U.K. Inflation Heats Up as Bank of England Remains Cautious on New Rate Cuts
The rate of annual inflation was 3.6% in June, up from 3.4% in May, figures from the Office for National Statistics showed Wednesday. That contrasted with the estimates of economists polled by The Wall Street Journal, who had estimated the rate of inflation would hold steady.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
11 minutes ago
- Yahoo
Burton signing spree being investigated by FA
Burton Albion are being investigated by the Football Association over deals made during their British-record transfer spree last summer. The League One club have confirmed they are working with the FA and the English Football League over the issue, but would not comment on the specifics of the case. However, BBC Radio Derby understands the investigation concerns the level of involvement and potential conflicts of interest relating to the outsourced recruitment which was relied on, following Burton's takeover by the Sweden-based Nordic Football Group (NFG). With a complete rebuild demanded by the new owners, Burton recruited 23 players last summer to set a new British record for players signed in a single transfer window. Burton's chief operating officer (COO) Tom Mahon, who took up the role in May, said the focus of the investigation is "purely on last summer" and has so far had "no material impact" on the Brewers' ability "to do business" ahead of the forthcoming season. "It hasn't stopped us recruiting so far - we have had a number of players come through the door and a number of players have gone out," he told BBC Radio Derby. Why Burton's rebuild is more than just flatpack football Burton rebuild 'just starting' amid leadership reshuffle Bowyer delivered survival 'miracle' at Burton Mahon, a club administrator who worked at Manchester City for 15 years before becoming COO at Stockport County, has also spoken about how Burton have made a number of off-field staff redundant in recent months and how last season's narrow escape from relegation gave the Brewers' hierarchy a lot to learn from. It is understood the redundancies are a reaction to significant financial losses, with the structure of player contracts - which sources have said came with a 20% bonus for every player for every point earned - a major drain. Mahon said layoffs had been made to "streamline the organisation" and to make it as "efficient as possible", while adding that the club is "absolutely fine" financially going forward. "That obviously comes at a personal cost to some people who have been around the club for a long, long time and to people who have done nothing but serve this club with real passion and distinction for years," he said. "It's never easy, but it's a decision we had to take as best for the needs of the football club." Among those to be moved on is Ben Robinson Jr, the son of long-time former owner Ben Robinson who remains involved as honorary chairman. "In terms of Ben Jr, the role he performed was one that we couldn't justify in the wider plan, and again it is very much about the role and not the person," Mahon said. Listen to the full Mahon interview from 18:00 BST Having a continued link to the Robinson family was something NFG highlighted as being important to help ensure the historic achievements of Burton's rise from non-league levels to the heights of the Championship were preserved. Fleur Robinson, daughter of Robinson Sr, was brought back to the club from Wrexham to take over as chief executive. It, however, was a role she left at the end of the season. Her exit came at the end of a chaotic first year of NFG ownership, in which the group's founder and deputy chairman Tom Davidson stepped down alongside chairman Ole Jakob Strandhagen and commercial director Kevin Skabo. Bendik Hareide, who started last season as sporting director, left in January after first taking a leave of absence for personal reasons. Richard Dorman, the former technical director of Finnish team SJK Seinajoki, eventually came in as Hareide's replacement, while Wouter Gudde, who is said to be a 'rebuild specialist' and formerly of Dutch side FC Groningen, has taken over as interim chairman and chief executive. "The people who were here, and who went through last year... as long as we use those things as a learning opportunity then you certainly learn more from failure, and I say that for want of a better word and not to say it was a failure," Mahon said. "It's a learning experience that can help positively influence how we proceed going forward." Bright ideas turned into relegation fight - analysis Dominic Dietrich, BBC Radio Derby senior journalist NFG arrived at Burton Albion a year ago with bright ideas and an enthusiasm that many hadn't felt before. Over the course of the year, it became apparent that excitement had turned into naivety in moments opting for immediate sweeping changes rather than steady progress. Hopes internally of a new pitch, building a base at St George's Park and to build on a British record 23 arrivals in the summer soon turned into a relegation fight and a sacked head coach. Had it not been for the arrival of head coach Gary Bowyer and his assistant Pat Lyons in December, this may be a piece on rebuilding from League Two. As I understand it, Burton overspent in their first year which has resulted in redundancies, streamlining the business and a new outlook on League One football. Will the task be even tougher this year for Bowyer? That remains to be seen, but it certainly looks that way and the likes of Tom Mahon and Wouter Gudde have the job of picking up the pieces from those initial board members unveiled to the Brewers supporters once upon a time.
