Closing summary
Time to wrap up....here are today’s main stories:
UK consumers are facing significantly bigger increases in the price of some budget food items including pasta, crisps and bread, new experimental data shows, as poorer families bear the brunt of the cost of living crisis.
UK firms have warned that post-Brexit rules are still making trade with Europe harder.
Rising costs have created a “ticking timebomb” for UK small business owners, the chairman of the Federation of Small Businesses (FSB) has warned.
Almost half a million firms are at risk of going bust within weeks without a fresh wave of government support.....
....And three-quarters of small and medium-sized companies are worried about the long-term impact the cost of living crisis, soaring energy bills and rising inflation will have on their business.
Inflation in Germany has soared to its highest level in almost 50 years, lifted by expensive energy and food, and supply chain tensions.
Consumer prices have jumped 7.9% in the last year, and were 8.7% higher on an EU-harmonised basis.
The Brent crude oil price has hit a two-month high around $120 per barrel, on expectations of higher demand from China as Covid-19 restrictions are relased in Beijing and Shanghai.
Motoring groups warned that this will push prices at the pumps, as diesel and petrol both hit record highs last weekend.
The takeover of the Jus-Rol brand by a French-owned rival pastry maker could harm competition, resulting in higher prices and lower-quality products for customers, a UK watchdog has warned.
Goodnight. GW
In the banking world, Barclays has announced the closure of a further 27 branches across the UK.
Consumer group Which? says Barclays will have closed 103 by the end of the year, having also announced 13 closures in March, as banks continue to close branches as customers move to online banking.
Rocio Concha, Which? director of policy and advocacy, warns that some customers still need access to cash services:
“Barclays is right to say that consumers’ banking habits are becoming more digital. However, there remains a significant minority, for whom cash is a vital lifeline to pay for everyday essentials and keep track of their spending, that aren’t yet ready or willing to make that switch.
“While proposals put forward by the banking industry to protect access to cash, such as enhanced Post Offices, were welcome, government legislation to underpin them was vital.
“Now that legislation has been announced, the government must hand the Financial Conduct Authority the powers to ensure that when local communities lose a bank branch, their cash needs are still met.”
