate aftermath, appetite for debt waned markedly and households took advantage of low interest rates to pay off some of the money they had borrowed during the good times. But with higher oil prices pushing up inflation, wage growth weak and austerity biting, this meant recovery from the downturn was slow. ...
    Fall in migration after Brexit could push up inflation, says Carney image
    Source : Guardian [Read Article] Monday 18th of September 2017 03:36:20 PM
    . A sharp fall in migrant workers coming to Britain as a consequence of Brexit could push up wages and cause a spike in inflation in the short term, according to the governor of the Bank of England. ...
    What will justify an interest rate rise in November? | Richard Partington image
    Source : Guardian [Read Article] Sunday 17th of September 2017 01:38:31 PM
    ....3tn of mortgages in the UK, and although more than half are on fixed rates, this would be the first time many homeowners have faced higher borrowing costs. That risks putting a further squeeze on households already tightening their belts as wages fail to keep pace with inflation, hurting consumption – a key driver of the UK economy. ...
    How to find the best remortgage rates and beat the rise image
    Source : Daily Express [Read Article] Sunday 17th of September 2017 12:34:00 PM
    ....”. He says inflation is rising and mortgage rates could soon follow suit: “Consider remortgaging now or risk missing out on record low rates and monthly savings. ...
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    .... But the language is tightening around the nation’s finances. Spare capacity in the economy – unfilled jobs and unspent money – is being whittled away more quickly than previously thought and inflation is still likely to overshoot its 2% target over the next three years. ...
    Mortgage alert: Interest rates will rise FOUR times by end of 2018, economists forecast  image
    ....Markets are now expecting the Bank of England's Monetary Policy Committee (MPC) to raise rates to 0. 5 per cent in November, when governor Mark Carney presents the inflation report. ...
    Bitcoin value plummets after China orders trading in currency to cease image
    Source : Guardian [Read Article] Friday 15th of September 2017 04:52:30 PM
    .... The lack of any central authority makes bitcoin remarkably resilient to censorship, corruption – or regulation. That means it has attracted a range of backers, from libertarian monetarists who enjoy the idea of a currency with no inflation and no central bank, to drug dealers who like the fact that it's hard (but not impossible) to trace a bitcoin transaction back to a physical person. ...
    Mortgage warning: YOUR bill could SURGE by £750 when interest rates increase, experts say image
    .... But it's feared unprepared homeowners could face bill shocks. It's thought a hike could happen in November, as this is when Governor Mark Carney will also present the latest inflation report. ...
    Prospect of interest rate rise sends pound back to level of Brexit result day image
    ....The pound’s rally was prompted by remarks from a member of the Bank’s rate-setting monetary policy committee (MPC), who had previously been regarded as one of the most dovish and most wary of a rate rise. Gertjan Vlieghe, an external member of the MPC, said: “Until recently, I thought the appropriate response of monetary policy was to be patient, given modest growth and subdued underlying inflationary pressure. ...
    Northern Rock investors' compensation claim just doesn't stand up | Nils Pratley image
    ....The majority for doing nothing immediately on interest rates was a same-again at 7-2, but the seven would like to you know they’re jolly serious about changing their vote one of these days. They even put a date on the possible big moment – November, alongside the Bank’s next quarterly inflation report. ...
    UK interest rates stay at 0.25% but Bank of England hints rise is looming image
    Source : Guardian [Read Article] Thursday 14th of September 2017 01:24:03 PM
    ....The Bank’s monetary policy committee (MPC), which sets borrowing rates, was split, with the external economists Michael Saunders and Ian McCafferty calling for an immediate rise to 0. 5% to keep inflation in check. ...
    Next softens doom and gloom forecasts despite fall in profits image
    Source : Guardian [Read Article] Thursday 14th of September 2017 08:32:17 AM
    .... But Wolfson said that negotiations with suppliers had brought that figure down to 4%. “Next year price inflation looks set to work its way out of the system as the effects of the one-off Brexit devaluation of the pound begin to annualise,” he said. ...
    John Lewis profits halve as chairman warns over Brexit uncertainty image
    Source : Guardian [Read Article] Thursday 14th of September 2017 07:20:55 AM
    ....John Lewis profits have more than halved amid rising prices and weaker consumer demand prompted by Brexit. In an update for the first six months of its financial year, the group, which owns Waitrose supermarkets as well as the John Lewis department store chain, said it expected the tough retail climate to continue throughout this year as UK consumers were less willing to spend money against a backdrop of higher inflation and political uncertainty. ...
