Inflation expected to rise ‘slightly over 4%’ in the final quarter of this year, as energy and goods prices surge
- Latest: Bank predicts CPI inflation will rise over 4%
- MPC leaves rates on hold, but two policymakers want to end QE early
- Bank says case for modest tightening has strengthened
- Pound jumps as traders predict rate rise in March 2022
- No need to panic buy, says minister
- Citizens Advice: perfect storm for poorer households
- Stagflation fears as UK private sector growth slows
- Fears of disruption this Christmas from lorry driver shortage
BP’s decision to close some of its petrol stations because of a shortage of lorry drivers shows that the supply chain crisis is getting worse rapidly, warns Jim McMahon MP, Labour’s Shadow Transport Secretary.
McMahon says:
“This is a rapidly worsening crisis that the Government has failed to heed the warnings of for a decade, never investing in or valuing working class jobs.
“Sticking plaster solutions are not going to solve it. Ministers must take decisive steps now to tackle the 90,000 driver shortfall.
Related: BP rations petrol and diesel deliveries to its service stations
Back in the markets, two-year British government bond yields surged by their most since March 2020 today, as traders bet on an earlier rate rise by the Bank of England.
The yield, or interest rate, on two-year gilts jumped from 0.27% to 0.37% today.