"Figures from the Office for National Statistics showed Consumer Prices Index inflation easing to 2.8 per cent, down from 3.3 per cent in March and below City expectations. The decline was driven largely by lower household energy bills after Ofgem reduced its energy price cap by 7 per cent at the start of April, cutting average dual-fuel bills by around £10 a month."
"But the Chancellor moved quickly to warn that the improvement may prove temporary, as escalating tensions involving Iran and disruption in the Strait of Hormuz threaten to drive fuel and commodity prices sharply higher later this year. "The war in Iran is not our war but one we will need to respond to," Rachel Reeves said, arguing that her fiscal decisions had helped shield Britain from wider global instability."
"She insisted Labour had "the right economic plan" and warned that abandoning it would risk economic stability and leave working households worse off. The Government is now preparing a fresh package of cost-of-living measures amid mounting concern over fuel prices, food inflation and wider economic fragility."
"In a sign of the pressure building inside Whitehall, ministers have already softened aspects of Britain's sanctions regime against Russia, allowing imports of diesel and jet fuel refined in third countries using Russian crude oil. The move, aimed partly at avoiding disruption during the summer travel season, has prompted fierce criticism from opposition parties, who accuse Labour of undermining its own stance on the war in Ukraine."
Consumer Prices Index inflation eased to 2.8% in April, down from 3.3% in March and below market expectations. The fall was driven mainly by lower household energy bills after Ofgem reduced the energy price cap by 7% at the start of April, cutting average dual-fuel bills by about £10 a month. The Chancellor warned the improvement may be temporary as tensions involving Iran and disruption in the Strait of Hormuz could push fuel and commodity prices higher later in the year. The Government prepared additional cost-of-living measures amid concerns about fuel prices, food inflation, and economic fragility. Ministers also softened parts of sanctions against Russia to allow certain diesel and jet fuel imports, drawing criticism over undermining the stance on Ukraine.
Read at London Business News | Londonlovesbusiness.com
Unable to calculate read time
Collection
[
|
...
]