Odds of UK interest rate cut this week fall after inflation sticks at 2.2%; rents keep soaring

Business

Business Odds of an interest rate cut tomorrow fall

The Bank of England is less likely to cut interest rates tomorrow, the City believes, after this morning’s inflation report showed a rise in core inflation in August.

The money markets show that the odds of the BoE making no change to borrowing costs at noon on Thursday have risen to 73% this morning.

That’s up from 65% before we learned that headline inflation stuck above the Bank’s target in August, at 2.2%.

Monica George Michail, associate economist at research institute NIESR, says the Bank will have noted that underlyinng inflation “remains elevated”, even though headline CPI inflation was unchanged:

“Annual CPI inflation in August remains unchanged from July at 2.2%. Core and Services inflation rates have slightly gone up, after an encouraging fall in July, recording 3.6% and 5.6%.
Given that inflation is set to gently rise towards the end of the year, and that underlying inflation remains elevated, this reduces chances of a rate cut tomorrow, and new developments will be closely monitored by the MPC”

⚡️Our reaction to today’s #inflation figures is out now ⚡️@MichailMonica @_maxmosley @RoyalEconSoc pic.twitter.com/VXFHFsYoJp

— National Institute of Economic and Social Research (@NIESRorg) September 18, 2024

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Google has won a legal challenge against a €1.49bn antitrust fine for hampering competition in the online search advertising business.

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The Luxembourg-based General Court has annulled the fine, despite also mostly agreed with the European Union competition enforcer’s assessments of the case five year ago.

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The judges said:

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“The court (…) upheld most of the commission’s assessments, but annulled the decision imposing a fine of almost 1.5 billion euros on Google, on the grounds in particular that it had failed to take into account all the relevant circumstances in its assessment of the duration of the contractual clauses that it had found to be unfair.”
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Back in 2019, the EC ruled that Google had abused its market dominance in online advertising, by forcing web publishers not to accept adverts from its rivals or making them reserve the most profitable space on their search results pages for Google’s adverts.

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UK tenants continue to be hit by inflation-busting rental increases.

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Average UK private rents increased by 8.4% in the 12 months to August, the ONS reports.

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That’s down from 8.6% in the 12 months to July, but still almost four times faster than the headline rate of inflation.

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The ONS adds:

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Average rents increased to £1,327 (8.5%) in England, £752 (8.5%) in Wales, and £969 (7.6%) in Scotland, in the 12 months to August 2024.

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In Northern Ireland, average rents increased by 9.9% in the 12 months to June 2024.

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In England, rents inflation was highest in London (9.6%) and lowest in the South West (6.4%), in the 12 months to August 2024.

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chart showing the latest average rents”,”credit”:”Photograph: ONS”],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1726648413000,”blockCreatedOnDisplay”:”09.33 BST”,”blockLastUpdated”:1726648642000,”blockLastUpdatedDisplay”:”09.37 BST”,”blockFirstPublished”:1726648633000,”blockFirstPublishedDisplay”:”09.37 BST”,”blockFirstPublishedDisplayNoTimezone”:”09.37″,”title”:”UK rents soar by 8.4%”,”contributors”:[],”primaryDateLine”:”Wed 18 Sep 2024 10.01 BST”,”secondaryDateLine”:”First published on Wed 18 Sep 2024 06.28 BST”,”id”:”66ea8fd48f086ad2b492a2ca”,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Just in: UK house price inflation has slowed.

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The average UK house prices increased by 2.2% to £290,000 in the 12 months to July, new data from the Office for National Statistics shows.

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That’s down from 2.7% in the 12 months to June 2024, and is the fifth monthly rise in annual house price infation in a row.

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The ONS reports that average house prices increased in England to £306,000 (a rise of 1.6%), in Wales to £218,000 (2.0%), and in Scotland to £199,000 (6.0%) in the last year.

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Average UK house prices increased by 2.2%, to £290,000 in the year to July 2024, up from £288,000 in June 2024.
Read the release ➡️ https://t.co/21oFb1o4O5 pic.twitter.com/ao26eVMHi1
— Office for National Statistics (ONS) (@ONS) September 18, 2024

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Newsflash: There’s a leadership shake-up at struggling retailer Asda.

