UK inflation rises to 3.1% as energy costs squeeze households
Business
Inflation in the UK jumped to 3.1% in August, mostly because energy prices are up thanks to ongoing fighting across the Middle East.
Everyday costs like petrol (now close to £1.70 per liter) and diesel (over £1.91 per liter) are squeezing households and businesses even more.
Bank of England readies rate decision
With borrowing costs climbing and markets on edge, the Bank of England is gearing up for a key interest rate call this Thursday.
Meanwhile, Chancellor John Healey is set to announce a strict budget next month as rising inflation and higher borrowing costs complicate the task of funding Andy Burnham's policy priorities.