Headline UK inflation increased from 3% to 3.3% in March, the clearest evidence yet of the impact the Iran war is having on the British economy. Transport costs (including motor fuels) climbed at their fastest pace in over three years last month, which may be old news to anyone unfortunate enough to have filled up the car over the past six weeks.
Sterling has strengthened ever so slightly against the euro this week, but the risks are stacking up. Top of the worry list is the Bank of England’s next interest rate decision, due a week tomorrow, when the Monetary Policy Committee (MPC) will have to balance increased prices with weak economic growth. To avoid gambling on a good outcome, cut out the risk and lock in today’s rate instead.
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Sir Keir Starmer found himself in some extremely hot water this week thanks to last year’s appointment of Peter Mandelson as ambassador to the United States. The PM survived ‘judgement day’, and although yesterday’s testimony from the Foreign Office official at the centre of the scandal wasn’t a good look for Downing Street, there wasn’t enough damaging material to cost Starmer his job. For now, at least.
Yesterday, we heard that headline unemployment unexpectedly fell from 5.2% to 4.9% in the the three months ending in February. It’s safe to say those unemployment figures caught a few people off guard. And little wonder too, as they represented the seventh largest monthly fall in the headline jobless rate since 1971, according to Deutsche Bank.
In the latest dispatches from the Middle East conflict, the White House announced an extension to the two-week ceasefire that was due to expire today. Donald Trump talked up the prospects of a “great deal” even as Iran refused to commit to attending planned peace talks and attacked a container ship overnight. We could be in this for the long haul.
