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UK inflation rate jumps to 15-month high of 0.5% – business live

Discussion in 'Market News' started by Lily, Apr 12, 2016.

  1. Lily

    Lily Forum Member

    Aug 29, 2015
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    All the day’s economic and financial news, including the International Monetary Fund’s latest World Economic Outlook at 2pm BST

    9.42am BST

    The pound has jumped by almost half a cent against the US dollar, to around $1.4283.

    Traders are calculating that higher-than-expected inflation figures could mean UK interest rates rise earlier than expected.

    9.40am BST

    Britain’s core inflation rate, which strips out energy, food, alcohol and tobacco, has hit 1.5%.

    That’s the highest rate since October 2014, indicating that inflationary pressures are building.

    9.36am BST

    The early Easter holiday has helped to push inflation up.

    Holiday air fares rose in March compared to 2015 (when Easter was later).

    9.33am BST

    This is the highest UK inflation rate since December 2014, as measured by the Consumer Prices Index anyway.

    9.31am BST

    Breaking: Britain’s annual inflation rate has jumped to 0.5% for March, up from 0.3% in February.

    That beats forecasts of a smaller rise, to 0.4%.

    9.29am BST

    The IMF has already cut its forecasts for growth this year several times, as RBS’s economist team point out.

    Today’s World Economic Outlook, due at 2pm BST, may include further gloom.

    New IMF forecast figs today. Pessimism over 2016 global growth has steadily grown. Will there be another shaving? pic.twitter.com/S7inT589TY

    9.12am BST

    Hopes that Greece and its creditors could make a breakthrough have been dashed overnight, probably to no-one’s great surprise.

    Talks between the two sides were adjourned early this morning, and will resume next week once the IMF’s Spring Meeting has concluded.

    “The Greek government and the four institutions agreed there was progress,”

    First "deadline" missed, onwards to the next one. Stop me if you've heard this one before #Greece https://t.co/Ltj2PlCE54

    8.53am BST

    Tax avoidance by multinational corporations will be forced into the open under proposals to be unveiled by European regulators later today following the Panama Papers revelations.

    The European commission will put forward legislation requiring large multinationals operating in Europe to disclose where they make profits and where they pay tax on a country by country basis.

    Related: EU regulators demand greater tax transparency from multinationals

    8.30am BST

    Shares in luxury goods makers are sliding across Europe this morning, following disappointing results from France’s LVMH Moët Hennessy Louis Vuitton SE.

    “The U.S. market is strong and Europe remains well oriented except for France which is affected by a fall in tourism.”

    8.21am BST

    Troubled UK supermarket chain Tesco has cut back one of its overseas ventures, as it looks to bolster its position back home.

    8.14am BST

    London’s stock market has opened cautiously, with the FTSE 100 index dropping by 8 points in early trading.

    Mining shares are up, partly helped by the weaker dollar.

    Related: UK retailers' sales hit by bad weather and early Easter

    8.06am BST

    Jack Lew, the US treasury secretary, has turned the tables on the International Monetary Fund by arguing that it must do more to help the global economy recover.

    ...intensify scrutiny of critical issues like exchange rates, current account imbalances, and shortfalls in global aggregate demand

    7.52am BST

    IMF chief Christine Lagarde has poured cold water on hopes that a global tax authority could be introduced, to combat tax evasion.

    Speaking in Washington overnight, she warned that the idea of an intergovernmental UN tax body – promoted by Oxfam – faced major obstacles from governments.

    “We need to be aware of the massive hurdles and obstacles along the way because taxation for the last century or so has been defined, conceptualised, designed, implemented on a purely territorial sovereign basis.

    And if anything, levying taxation is considered as an attribute of sovereignty, and anything that takes away from that is going to be very strongly opposed by many countries in the world, many forces.”

    “I think it’s an area where we all have to think outside the box because there are too many boxes in that tax field and thinking outside the box might be of great interest.”

    Related: IMF chief talks Panama Papers fallout: time to 'think outside box' on global tax

    7.37am BST

    Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

    Related: EU 'will toughen plans to make firms disclose offshore tax bills'

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