UK inflation remains steady at 6.7% in September

Core inflation at 6.1% UK inflation has remained steady as prices rose 6.7% year-on-year in September, matching the previous month’s figure, the lowest rate since March 2022. The Office for National Statistics said today (18 September) that prices had risen by 0.5% between August and September, matching market expectations. Core inflation, which excludes energy, food, alcohol and tobacco, saw a …

Bank of England holds rates at 5.25% after inflation falls

MPC in split decision after inflation unexpectedly fell in August The Bank of England (BoE) has paused its hiking cycle and opted to keep interest rates at the current level of 5.25% after inflation unexpectedly fell in August. It was a tight split decision by the Bank, with five members of the Monetary Policy Committee voting to maintain the Bank …

Treasury collects £2.6bn in 13 weeks as IHT receipts rise

Fuelled by record June receipts and rising interest rates The government netted £2.6bn from inheritance tax (IHT) between April and July 2023, which was £0.2bn higher than in the same period a year earlier, latest official statistics show. Figures from HM Revenue & Customs (HMRC) showed that receipts in June 2023 were the highest monthly total on record and could …

Inflation falls by 1.1% to 6.8%

Core inflation remained unchanged between June and July. CPI inflation rose by 6.8% in the 12 months to July, down from 7.9% in June, the latest ONS figures reveal. On a monthly basis, CPI fell by 0.4% in July, compared with a rise of 0.6% in July 2022. CPIH inflation, which includes owner occupiers’ housing costs, saw an annual rise …

Bank of England raises interest rates by 0.25% to 5.25%

Bank Rate was last at 5.25% in February 2008.  The Bank of England’s Monetary Policy Committee has voted 6-3 to increase Bank Rate by 0.25% to 5.25% – the 14th consecutive rise. Two members preferred to increase Bank Rate by 0.5 percentage points, to 5.5%, and one member preferred to maintain Bank Rate at 5%. Interest rates have increased further …

Inflation falls to 7.9% in June

The core rate of inflation fell by 0.2% to 6.9%. Annual CPI inflation has fallen from 8.7% in April and May to a lower-than-expected 7.9% in June, the latest ONS figures show.  Most economists had predicted a fall in inflation, with an average forecast of 8.2%, according to Reuters.  On a monthly basis, CPI rose by 0.1% in June, compared …