UK inflation stays at 8.7%

The UK’s rate of inflation plateaued at 8.7% in May, data published by the Office for National Statistics (ONS) has shown.

Inflation was expected to fall in May but remained at 8.7% – the same rate as was recorded in April. The rate of 8.7% is higher than economists had expected, and many now anticipate a rise in interest rates.

Experts have stated that so-called ‘core inflation’ – which excludes volatile elements such as food, fuel and energy prices – is now at its highest level in the UK for over 30 years. Many warn that the high inflation rate will have knock-on effects for mortgages.

UK inflation is higher than inflation rates in comparable countries, the data revealed: Germany recorded a rate of inflation of 6.3%; France’s rate is currently 6%; and the USA’s inflation rate is 2.7%.

Chancellor Jeremy Hunt said:

‘We need to squeeze every last drop of high inflation out of the economy.

‘Inflation is the biggest, the most invidious, tax rise the British people are facing right at the moment because it is eroding the value of their salaries – so that is our primary priority.’

Internet link: Office for National Statistics website

a beautiful light up building

Murphy Thompson Moore LLP

Why choose us?

25yr innovative years of successful business leadership

MTM are specialist, small business accountants, with an office on King Street in Manchester, known for their leadership in electronic filing, and who are trusted by many long-term clients as their key financial advisors.

Specialist advisors to Owner/Managed Businesses

MTM provide services exclusively to owner/managed businesses. Our typical clients employ from 5 to 25 people, are likely to be in the service sector.

At your side throughout the year. Not just year-end.

We meet with you regularly (usually via video call) to explain the work we have done, go through the reports and deal with any matters of current concern in the business. These calls can be 1 to 1 or with members of your team.

No billing suprises and an afordable, monthly fee.

Your engagement with us is based on a single fee to cover all your requirements throughout the year for both the business and your personal tax affairs. We operate a “no surprises” policy that you can rely on.

Contact us for information
about how we can tailor our services to your objectives.

   0161 835 2080

   enquiries@mtmllp.co.uk

   Murphy Thompson Moore LLP
      3rd Floor, 82 King Street, Manchester
      M2 4WQ

*We (Murphy Thompson Moore Ltd) would like to contact you by post with relevant service updates and occassionally, exclusive offers for Clients. We won’t send these often and you can request that we don’t send updates or offers at any time. If you’d like to opt-out of these updates, please let us know within your message. We would also like to contact you by phone and email to respond to your message in order to provide the best service for you (which may include communicating particular offers available at the time). By giving us your details below, you agree you’re happy to receive these messages. We’ll look after your information. Your details will only be used as described in our privacy policy.