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Asda has announced that veteran retailer Sir Stuart Rose, currently its chairman, is to lead the business, taking over from co-owner Mohsin Issa, as it tries to reverse a sales decline.

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Issa will now focus on running EG Group, the petrol station and convenience store chain which he and his brother Zuber built their fortunes.

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Lord Rose, the former CEO and chairman of Marks & Spencer, says:

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n
We respect Mohsin’s decision to move on from his role at Asda where his work is complete to be the sole CEO of EG Group.
n
We are very grateful to Mohsin for the role he has played in overseeing Asda, including launching into the growth market of convenience stores and introducing a loyalty app now used by more than six million customers. He has laid the foundations to deliver a world-class IT infrastructure, strengthening Asda for the long term. I look forward to continuing to benefit from his insight as a non-executive director on our Board.”
n

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The move comes after Asda lost market against rivals, with sales falling by over 6% in the three months to mid-August.

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Rose told the Telegraph last month that he was “embarrassed” by Asda’s performance, and that he would urge Mohsin Issa to permanently step back from the day-to-day running of the business. That urging seems to have come to fruition today.

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Asda says Rose will assume Mohsin Issa’s executive responsibilities alongside Rob Hattrell, a partner at TDR Capital, the private equity firm who bought Asda alongside the Issa brothers in 2020.

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Following reports, which have been denied, of a rift between the brothers, Zuber sold his Asda stake to TDR this summer.

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Asda adds that it is still looking for a CEO to lead the business “in the next phase of its strategy”.

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chart showing the latest UK inflation rates”,”caption”:”A chart showing the latest UK inflation rates”,”credit”:”Photograph: ONS”],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1726643955000,”blockCreatedOnDisplay”:”08.19 BST”,”blockLastUpdated”:1726643977000,”blockLastUpdatedDisplay”:”08.19 BST”,”blockFirstPublished”:1726643977000,”blockFirstPublishedDisplay”:”08.19 BST”,”blockFirstPublishedDisplayNoTimezone”:”08.19″,”title”:”Chart: UK inflation”,”contributors”:[],”primaryDateLine”:”Wed 18 Sep 2024 10.01 BST”,”secondaryDateLine”:”First published on Wed 18 Sep 2024 06.28 BST”,”id”:”66ea7b118f086ad2b492a23f”,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

It’s important to remember that although the rate of price rises has slowed this summer, the level of prices is sharply higher than before the cost of iving crisis began.

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Darren Jones, chief secretary to the Treasury, makes this point:

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n
“Years of sky-high inflation have taken their toll; and prices are still much higher than four years ago.
n
“So, while more manageable inflation is welcome, we know that millions of families across Britain are struggling, which is why we are determined to fix the foundations of our economy so we can rebuild Britain and make every part of the country better-off.”
n

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The Bank of England is less likely to cut interest rates tomorrow, the City believes, after this morning’s inflation report showed a rise in core inflation in August.

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The money markets show that the odds of the BoE making no change to borrowing costs at noon on Thursday have risen to 73% this morning.

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That’s up from 65% before we learned that headline inflation stuck above the Bank’s target in August, at 2.2%.

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n
“Annual CPI inflation in August remains unchanged from July at 2.2%. Core and Services inflation rates have slightly gone up, after an encouraging fall in July, recording 3.6% and 5.6%.
n
Given that inflation is set to gently rise towards the end of the year, and that underlying inflation remains elevated, this reduces chances of a rate cut tomorrow, and new developments will be closely monitored by the MPC”
n

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⚡️Our reaction to today’s #inflation figures is out now ⚡️@MichailMonica @_maxmosley @RoyalEconSoc pic.twitter.com/VXFHFsYoJp
— National Institute of Economic and Social Research (@NIESRorg) September 18, 2024

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Inflation at the UK factory gate slowed last month, which may feed through to consumers in coming months.

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The output prices charged by UK producers rose by 0.2% in the year to August, the Office for National Statistics reports, down from 0.8% in July.

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Producers saw their own input prices fall, by 1.1% year-on-year, thanks to a drop in the oil price.

