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BUSINESS LIVE: Inflation jumps to decade high of 5.1%

BUSINESS LIVE: Inflation jumps to decade high; Ofgem introduces stress assessments; MPs name for LV bosses’ resignation

Inflation soared above 5 per cent in November, new figures revealed in the present day present, including to the rising alarm in regards to the risk of ‘stagflation’.

The headline CPI charge hit 5.1 per cent, considerably above the expectations of analysts and the best for greater than a decade, rising from 4.2 per cent in October.

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Britain’s power regulator has laid out a raft of measures to increase provide within the nation, together with monetary stress assessments for corporations from January and reviewing its value cap coverage, after report fuel costs led to a wave of collapsed suppliers.

Ofgem stated suppliers would even be required to undertake self-assessments of their administration, including that it had prolonged the interval of evaluation for brand new provider licences to 9 months.

LV members and MPs have referred to as for a shake-up of the mutual insurer’s board to guarantee it’s set truthful for the long run.

The life insurer’s chief govt Mark Hartigan and chairman Alan Cook are nonetheless of their roles regardless of failing to push via a sale to non-public fairness shark Bain Capital final week. Other members of the board, who backed Cook and Hartigan, have additionally remained in place.

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UK CPI jumped to 5.1% in November, reaching a decade high after jumping from 4.2% in the previous month

UK CPI jumped to 5.1% in November, reaching a decade high after leaping from 4.2% within the earlier month

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