Economics

Today’s data indicating a 2% increase in the CPI rate shows the UK is exiting its three-year inflation crisis and makes a bank rate cut more likely.

The UK has had a strong start to the year and today’s data showing 0.9% growth in GDP in the three months to May is better than expected.

Today’s decision was widely expected, and it’s clear the Bank of England is taking a cautious approach before making a much-anticipated rate cut.

Today’s data showing CPI easing to the Bank of England’s 2% target, is a further sign that the UK is exiting the inflation crisis which began in late 2020.

While the broader trend is ticking up, downside risks remain. Many businesses we speak to are still held back by skills shortages, high borrowing costs, and trade barriers with the EU.

A five-point plan for immediate action by the new government is at the heart of the British Chambers of Commerce Election Manifesto published today.

Today’s data showing CPI inflation is at 2.3% is positive news that should help settle nerves and increase the likelihood of an interest rate.

The Lib Dem leader Sir Ed Davey joined the BCC’s Business Council members to discuss the organisation’s ‘Future of the Economy’ policy work.