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Factory gate prices rose by 0.2% in the year to August, down from an increase of 0.8% in the year to July.
Meanwhile, the cost of raw materials fell 1.2% in the year to August, down from a revised increase of 0.2% in the year to July.
Read the release ➡️ https://t.co/RVyWiQG2T9 pic.twitter.com/wjC7d5c8PL
— Office for National Statistics (ONS) (@ONS) September 18, 2024

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Services inflation accelerated to 5.6% in August, from 5.2% in July, the inflation report shows.

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Conversely, goods prices continued to fall, and at a faster rate. The CPI goods annual rate fell from -0.6% to -0.9%.

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Worryingly, underlying inflation across the UK has risen.

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The Core CPI, which excludes energy, food, alcohol and tobacco, rose by 3.6% in the 12 months to August 2024, up from 3.3% in July.

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Economists had expected a smaller rise in core inflation, to 3.5%.

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Despite fears of a Taylor Swift effect, hotel and restaurant prices actually fell last month.

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Today’s inflation report shows that prices at restaurants and hotels fell by 0.7% in August, compared with July.

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This pulled the annual inflation rate for restaurants and hotels down to 4.4% in August 2024, down from 4.9% in the year to July, and the lowest rate since July 2021.

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The ONS reports that the prices of various alcohol products at pub and restaurants rose by less than a year ago.

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annual inflation rate for restaurants and hotels in August was the lowest since July 2021″,”credit”:”Photograph: ONS”,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Some economists have suggested that strong demand from Swifties attending concerts this summer could have had an upward affect on inflation, as hotel owners reacted to higher demand by whacking up prices.

“,”elementId”:”51b61ea4-5020-469e-b799-c11471ca3ce0″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

In August, Taylor Swift played five dates at Wembley Stadium.

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The cost of petrol and diesel fell last month, countering the impact of higher air fares and keeping inflation at 2.2%.

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Today’s UK inflation report shows that motor fuel prices fell by 3.4% in the year to August, compared with a rise of 1.8% in the year to July.

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According to the ONS, the average price of petrol fell by 2.1p per litre between July and August to 142.3p per litre. That’s down from 148.5p per litre in August 2023.

“,”elementId”:”51aafe7e-ce7d-4fae-a67e-ea8b723250c6″,”_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”prefix”:”Related: “,”text”:”UK pump prices at three-year low as fuel duty hike looms”,”elementId”:”6ab4bdf0-1c7e-43f5-84cc-8cbe4a84ef7b”,”role”:”thumbnail”,”url”:”https://www.theguardian.com/politics/article/2024/sep/05/uk-pump-prices-at-three-year-low-but-fuel-duty-increases-expected-in-october-budget”,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Diesel prices fell by 2.6p per litre in August to 147.8p per litre, down from 151.1p per litre in August 2023.

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ONS chief economist Grant Fitzner says:

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n
“Inflation held steady in August as various price fluctuations offset each other.
n
“The main movements came from air fares, in particular to European destinations, which showed a large monthly rise, following a fall this time last year.
n
“This was offset by lower prices at the pump as well as falling costs at restaurants and hotels. Also, the prices of shop bought alcohol fell slightly this month, but rose at the same time last year.
n

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Newsflash: UK inflation remained unchanged last month, above the UK’s official target.

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The Consumer Prices Index, which tracks cost changes across the economy, rose by 2.2% in the year to August, data just released by the Office for National Statistics shows.

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That means prices are rising a little faster than the Bank of England’s target of 2%.

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CPI rose by 2.2% in the 12 months to August 2024, unchanged from July 2024.
Read the release ➡️ https://t.co/3rW4NgMQNJ pic.twitter.com/AvTfVmsj53
— Office for National Statistics (ONS) (@ONS) September 18, 2024

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Shoppers may face a choccy horror show this Halloween after the price of chocolate shot up 11% in the past year – far outstripping increases for other foods across UK supermarkets.

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Britons opening their doors to trick-or-treaters could decide to cut back on spending for 31 October, as the cost of chocolate rose sharply in the year to the end of August, way above wider grocery inflation of 2.7% over the same period, according to research by the consumer group Which?

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The price has risen after cocoa prices more than doubled on world markets in the face of tree disease and adverse weather in growing countries aggravated by the climate crisis.