Yahoo
11 minutes ago
- Yahoo
Italian Pecorino producers press to avoid US tariffs
By Guglielmo Mangiapane MONTEROSI, Italy (Reuters) -Producers of Pecorino Romano cheese, one of Italy's best known food exports, are lobbying to be spared new U.S. tariffs that could raise consumer prices and take a chunk out of their export market. Gianni Maoddi, president of the Consorzio di Tutela del Pecorino Romano, said the cheese has for more than 140 years been popular in the United States, which accounts for around 40% of annual exports. The consortium is holding talks, including with the cabinet of the European Commissioner for Agriculture and the office of the United States Trade Representative, to explain Pecorino Romano's unique qualities. "We were recognised as having special characteristics, for example, the fact that there is no production in America based on sheep's milk like ours," Maoddi said. "So it doesn't create an imbalance in local production," he added. The current U.S. price for Pecorino Romano ranges between $35 and $40 per kilo. Prices will rise sharply if the current 10% tariff on goods sold into the United States from the European Union rises to 30% from the start of August, as announced by President Donald Trump last weekend. Maoddi said the biggest risk is that industrial buyers that make up the larger portion of U.S. sales will decide Pecorino is no longer affordable. "Being an ingredient, it's subject to cost analysis. There could be lower consumption by these industries, or even a search for alternative products. That's the more dangerous aspect of a tariff of this scale," he said. Giuseppe Capuani, owner of "I Buonatavola," a Pecorino Romano production company, echoed the call for diplomacy and level-headed negotiation. "In my opinion, what Europe should do and what politics and entrepreneurs do is always find a compromise," Capuani said. ($1 = 0.8630 euros) (Additional reporting by Antonio Denti and Yesim DikmenEditing by Keith Weir and Barbara Lewis) Sign in to access your portfolio
Yahoo
11 minutes ago
- Yahoo
Scottish Water workers accept pay offer but ‘concerns continue', says union
A series of strikes have been brought to an end as Scottish Water workers accepted an improved pay offer, but union officials said 'staff concerns continue'. Unison said on Thursday that the latest pay deal, which covers the 2024-25 and 2025-26 financial years, had been accepted by its members. The union represents more than 1,000 workers at the Government-owned corporation, making it the union with the largest presence at Scottish Water. The pay deal is worth a minimum of £2,850 for staffers on salary bands one to six. Staff on band seven salaries will receive an additional £3,030, and band eight workers will gain another £3,771. Some 77% of Unison members at Scottish Water voted, 63% of whom accepted the offer. Scottish Water initially offered workers a basic pay rise of 3.4% or £1,050 for those on the lowest grades. Unison members had earlier rejected an improved pay offer from the employer. There were 10 days of strike action this year at Scottish Water. Staff who took action included treatment plant operators, maintenance crews, water quality teams and other frontline workers. During the strikes, the union said there were no emergency repairs, water quality checks, or responses to public reports of problems with water supply, sewage or drainage. The employer had originally offered a pay rise of £1,050 for those on the lowest-grade salaries. This was later upped to 7% over two years, which was also rejected. While the latest offer was accepted, Unison said it will continue to press Scottish Water bosses to cut the excessive use of contractors and agency staff. The union also said more must be done to improve industrial relations across the sector following the dispute. Unison Scotland regional organiser Greig Kelbie said: 'The immediate dispute may be over, but staff concerns continue. They want better pay and conditions, and to keep Scottish Water as a publicly-owned and run service. 'The company's behaviour has become ever more like that of profit-driven water firms in England. That's not the way a vital public service for Scotland should operate. 'The union and staff will be fighting the creeping privatisation of the industry.' Unison Scottish Water branch secretary Patricia McArthur said: 'Staff have decided to accept this offer after a long and difficult dispute, but it's far from ideal. 'In theory, Scottish Water is still the jewel in the crown of Scotland's public services. But the reality is that its operations are being handed increasingly to private operators. That must stop.' Fellow unions GMB and Union have also been in dispute with the employer. Lynne Highway, Scottish Water's director of people, said: 'We are pleased that members of all three trade unions have voted to accept our pay offer. 'We now look forward to implementing the salary increases that our people have been waiting for and to working constructively with the trade unions in the future.'
