THE WHAT? Business leaders have hit out at the Bank of England after governor Andrew Bailey warned that rising prices would only compound the cost of living crisis and cause inflation to rise further, according to a report published by the BBC.

THE DETAILS Bailey told the BBC, “I would say to people who are setting prices – please understand, if we get inflation embedded, interest rates will have to go up further and higher inflation really benefits nobody.”

THE WHY? The British Retail Consortium said sales had risen 6.3 percent on the back of price increases but volumes remained in negative territory. Cosmetics and clothing sales remained buoyant, despite the squeeze, but the continuing high cost of living and high borrowing costs could cut spend further in the coming months.