BoE in 'tricky spot' as central bank wrestles rate rises in slowing economy

Inflation climbs to 9% in April

clock • 2 min read

Sharp rises in the cost of commodities, particularly energy and food, continue to put pressure on the cost of living for UK households, as inflation rises to 9% in April from 7% in March, its highest level since 1982.

CPI is running at its fastest pace in 40 years, due largely to the rise in costs of energy rises in housing and transport. According to CEO & CIO at BRI Wealth Management Dan Boardman-Weston, the Bank of England is now in a "really tricky spot" as it faces raising rates in a slowing economy: "Significant increases in the cost of living, the national insurance hike and interest rate increases have started to affect consumer demand and sentiment and the economic outlook looks darker than it has for some time," he said. "We fear that any tax cuts that are being mooted by the Treasury ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your Business

All the advice firm acquisitions that have taken place in 2024

All the advice firm acquisitions that have taken place in 2024

Keeping track of the ongoing consolidation of the advice industry

Professional Adviser
clock 11 November 2024 • 3 min read
Brooks Macdonald buys financial planning firm

Brooks Macdonald buys financial planning firm

Acquisition adds around 500 clients

Jen Frost
clock 05 November 2024 • 2 min read
Budget M&A impact: 'We completed three deals' the day before

Budget M&A impact: 'We completed three deals' the day before

Advice firms pushed to get deals in before 30 October CGT changes

Jen Frost
clock 31 October 2024 • 3 min read