The government will fail in its ambitions to ‘level up’ left-behind areas of the country if it does not introduce measures to address the spiralling cost of living, a think-tank has said.
Prime minister Boris Johnson has promised to consider increasing universal credit in line with inflation, to mitigate the impact of soaring inflation on the cost-of-living.
Public spending rises announced by chancellor Rishi Sunak last autumn are now up to a quarter less generous in real-terms due to rising inflation, says Ben Zaranko.
Public sector workers face a hefty average real-terms pay cut of around £1,800 pounds in 2022-23 as chancellor Rishi Sunak looks to protect his spending plans without raising taxes further, ...
High inflation is set to push the cost of servicing government debt to twice the Office for Budget Responsibility’s forecast in October, the fiscal watchdog said in its outlook accompanying the...
The government’s decision to freeze income tax bands will provide the government with £20bn additional revenue a year, more than double initial forecasts, according to the Institute for Fiscal...
The Bank of England is set for only modest interest rate tightening in the coming months to deal with high inflation fuelled by supply chain backlogs, according to a senior official.
Next year’s public health grant for councils in England will fall in real terms, despite sector experts saying services having “more than proven their worth” amid Covid-19.
Logistical and software issues are likey to make it challenging for councils to deliver the government’s £150 council tax rebates to help consumers with soaring energy prices, according to CIPFA.
The Bank of England is widely expected to increase interest rates for the second time in two months this week as it continues to try to get inflation under control.
The Bank of England has raised the cost of borrowing for the first time since the onset of Covid-19 despite fears of the Omicron variant slowing the economy, citing worries about inflation.
The Bank of England’s base rate will remain at its all-time low of 0.1% after the Monetary Policy Committee voted to hold fire on an increase – despite predicting inflation will reach 5% next Spring.
Some central banks, including the Bank of England, may need to take additional actions if inflationary pressures persist past the middle of next year, according to the IMF.
Heightened inflation caused by global supply chain issues and labour shortages could continue into the middle of next year, according to the Bank of England’s new chief economist.
Inflation could run above the Bank of England 2% target going into 2023, as supply shortages led to CPI spiking this year, according to ratings agency Standard and Poor’s.
Government borrowing in the financial year to date is around 25% lower than previously forecast, as the Covid-19 recovery continues, according to the Office for National Statistics.
The Bank of England has signalled it could tighten its monetary policy slightly faster than had been expected as the recovery from Covid-19 gets underway and inflation continues to run above its 2%...