“,”elementId”:”bb9b27c1-022e-4d3a-a9af-9af056fdc96a”,”_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”prefix”:”Related: “,”text”:”Rise in chocolate prices could spook shoppers this Halloween”,”elementId”:”1fa06b27-86eb-4410-8059-dca300aab799″,”role”:”thumbnail”,”url”:”https://www.theguardian.com/business/2024/sep/18/rise-in-chocolate-prices-could-spook-shoppers-this-halloween”],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1726637307000,”blockCreatedOnDisplay”:”06.28 BST”,”blockLastUpdated”:1726638988000,”blockLastUpdatedDisplay”:”06.56 BST”,”blockFirstPublished”:1726638989000,”blockFirstPublishedDisplay”:”06.56 BST”,”blockFirstPublishedDisplayNoTimezone”:”06.56″,”title”:”Rise in chocolate prices could spook shoppers this Halloween”,”contributors”:[“name”:”Sarah Butler”,”imageUrl”:”https://i.guim.co.uk/img/uploads/2022/11/09/Sarah_Butler.jpg?width=300&quality=85&auto=format&fit=max&s=71c588f8abb3327a593d04d22e7f2b53″,”largeImageUrl”:”https://i.guim.co.uk/img/uploads/2022/11/09/Sarah_Butler_Next_Gen.png?width=300&quality=85&auto=format&fit=max&s=fe4fee7a16856b50bcffd22cadef6501″],”primaryDateLine”:”Wed 18 Sep 2024 10.01 BST”,”secondaryDateLine”:”First published on Wed 18 Sep 2024 06.28 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stack of Tupperware containers.”,”credit”:”Photograph: Anton Starikov/Alamy”,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

While we wait for the UK inflation report… Tupperware, the manufacturer of food storage containers, has filed for bankruptcy protection.

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Tupperware announced this morning it has voluntarily begun Chapter 11 proceedings in the United States Bankruptcy Court for the District of Delaware.

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Laurie Ann Goldman, president and chief executive officer of Tupperware, blamed a “challenging macroeconomic environment” (costs of raw materials have jumped, and the pandemic boom in home cooking has faded, hurting sales).

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Goldman added:

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n
“Whether you are a dedicated member of our Tupperware team, sell, cook with, or simply love our Tupperware products, you are a part of our Tupperware family. We plan to continue serving our valued customers with the high-quality products they love and trust throughout this process.”
n

“,”elementId”:”1e21d7af-298b-4442-8d5d-580ea9f6c623″],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1726638554000,”blockCreatedOnDisplay”:”06.49 BST”,”blockLastUpdated”:1726640990000,”blockLastUpdatedDisplay”:”07.29 BST”,”blockFirstPublished”:1726638793000,”blockFirstPublishedDisplay”:”06.53 BST”,”blockFirstPublishedDisplayNoTimezone”:”06.53″,”title”:”Tupperware Brands files for bankruptcy protection”,”contributors”:[],”primaryDateLine”:”Wed 18 Sep 2024 10.01 BST”,”secondaryDateLine”:”First published on Wed 18 Sep 2024 06.28 BST”,”id”:”66e9948b8f086ad2b4929a2d”,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.

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Inflation and interest rates are top of the agenda today.

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Firstly, we’re about to learn how fast prices rose across the UK last month, when the latest official inflation report is released at 7am.

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Economists predict the consumer prices index rose by 2.2% in the year to August, matching July’s figure.

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That would mean prices were rising slightly faster than the Bank of England’s 2% target, but at a much slower pace than during the height of the cost of living crisis in autumn 2022, when inflation hit 11.1%.

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A weak inflation reading might give the Bank of England confidence to cut interest rates on Thursday, while a higher rate would make policymakers lean towards maintaining borrowing costs.

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As things stand, the money markets indicate there’s a 65% chance that the BoE leaves rates on hold tomorrow, and just a 35% chance of a cut.

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Interest rates across the Atlantic will probably be cut later today – the question is by how much. Investors are split over whether the US Federal Reserve will start its easing programme modestly, with a cut of a quarter of one percent (25 basis points), or go big with a half-point reduction.

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Currently, the markets think a bumper 50 basis-point cut is more likely. But we’ll see at at 7pm.

