In an effort to combat surging inflation, the Bank of England (BoE) introduced its highest interest rate since 1995 on Thursday, raising the rate from 1.25% to 1.75%. Inflation is currently standing at a 40-year high of 9.4%.

With a 40% rise in regulated energy tariffs expected to be introduced in October, the BoE has warned that the British economy is most likely to contract later on this year.

The CBI expects manufacturers to continue experiencing slow growth in the near term, while consumer services and retail businesses are expected to lose a significant volume of sales.

“This is unsurprising, given that strong inflation has been pushing real wages down sharply, and consumer confidence is at an all-time low,” the CBI stated in its report.

The post British Businesses Expect No Growth During Next Quarter, Research Finds appeared first on theprimarymarket.com.

In an effort to combat surging inflation, the Bank of England (BoE) introduced its highest interest rate since 1995 on Thursday, raising the rate from 1.25% to 1.75%. Inflation is currently standing at a 40-year high of 9.4%.

With a 40% rise in regulated energy tariffs expected to be introduced in October, the BoE has warned that the British economy is most likely to contract later on this year.

The CBI expects manufacturers to continue experiencing slow growth in the near term, while consumer services and retail businesses are expected to lose a significant volume of sales.

“This is unsurprising, given that strong inflation has been pushing real wages down sharply, and consumer confidence is at an all-time low,” the CBI stated in its report.

The post British Businesses Expect No Growth During Next Quarter, Research Finds appeared first on theprimarymarket.com.