Summary: The UK economy faces concerns as initial data shows an unexpected rise in June's inflation rate to 4.2%. Job numbers indicate potential hesitance by the Bank of England in raising interest rates . Unemployment reaches levels not seen since October 2021 amid recent events like Wilco's administration. Average hourly earnings grew by 8.2% in June, aligning with expectations of further interest rate increases. The uncertain monetary policy outlook hinges on upcoming consumer price inflation figures. Sterling reacts positively to data release, impacting currency performance. Future economic trajectory depends on up...

Interest rates: Banks not passing on £23bn to savers Work no longer pays what it used to. Inflation is eroding our earnings and banks aren't passing on higher interest rates to savers. Pensioners like Carol say their money isn't working as hard as it used to. I've been trying to create a financial buffer. And every time I get a little bit saved, something happens. So that's going to be at the moment the cost of living crisis. If I want to actually have a life, I have to work. Back in December 2021, the Bank of England's interest rate stood at just 0.1%. With the average savings rate on the high street at 0.2%. But while the Bank of England has since hiked its main interest rate to 4%, average savings rates among high street banks have only risen to 1.88%. It means that those with £30,000 of savings only stand to make £569 in interest each year. That's less ...

Summary: Japan's inflation rate defies predictions, staying at 3.3% compared to the anticipated 2.5%. Core inflation, excluding food and energy, matches expectations at 3.1%, while 'core, core inflation ' reaches a 42-year high of 4.3%. Japanese yen weakens as the dollar gains strength, prompting discussions about potential Bank of Japan policy changes. ...