Quite simply they are doing this because of inflation and the rate of Price Increases and the International Comparisons are clear, although inflation is falling, in the uk it is not falling by as much or down to as low a level as it is elsewhere in europe in the us, and the us, and the bank has been talking up food prices and the amount we pay for services and the speed that wholesale, lower wholesale prices are being passed through the supply chain to us. The bank talked about crystallising risks, essentially the fear that when it comes to private sector wage growth, rings might be becoming embedded so they argued they needed to continue acting despite the impact it will have on households and businesses and we know the impact it will have on uk households and Mortgage Holders and also those ran singh. Also a warning from the bank also those renting. They said the rates will be high for a while, they are expecting inflation to meet the target of the Prime Minister, to half inflation t
Higher savings for some. In the last half an hour, weve had this reaction to the rate rise from the chancellor, jeremy hunt. Well, of course any rise in Interest Rates is a worry for families with mortgages, for businesses with loans. But underneath that decision is a forecast that says that this time next year, inflation will be 2. 8 and we will have avoided recession. What the Bank Of England governor is saying is that we have a plan that is bringing down Inflation Lay solidly, robustly and consistently. So the plan is working but what we have to do as a government is make sure we stick to that plan and dont veer around like a shopping trolley. We stick to that plan so that families and businesses can start to feel the benefits of that plan actually working. So, jeremy hunt says the government is sticking to its plan. But this was the reaction from labours shadow chancellor, rachel reeves. The government need to take responsibility for the fact that inflation in the uk is much higher
Team coming into the world cup. To come out of a group where nobody gave them hope, they lost 6 0 in the opening game to germany. What was so impressive about that was the togetherness they showed. I also like the fact that the girl that wore the hijab, for the growth of the game, i think for muslim women and young girls to see a female play in a major tournament, on such a big stage, i think that visibility is crucial moving forward. So here they are taking their place in the Knockout Stage where theyll play france. Thatll be the final last 16 match. It all starts on saturday with spain against switzerland. Holders the usa meet sweden on sunday. While european champions england face nigeria, one of the now three teams from africa whove qualified from the groups. That is on monday. Seven time super bowl champion tom brady has become the latest High Profile Sports star to get involved with an English Football Club. Lebronjames has a small share in liverpool, jj watt is a burnley shareho
The economy too much. To dicsuss this further im nowjoined by the Bank Of England 5 former head of international surveillance, katharine neiss. She is now the chief european economist for pgim fixed income. Good to have no surprise that Interest Rates are still rising. Do you think that this is it . ~ ,. ,. , is it . The banker very clear today that if inflation is it . The banker very clear today that if Inflation Remains is it . The banker very clear today that if Inflation Remains resilientl that if Inflation Remains resilient at higher levels, then they could see Interest Rates are going higher from here. That said, to me, the really big message coming out of the Bank Of England today was, even in the absence of further rises in Interest Rates, they really see these higher Interest Rates that we have seen more recently as he had to say for quite some time. Yes. Have seen more recently as he had to say for quite some time. Say for quite some time. Yes, and this is taming say for qui
And in the euro area, where wholesale Energy Prices feed through more directly to Consumer Prices. Where there is more uncertainty is around the time it will take the other non Energy Components of the Consumer Price of Consumer Price inflation to come down as well. Price inflation for food and Non Alcoholic beverages has been very high, but it does appear to have peaked. And as you can see in this chart, there are signs in the monthly figures that it has started to ease. And evidence collected by the banks Regional Agents suggests that a moderation in food inport prices is being passed through the supply chain to Consumer Prices. So we do expect that food Price Inflation will come down gradually over the rest of this year. The Shadow Chancellor has said the Interest Rate rise weve seen today is another hammer blow to families who are seeing their mortgages increase. Rachel reeves said that the government needs to force the banks and lenders to do more to Mortgage Holders help includin