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Inflation accelerates: Annual inflation hit 2.5% in June as the economy continues to open up. That’s the highest it’s been for 3 years, and the second month in a row above the Bank of England’s target of 2%. The price rises were driven by increasing fuel and food costs. The Office for National Statistics says clothing, footwear, and second hand cars are also going up in price, at a time of year when they’d normally be cheaper.
Parliament has backed a temporary cut to foreign aid to help pay for the cost of the pandemic. MPs voted to reduce the UK’s aid commitment from 0.7% of GDP to 0.5%. Boris Johnson won over many MPs who weren’t sure about the cut, by promising to reverse the cut once public debt is falling and the country is no longer borrowing to fund day-to-day needs.
Bosses are still waiting for guidance from the government about how to manage a safe return to office working. It was meant to be published yesterday - but publication was delayed. Top businesses have called out the “mixed messaging” from the government, warning that the lack of clear guidance could dent confidence and delay economic recovery.
Cryptocurrency trading platform Binance has suspended withdrawals of British pounds and euros after an issue with its payments provider. Last month, the Financial Conduct Authority (FCA) ruled that Binance isn’t allowed to conduct any regulated activity in the UK, although users here can still buy and trade cryptocurrencies on its platform.
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