Inflation in the UK climbed to 2.6% in November, reinforcing expectations the Bank of England will keep interest rates unchanged on Thursday, reports The Times. It is the second month in a row that inflation has risen, pushing it further above the central bank’s target of 2%.
Core inflation, which strips out food and energy prices, rose from 3.3% in October to 3.5% in November (The Telegraph). Services inflation remained unchanged at 5%.
Fuel and clothing were among the main drivers behind the rise according to the BBC, which also revealed that increasing ticket prices for gigs and theatre played a factor in the rate hitting its highest level for the past eight months.
It comes after figures released by the ONS yesterday showed that wage growth in the UK accelerated to 4.9% to 5.2% the three months to October (The Guardian).
The pickup in take-home pay has quashed hopes of a cut in interest rates this week from the Bank of England, according to The Financial Times.
The CMA’s decision to green-light Carlsberg’s takeover of Britvic features across several titles. The deal raises fears of job losses, with Carlsberg eyeing annual cost savings of £100m over five years, reports The Guardian.
The Daily Mail takes a different angle on the story, focusing instead on the fact that Carlsberg’s acquisition of Britvic is just the latest example of London-listed business being snaffled up by a foreign company, as it raises concerns UK equities may be significantly undervalued.
At least 70 people within the Post Office and Royal Mail knew about errors with the Horizon IT system, according to its manufacturer on the final day of the public inquiry (Sky News). The inquiry’s chair, Sir Wyn Williams, has promised to publish his findings “as quickly as I sensibly can” but cautioned the report will not be published for “many months”.
In a separate interview with Sky News, Post Office minister Gareth Thomas said his department was “working at pace” and committed to providing redress to victims as quickly as possible.
The Guardian revealed that the government has blamed “weak and arrogant” executives at the Post Office for the scandal. Bosses were “culpably dishonest” and had a culture of “contempt” towards branch operators, it said.
Analysis by the British Retail Consortium (BRC) has revealed 225,000 high street jobs have been lost over the past five years. The figures place chancellor Rachel Reeves under more pressure to reform business rates, reports The Daily Mail.
Proving romance is far from dead, BrewDog founder and former CEO James Watt is considering delaying his marriage to reality TV star Georgia Toffolo to avoid missing out on tax relief for investing in her raw dog food business (The Guardian). Watt said he would lose out on EIS relief from investing in Wild Pack after tying the knot to Toffolo, unless he delayed the marriage for at least three years.
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