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Kit Juckes, currency expert at French bank Société Générale, says:

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n
Is the Fed a hare or a tortoise? Whether we get a 25bp or a 50bp cut from the Fed tomorrow matters less than the destination of rates. Reaching the right destination is more important than how fast you start. Just ask the hare!
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Business The agenda

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7am BST: UK inflation report for August

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9.30am BST: UK house prices and rental costs data

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10am BST: Eurozone inflation report for August (final reading)

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7pm BST: Federal Reserve sets US interest rates

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7.30pm BST: Federal Reserve press conference

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Business Google wins challenge against €1.49bn EU antitrust fine

Google has won a legal challenge against a €1.49bn antitrust fine for hampering competition in the online search advertising business.

The Luxembourg-based General Court has annulled the fine, despite also mostly agreed with the European Union competition enforcer’s assessments of the case five year ago.

The judges said:

“The court (…) upheld most of the commission’s assessments, but annulled the decision imposing a fine of almost 1.5 billion euros on Google, on the grounds in particular that it had failed to take into account all the relevant circumstances in its assessment of the duration of the contractual clauses that it had found to be unfair.”

Business UK rents soar by 8.4%

UK tenants continue to be hit by inflation-busting rental increases.

Average UK private rents increased by 8.4% in the 12 months to August, the ONS reports.

That’s down from 8.6% in the 12 months to July, but still almost four times faster than the headline rate of inflation.

The ONS adds:

Average rents increased to £1,327 (8.5%) in England, £752 (8.5%) in Wales, and £969 (7.6%) in Scotland, in the 12 months to August 2024.
In Northern Ireland, average rents increased by 9.9% in the 12 months to June 2024.
In England, rents inflation was highest in London (9.6%) and lowest in the South West (6.4%), in the 12 months to August 2024.

Business UK house price inflation slowed in July

Just in: UK house price inflation has slowed.

The average UK house prices increased by 2.2% to £290,000 in the 12 months to July, new data from the Office for National Statistics shows.

That’s down from 2.7% in the 12 months to June 2024, and is the fifth monthly rise in annual house price infation in a row.

The ONS reports that average house prices increased in England to £306,000 (a rise of 1.6%), in Wales to £218,000 (2.0%), and in Scotland to £199,000 (6.0%) in the last year.

Average UK house prices increased by 2.2%, to £290,000 in the year to July 2024, up from £288,000 in June 2024.

Read the release ➡️ https://t.co/21oFb1o4O5 pic.twitter.com/ao26eVMHi1

— Office for National Statistics (ONS) (@ONS) September 18, 2024

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A UK interest rate cut tomorrow is “completely off the table”, reckons Sam North, Market Analyst at trading platform eToro:

North explains:

“UK services inflation slightly exceeded expectations in August at 5.6% year-on-year, prompting a brief hawkish lift in GBP [the pound].
“However, the release is unlikely to significantly impact the BoE’s upcoming policy decision, with an unchanged Bank Rate still expected.
“The consensus for tomorrow is for a 7-2 vote split, and while I don’t think this will change that, the BoE will hope this is not the start of a new upwards inflation trend.”

Business Stuart Rose takes control at struggling Asda

Newsflash: There’s a leadership shake-up at struggling retailer Asda.

Asda has announced that veteran retailer Sir Stuart Rose, currently its chairman, is to lead the business, taking over from co-owner Mohsin Issa, as it tries to reverse a sales decline.

Issa will now focus on running EG Group, the petrol station and convenience store chain which he and his brother Zuber built their fortunes.

Lord Rose, the former CEO and chairman of Marks & Spencer, says:

We respect Mohsin’s decision to move on from his role at Asda where his work is complete to be the sole CEO of EG Group.
We are very grateful to Mohsin for the role he has played in overseeing Asda, including launching into the growth market of convenience stores and introducing a loyalty app now used by more than six million customers. He has laid the foundations to deliver a world-class IT infrastructure, strengthening Asda for the long term. I look forward to continuing to benefit from his insight as a non-executive director on our Board.”

The move comes after Asda lost market against rivals, with sales falling by over 6% in the three months to mid-August.

