Meanwhile, the chancellor has indicated that he will not cut personal taxes until spiraling prices are under control after the Bank of England predicted that inflation would rise to 11% this year.
Sunak assured Governor Andrew Bailey that he will not introduce tax cuts that “increase inflation unnecessarily.”
The pound rose on Thursday as investors speculated that the bank will be forced to raise interest rates rapidly over the summer.
The bank has been walking the tightrope for months, broken by the speed with which interest rates are rising.
Tim Wallace i Louis Ashworth analyze why the Bank resisted pressure to fight inflation more and what happens next.
Julian Jessop explains why the Bank of England should have grown up or not.
Prince and Princess Michael of Kent retired
Months after breaking ties with Russia, Prince and Princess Michael of Kent will retire. The queen’s cousin, a fluent Russian speaker with a lineage of Tsar Nicholas II, had strong trade ties with Russia, but her connections with the Kremlin were scrutinized after the invasion of Ukraine. In March, the 79-year-old, who along with the queen is one of King George V’s nine grandchildren, presented an award from the Order of Friendship, one of Russia’s highest honors, in addition to resigning. as a patron of the Russian British. Chamber of Commerce. It lowers the curtain of a colorful royal race, marked by a seemingly endless stream of controversy. Victoria neighborhood he looks back on allegations of racism, questionable Russian links, derogatory comments about fellow royal family members and ranks for a racist brooch and renting his palace.
Too hot for Royal Ascot as the organizers relax the dress code
The Knights of Royal Ascot will be able to take off their ties today for the first time in the history of the event, after the dress code was relaxed before the hottest day of the year. As forecasters predicted that temperatures would rise to 87.8 F (31 C), organizers also announced that spectators at all venues will be able to bring water and soft drinks for the first time to allow everyone to stay “safe and secure. comfortable “. Ascot is famous for its formal dress code, both an element of the prestigious gathering and its runners and runners. Read a guide to clothing that is usually expected. On Thursday, the female attendees wore hats of all shapes and sizes for Women’s Day, and the royal princess and her family also took part in the traditional carriage procession. Check out the best pictures of Ascot and also British people enjoying the heat wave across the country. As the mercury increases, here are five steps to a sweat-free style in hot weather.
Matt’s daily dose
In his latest cartoon, Matt offered a solution to rampant inflation. For a weekly behind-the-scenes look at his work, read his newsletter. Do not miss Davey’s political cartoon here.
Also in the news: Other headlines today
Gross zero net cost | The government’s plan to achieve zero net is based on burning the New Forest equivalent every five months Telegraph can reveal. Ministers plan to use technology to remove carbon from the atmosphere to offset sectors such as aviation, agriculture and heavy industry, and meet their climate targets by 2050. Hayley Dixon reveals why this means burning the equivalent of 120 million trees a year, and how it has sparked warnings about “carbon debt.”