UK inflation steady before Iran war; oil price dips on Trump comments – business live

UK inflation stays at 3% in February as petrol prices fall and food inflation eases, before Iran war drives up global energy costs The UK business secretary Peter Kyle has said the prospect of high oil prices lasting months, pushing up inflation and interest rates, meant “everything is on the table” as the government searches for ways to limit the impact on households and businesses. Speaking at an event in London last night to reward companies that pay suppliers on time, Kyle said tackling profiteering and high import prices were top of his agenda along with closer ties with the EU to spur growth. We know there will be an impact on our economy from the events in the Middle East. We are making assessments as to what those impacts could be, so that we are prepared and resilient should any of the waves being created in that region begin lapping at our shores. My department has begun outreach to a whole variety of businesses deep into the roots of the economy. Everything will be assessed – supply chains and products that are central to a thriving and successful economy and society. In the financial crisis and during the Covid-19 pandemic we saw people profiteering for personal gain. We have an outstanding regulator in the Competition and Markets Authority and we will be tasking them with making very rapid interventions. Continue reading...

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