i don t have any option. this is my life. and the squeeze on household budgets is only expected to get tighter with the recent rise in energy costs not yet factored into today s figure. and it s those on the lowest incomes who feel the surge in inflation most keenly, as it leaves us all with less to spend and more difficult choices to make. let s get more on the latest inflation figure with our economics correspondent, andy verity. so, just talk us through those figures and what they mean. i am sor , figures and what they mean. i am sorry. could figures and what they mean. i am sorry. could you figures and what they mean. i am sorry, could you repeat figures and what they mean. i n sorry, could you repeat the question, i m having a little difficulty with the earpiece? ho difficulty with the earpiece? no worries, just asking you if you can to talk us through the latest inflation figures but we know the headline rate is 10.1% but underneath that there are other stories to be told,
no choice but to act and try to get it growing. the 0ns recently updated earlier figures in the year to show that the economy had grown rather than shrunk. so figures on the day they re announced of economic growth or otherwise can t be entirely relied on. they re highly subject to change. but if they can be relied on, then clearly it was right of the chancellor to provide a modest fiscal stimulus to try and ensure that we don t have a shrinking economy. so i think this ties in with what the chancellor s doing and moving away from the highest tax rates in 70 years, moving away from the risk outlined by the governor of the bank of england early in the summer of five quarters of recession. i think he used the word armageddon. but moving away from that is something that the government has to try and work on. we couldn t simply have sat back and allowed economic circumstances to deteriorate. liz truss will face mps at prime minister s questions for only the second time this lunchtime our
what we didn t realise at the time was, we were actually saving money. one of the things it did was make us more productive, it cut down the absenteeism days. and if you work on the basis that each absentee day costs you £161, we made a saving in excess of £80,000 by paying staff more. we made a saving in excess of £18,000 by paying staff more. we ll get an update on those figures from the 0ns at 7am. i will be back with those as soon as we have got them. once we have made since then, we will come back. we might think, if prices are going up, why not give people the bigger wage increases? if businesses pay staff more, they have got to make that back so maybe they put prices up and i make things even more expensive thatis i make things even more expensive that is cycle to avoid. will drill down into all of that later.
are challenging times. our business reporter, noor nanji is with me. until cut these figures. we had to figures released today, the quarterly figure from april to june, where the uk economy shrank by 0.1% but we also had the monthly figure forjune where the economy fell by 0.6%. starting with a monthly figure, a big part of the reason for the drop there was because of the platinum jubilee bank holiday which meant two fewer working days so two fewer days of producing goods and services, that was always expected and some economists were expecting a sharper drop injune so this number was not as bad as some were predicting. moving on to the quarterly figure, the 0ns said the full there was due in part to the covid health activity is winding down, things like test and trace and their vaccination programme as well,
highlighted, it is something that was taken from the health and social care select committee was taken from the health and social care select committee that was taken from the health and social care select committee that they - was taken from the health and social care select committee that they did l care select committee that they did a few months ago, so this is actually a few people across the political spectrum saying that there needs to be more funding and if you look at the funding provided to the nhs by the department of health and social care, 136 billion provided, so actually social care just needs in comparison to that little bit more dear stay afloat. 0ne in comparison to that little bit more dear stay afloat. one of the things that is important to recognise is we are struggling with our workforce at the moment, one of theissuesis our workforce at the moment, one of the issues is because of their parity with health, health care workers in the nhs might have access to si