Bank Rate Steady At 5.25% As Central Banks Push Pause Button

The Bank of England has left borrowing costs untouched for the second time in a row, as monetary policymakers around the world press pause in their fight against inflation. In a widely expected move, the Bank’s Monetary Policy Committee (MPC), voted 6-3 to maintain the Bank Rate at a 15-year high of 5.25%. The three in the minority voted to …

Govt stealth tax sees IHT bills hit record £3.9bn

HMRC took in £3.9bn from inheritance in six months to end of September, £400m more than in the same period last year. The government collected a record amount from inheritance tax (IHT) in the six months to the end of September as frozen thresholds mean more estates are being hit by the tax. HM Revenue & Customs (HMRC) took in …

State pension set to rise 8.5% as CPI inflation remains ‘steady’

UK inflation remained steady last month as prices rose 6.7% year-on-year meaning pensioners are likely to get a bumper 8.5% increase in their state pension next year under the triple lock policy. The Office for National Statistics (ONS) said on 18 October that prices had risen by 0.5% between August and September, matching market expectations. Core inflation, which excludes energy, …

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 …

Inflation sees surprise fall to 6.7%

The UK’s headline rate of inflation has nudged down, helped by an easing of food and accommodation prices. UK CPI inflation was reported at 6.7% for August, compared to the 6.8% recorded in July and consensus expectations of an uptick to 7.0%. The ONS data shows an even greater drop in the core inflation reading: annual core CPI (excluding food, …

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 …