UK inflation hits 9.1% as prices rise at fastest rate for 40 years
The price of everything is rising at the fastest rate in 40 years, with food, energy and fuel costs continuing to climb.
Inflation has hit 9.1%, the highest level since March 1982. Reports from The Bank Of England have warned that this figure will reach 11% this year!
The rapid increase has been attributed to everything from the war in Ukraine which impacting supplies coming to the UK, Covid-19 and Brexit.
To stem the pace of soaring prices, the Bank of England recently increased UK interest rates from 1% to 1.25% but will it be enough?
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Online sales tax ‘would punish British SMEs’, Amazon warns Treasury
Amazon has warned that the online sales tax will harm the small businesses trading on their platform. EBay also agreed that this would create a problem for primarily online businesses.
A Treasury spokesperson said: “We have not decided whether to proceed with an online sales tax.
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Just 100 days left to spend paper £20 and £50 notes
The remaining old-style paper £20 or £50 notes should be spent or deposited by the end of September, the Bank of England said.
This is because they are being replaced with the new plastic ones which are more durable.
However, people with a UK bank will still be able to deposit the old notes, but it will be impossible to spend them anywhere.
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UK businesses brace for late payment surge
Late payments are expected to grow significantly in the coming months, as a result of rising inflation and interest rates.
Reports suggest that many businesses are having problems with late payments, which in turn impact their growth.
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