The Bank of England raised its expectations for inflation but reiterated its view that the coronavirus crisis-linked spike in price rises of recent months does not represent a materialising crisis for the economy. Last Thursday’s report was the Bank’s first official reaction to data released earlier this month that showed the consumer prices index (CPI) breaking through the bank’s 2% inflation target in May – a lot sooner than the MPC had forecast. Also covered are business rates, with support beginning to wind down in July. Many small businesses are urgently calling for more financial support from the Government due to extended lockdowns.
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