    Darling: Brexit would not have happened without banking crisis image
    Source : Guardian [Read Article] Wednesday 13th of September 2017 12:16:45 PM
    ....“The banking crisis has led to a real ‘them and us’ culture,” she said. Figures released on Wednesday showed wage rises have failed to keep pace with inflation, despite a buoyant labour market in which unemployment has fallen to its lowest level since 1975. ...
    UK wage rises lag behind inflation despite lowest jobless rate since 1975 image
    Source : Guardian [Read Article] Wednesday 13th of September 2017 10:07:10 AM
    . Wage rises in Britain have failed to keep pace with inflation, according to the latest official figures, despite a buoyant labour market that saw unemployment fall to its lowest level since 1975. ...
    Britons retiring abroad to get help with living costs after Brexit image
    Source : Daily Express [Read Article] Wednesday 13th of September 2017 09:49:00 AM
    ....James Walsh, policy specialist on EU and regulation at the Pensions and Lifetime Savings Association, said the deal is buried in joint technical notes on citizens’ rights after Brexit. “It means that British pensioners living in Spain will continue to get the same annual inflation increases they would have got in the UK. ...
    Bitcoin is a fraud that will blow up, says JP Morgan boss image
    Source : Guardian [Read Article] Wednesday 13th of September 2017 08:10:44 AM
    .... The lack of any central authority makes bitcoin remarkably resilient to censorship, corruption – or regulation. That means it has attracted a range of backers, from libertarian monetarists who enjoy the idea of a currency with no inflation and no central bank, to drug dealers who like the fact that it's hard (but not impossible) to trace a bitcoin transaction back to a physical person. ...
    More bills misery: Bills set to rocket while wages stay flat - experts image
    Source : Daily Express [Read Article] Wednesday 13th of September 2017 12:01:00 AM
    .... . The squeeze will intensify after yesterday’s official data showed consumer price inflation hit a four-year high of 2. ...
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    Source : Guardian [Read Article] Tuesday 12th of September 2017 08:00:31 PM
    ....9%. Is that evidence of the stickiness of inflation? Or does it merely suggest that the effects of the post-referendum fall in sterling are taking time to wash through the system, especially in areas like clothing and footwear? Hard to say. ...
    No 10 faces backlash from Labour and unions over public sector pay cap lift image
    Source : Guardian [Read Article] Tuesday 12th of September 2017 12:30:45 PM
    ....The spokesman also announced the end of the wider 1% cap for all public sector staff in the next round of pay deals, for 2018-19, saying this would “recognise the vital contribution they make and ensures they can deliver world class public services”. The Prison Officers Association said the offered increase would amount to a real-terms pay cut, with the announcement the same day that inflation jumped to 2. ...
    Cost of living surges amid warnings the Bank of England could soon hike interest rates image
    ....And the pound jumped following the latest cost of living figures, as the chance of the Bank of England raising interest rates appears to have increased. Higher interest rates can help keep inflation in check. ...
    Pound hits one-year high as UK inflation rate jumps to 2.9% - as it happened image
    Source : Guardian [Read Article] Tuesday 12th of September 2017 07:31:05 AM
    ...
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    Source : Guardian [Read Article] Monday 11th of September 2017 11:01:19 PM
    ....Average weekly earnings for public sector staff were £511 in June, compared with £506 in the private sector during the same month, according to the ONS. Meanwhile, the TUC estimates the cap has meant that some workers have lost more than £4,000 in real terms from their salary since 2010, amid rising inflation. ...
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    Source : Daily Express [Read Article] Monday 11th of September 2017 01:17:00 PM
    ....Governor Mark Carney is now set to raise warnings that the decade of cheap money from low rates since the financial crisis has a limited course to run, according to reports. Bank of England policymakers think the stable economy coupled with rising inflation mean interest rates will soon need to rise, bumping up bills for homes across the country. ...
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    Source : Guardian [Read Article] Monday 11th of September 2017 01:09:01 PM
    .... If policymakers raise interest rates too briskly, the result will be recession. If they raise rates too slowly, inflation could become uncomfortably high and ingrained. ...
    UK green energy expensive? Not any more. From now on it's cheap image
    Source : Guardian [Read Article] Monday 11th of September 2017 11:38:12 AM
    ....50 per megawatt hour of power generated by two new reactors at Hinkley Point C in Somerset. The price is nearly twice that of wholesale power and is goldplated by being inflation-linked and written in stone for 35 years. ...
