According to an expert, there is a need for a 0.25 percentage point hike in August to address the risk of high services inflation and wages. The expert, Mr. Wadhwani, also warns that the Bank’s complacency has made it harder to control inflation. The survey by Lloyds Bank reveals that while business inflation expectations are easing, a majority still anticipate price increases. Meanwhile, the Institute of Directors reports a continued decline in business confidence, with the Economic Confidence Index remaining negative. The IoD’s chief economist, Kitty Ussher, highlights the cautious atmosphere due to persistent inflation and rising interest rates.
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