CPI inflation recorded an annual rise of 6.2% in February 2022 – the highest since March 1992’s growth of 7.1%. The latest figures from the ONS show that on a monthly basis, CPI rose by 0.8% in February, compared with a rise of 0.1% in February 2021. This was the largest monthly CPI increase between January and February since 2009. …
UK sees highest inflation in over a decade
UK inflation hit 5.1% in November, exceeding expectations of 4.8% and reaching its highest point since September 2011. On a monthly basis, inflation increased by 0.7% in November, compared with a fall of 0.1% in November 2020. Richard Carter, head of fixed interest research at Quilter Cheviot wrote that “unfortunately for consumers, peak inflation may still be a few months …
UK inflation rises to 4.2% in October
CPI inflation rose from 3.1% in September to 4.2% in October, the highest 12-month inflation print since November 2011, according to the latest figures from the ONS. CPI increased by 1.1% over the month, compared with no change in October 2020. CPIH inflation, which includes owner occupiers’ housing costs, rose by 3.8% in the 12 months to October, up from …
FCA proposes ‘significant reform’ of general insurance market
The FCA is proposing “significant reform” of the general insurance market to enhance competition, ensure consumers will receive fair value, and increase trust in the market. The FCA is proposing that when a customer renews their home or motor insurance policy, they pay no more than they would if they were new to their provider through the same sales channel. …
Pension Freedoms age rise confirmed by Gov’t
The government has confirmed that the minimum age for accessing a pension will increase from 55 to 57 in 2028. In a written question to Parliament, Labour MP Stephen Timms asked the Chancellor of the Exchequer what plans he has to increase the minimum age at which people can access their private pension under the tax rules. In response, Conservative …
BoE reduces base rate again to 0.1%
The Bank of England (BoE) has cut interest rates further amid the Covid-19 crisis. At a special meeting yesterday, the Monetary Policy Committee (MPC) unanimously voted to cut interest rates from 0.25% to 0.1% and to increase holdings of UK government and corporate bonds by £200bn. The BoE, which has just appointed Andrew Bailey as its new governor, said the …