    To understand the UK's low-pay crisis, Mark Carney needs to get out more | Phillip Inman image
    .... Employers are crying out for people and are poised to rip up their pay rates in favour of more generous salaries to secure the staff they need. With inflation expected to rise towards 3%, from 2. ...
    Labour to force vote in Commons on scrapping public sector pay cap image
    Source : Guardian [Read Article] Sunday 10th of September 2017 11:26:31 AM
    ....The defence secretary, Sir Michael Fallon, said last week that the government fully understood that public sector workers have taken their “share of the pain” of deficit reduction and signalled that the chancellor was looking at the issue. The Institute for Fiscal Studies has said if public sector pay were to rise in line with inflation for the next three or four years it would cost the public purse between £6bn and £7bn more than if the cap were retained. ...
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    Source : Daily Express [Read Article] Sunday 10th of September 2017 12:01:00 AM
    ....Growth of 2. 6 per cent is exactly in line with the consumer price inflation rate, and younger buyers will consider this a merciful slowdown after the years of double-digit annual growth. ...
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    Source : Guardian [Read Article] Saturday 9th of September 2017 11:04:20 PM
    .... The move was essentially symbolic, but importantly so, and through the 1950s and 1960s monetary policy became increasingly politicised, with opportunistic chancellors often having an eye on forthcoming byelections and suchlike. By the 1970s, a decade of economic troubles and high inflation, some Conservatives were talking about giving the Bank more autonomy and thereby making it easier for it to raise interest rates if it deemed that necessary. ...
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    Source : Guardian [Read Article] Friday 8th of September 2017 10:42:19 AM
    ....The mixed signals on the economy add to the conundrum facing interest rate setters at the Bank of England as they prepare to meet on Thursday. Rising inflation, hitting 2. ...
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    Source : Guardian [Read Article] Friday 8th of September 2017 05:01:30 AM
    ....6%, driven by a moderately stronger outlook for consumer spending growth in 2017. But he said the prospect of inflation returning to 3% by the end of the year and the likelihood that it would stay above wages growth throughout 2018 meant the current strength of consumer spending would falter. ...
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    Source : Guardian [Read Article] Thursday 7th of September 2017 05:13:47 PM
    ....Shares in insurance companies rose on news of the Ogden reform, with Direct Line closing up more than 2%. The formula is used to calculate lump sum compensation payments to people with serious injuries, to ensure inflation does not erode the future value of a payout. ...
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    Source : Daily Express [Read Article] Thursday 7th of September 2017 08:54:00 AM
    ....Lack of supply and low interest rates have helped to keep prices rising, even as affordability has been stretched. However, demand for homes is still weak as wage growth continues to lag behind inflation. ...
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    Source : Guardian [Read Article] Thursday 7th of September 2017 08:42:06 AM
    ....The figures were surprising, as other surveys have suggested a slowdown in the housing market. Affordability is an issue as household incomes are being squeezed, with inflation outstripping wage growth, but this has been countered by low unemployment, low mortgage rates and a shortage of properties for sale. ...
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    Source : Guardian [Read Article] Wednesday 6th of September 2017 11:01:44 PM
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    Source : Guardian [Read Article] Wednesday 6th of September 2017 11:01:44 PM
    ....82. Stapley said pubs were facing a number of cost pressures, including inflation at 2. ...
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    Source : Guardian [Read Article] Wednesday 6th of September 2017 06:39:09 PM
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    ....In the first half of the year the services sector, which accounts for almost 80% of economic activity, kept the UK from slipping back into recession. But a decline in real wages growth after a spike in inflation and the reluctance of households to accumulate debt at the pace seen in the first half of 2017 appeared to have hit the demand for services. ...
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    Source : Guardian [Read Article] Monday 4th of September 2017 11:01:25 PM
    ....The slump in the pound – by more than 16% since the EU referendum last summer – has led to higher prices on the high street as the cost of goods imported from overseas increases on a relative basis. That has pushed inflation to 2. ...
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    Source : Guardian [Read Article] Monday 4th of September 2017 10:14:41 AM
    ....The figures come after a recent slide in the value of sterling, adding pressure to the costs of UK consumers and weakening the purchasing power of businesses reliant on products from abroad. That could push inflation higher, raising pressure on the Bank of England to consider tackling the climb through the use of higher interest rates. ...
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    .... It never warns employers about stagnant wages, or the government about the benefit freeze. It only ever mentions these in terms of the impact of inflation, as if any consideration of the human decisions behind them are too political for comment. ...
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