CBI calls for Cobra-style emergency committee for economy

Recession ‘a very live concern’ as CBI outlines seven interventions, to boost growth before the autumn budget.

With growing concerns, the economy won’t make it to the autumn budget. Reports suggest that the CBI highly suggest that the government must take action to prevent a full-blown recession.

Many are concerned that there is only a small window to make these changes, before a recession is on the cards. This is something those small businesses, do not need after the struggles of the last 2 years.

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Cost of living: Eight million households to start receiving support payments in July

The government has said, that eight million households will start to receive their cost of living payments by the 14th of July.

Low-income households will receive the first of two amounts next month, with the first total being £326 and the next amount being £324 in the autumn.

Aside from this, every UK household will receive a £400 discount on their energy bills. Reports say that you will not need to do anything to receive this discount, it will automatically be applied.

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UK interest rates raised to 1.25% by Bank of England

Rates have increased from 1% to 1.25%, the fifth consecutive rise, pushing them to the highest level in 13 years. This is the fifth time since December, in an attempt to suppress soaring inflation.

This is due to finances being squeezed by the rising cost of living. This is the first time since 2009 that the base rate has been above 1 %.

This increase will influence many in different ways, most homeowners will find it more expensive when they re-mortgage their property.

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Weak pound puts the squeeze on holiday spending

The pound’s weakness against the dollar and the euro, spells bad news for British holidaymakers this summer.

As a result, brits travelling over the next few weeks will find that their money doesn’t stretch as far as they’d like. This is due to the pound being weaker than the euro and especially the dollar, reports suggest the dollar is very strong at the moment.

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