Good morning from London, where the FTSE 100 is down this morning on the back of unwelcome inflation data from the ONS. The consumer price index reading of 8.7% in May was evidently more than the market was bargaining for and increases the likelihood of an interest rate rise from the Bank of England tomorrow. According to Truflation analyst Oliver Rust, the likelihood is now of a 50 basis point hike by the Bank, which would bring base interest to 5%.
Turning to the stock markets now housebuilder Berkeley has posted a 9.5% jump in full-year pre-tax profits and says its well placed despite ongoing volatility in the UK’s housing market.
WH Smith and M&S are among hundreds of firms to have been hit with fines from the government, after failing to pay staff minimum wage between 2017 and 2019.
High street retailer Halfords has blamed inflation and the downslope from the Covid cycling boom for a 38% fall in profit to £51.5mln during the year to March.
And finally with the small caps, Active Energy has secured a European Union trademark for its CoalSwitch biomass technology.
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