Asda says Rose will assume Mohsin Issa’s executive responsibilities alongside Rob Hattrell, a partner at TDR Capital, the private equity firm who bought Asda alongside the Issa brothers in 2020.

Following reports, which have been denied, of a rift between the brothers, Zuber sold his Asda stake to TDR this summer.

Asda adds that it is still looking for a CEO to lead the business “in the next phase of its strategy”.

The pound has risen this morning, as the odds of a surprise interest rate cut tomorrow fade.

Sterlging has gained almost a third of a cent against the US dollar to $1.319, towards the one-week high it touched yesterday.

Today’s UK CPI inflation figure inline with expectations but sticky services inflation points to rates on hold at next meeting rather than a cut. US rate cuts likely to be more aggressive than U.K. which makes for a strengthening GBP v Dollar.

— Jason Hollands (@jasonhollands) September 18, 2024

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Today’s UK CPI inflation figure inline with expectations but sticky services inflation points to rates on hold at next meeting rather than a cut. US rate cuts likely to be more aggressive than U.K. which makes for a strengthening GBP v Dollar.
— Jason Hollands (@jasonhollands) September 18, 2024

Daniel Casali, chief investment strategist at wealth manager Evelyn Partners, says:

The broader trend of lower UK inflation should encourage the BoE to cut interest rates this year, but at a relatively slower pace compared to the US. Potentially, this should provide upside for the sterling exchange rate against the US dollar.

There is some good news for households and the Bank of England in today’s inflation report, says Sanjay Raja, chief UK economist at Deutsche Bank Research:

But, today’s data won’t be enough to trigger a surprise UK interest rate cut tomorrow, Raja predicts, explaining:

Headline CPI came in line at 2.2% y/y. But core CPI edged higher to 3.59% y/y, and services CPI ticked higher to 5.56% y/y – both a tenth above our own projections.
The strength in services inflation came down to stronger than expected airfares, which shot up 22% m/m, offsetting the bigger fall in accommodation prices. The good news is that despite the stronger services and core goods prints, food and energy inflation surprised to the downside.

Today’s UK inflation report “cements” the view that the Bank of England will pause tomorrow and leave interest rates unchanged, says Ruth Gregory, deputy chief UK economist at Capital Economics.

She adds:

We continue to assume the next 25 basis point rate interest rate cut will take place in November and that rates will be cut at alternative BoE meetings until June.

Business Chart: UK inflation

On the face of it, today’s inflation rate of 2.2% gives the BoE confidence towards lowering interest rates further this year.

But, says professor Costas Milas of the University of Liverpool, it’s not that simple. He argues that recent public sector pay deals could push up inflation.

He tells us:

Services inflation, a good proxy for domestic pressures has gone up to 5.6% in August.
I still believe that the latest public sector wage increases of 5.5% (plus ) will push up services inflation (and therefore CPI inflation) further within the next 9 months as I pointed out in a recent London School of Economics Business blog. This suggests the Bank’s MPC should, for the time being, keep interest rates unchanged.

There is an extra reason for doing so, he adds:

The Fed is largely expected to lower US interest rates by 25 to 50 basis points this week. Academic research points out to significant positive spillover effects to international growth (including the UK one) from such a cut since it will look “co-ordinated” with the recent interest rate cut by the ECB.
In short, the BoE could allow for cuts in international interest rates to strengthen UK growth without taking action itself!

Source of this programme

“This is one helpful item!”

“UK inflation rate remained unchanged last month, as air fares rose and petrol prices dropped, but underlying inflation has risenDespite fears of a Taylor Swift effect, hotel and restaurant prices…”

Source: Read More

Source Link: https://www.theguardian.com/business/live/2024/sep/18/us-interest-rate-decision-federal-reserve-uk-infation-cost-of-living-bank-of-england-business-live

#Business – BLOGGER – Business

Odds of UK interest rate cut this week fall after inflation sticks at 2.2%; rents keep soaring – business live

Business Odds of an interest rate cut tomorrow fall

Business The agenda

Business Google wins challenge against €1.49bn EU antitrust fine

Business UK rents soar by 8.4%

Business UK house price inflation slowed in July

Business Stuart Rose takes control at struggling Asda

Business Chart: UK inflation

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