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as you can see here, the rate of inflation in the uk has remained stubbornly high over the last few months adding pressure on the bank of england to raise interest rates again when it meets tomorrow. they re likely to be concerned that core inflation which excludes volatile food and energy prices actually rose hitting 7.1%. that s the highest rate since march 1992. bear in mind, the bank of england s target for inflation is 2% and its been falling in other countries. here s the uk finance ministerjeremy hunt. we don t have the clip at the moment. yael selfin is chief uk economist at the business consultancy kpmg and joins us from london. we heard from jeremy hunt earlier and he said it is a surprise, and it is one of their targets to get inflation down, but it is proving to be harder to do and easier to say. it is proving tricky and there are a number of reasons, one of which is we have a very tight labour market, tighter than in other economies, especially in e ....
For a bigger rate hike than had been on the cam- for a bigger rate hike than had been on the carde on the cards. the thing is, we need to bear in mind on the cards. the thing is, we need to bear in mind that on the cards. the thing is, we need to bear in mind that it on the cards. the thing is, we need to bear in mind that it takes - to bear in mind that it takes between 18 months and two years, essentially, for interest rates to actually have the full impact on the economy, and the bank started raising rates about 18 months ago but it has been a gradual thing. there s still more of that impact in the pipeline that we have not fully seen and therefore it may be sufficient for the bank to raise rates by a quarter of a percentage point. a quarter of a percentage point. a quarter of a percentage point and may be a couple more later this year. that might be sufficient and there might not be a need to raise rates by half a percentage point at this stage. the raise rates by half a pe ....