UK Companies Plan Price Hikes Amid Middle East War
UK News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
UK companies are ramping up price hikes, expecting a 3.7% increase over the next year, as the Middle East war drives up oil and gas prices, affecting every industry. Chancellor Rachel Reeves is under pressure to protect households from rising energy bills and scrap a planned fuel duty hike. The Bank of England is closely watching these pricing plans as it considers rate hikes, with markets now predicting two increases by year-end. Governor Andrew Bailey warns that weak consumer spending could limit firms ability to pass on costs, as inflation holds at 3% but is set to rise.
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