Time for a recap.
The average cost of filling a typical family car with petrol exceeded £100 for the first time on what has been described as a ‘really dark day’ for drivers.
Figures from data firm Experian Catalist show the average price of a liter of petrol on UK forecourts hit a record 182.3p on Wednesday.
Analysts have warned that prices are likely to continue to rise, with wholesale prices rising and the weak pound making imports more expensive.
Related: Petrol prices are rising: the average cost of filling a car exceeds £100
Here is our explanation of why the prices are so high:
Related: Why the filling of an average family car in the UK exceeded £100
Concerns about the UK economy rose today after UK Chambers of Commerce predicted growth would stagnate and then reverse by the end of the year.
The BCC warned that soaring inflation, weak business investment, tax hikes and global economic shocks were all hurting growth.
Alex Veitch, policy director at British Chambers of Commerce, said:
“Our latest forecast indicates that the headwinds facing the UK economy show few signs of abating with continued inflationary pressures and sluggish growth. The war in Ukraine came just as the UK was embarking on a recovery from Covid; additional pressure on corporate profitability.
“The projected decline in business investment is particularly concerning. Urgent action is essential here, and we are having constructive conversations with the government about its review of capital cost allowances and other policies to incentivize business investment.
Poundland owner Pepco reported that UK shoppers were slashing even essential items as wages failed to keep pace with inflation.
Related: UK buyers are even slashing essentials, warns Poundland owner
Furniture chain DFS has warned that profits will miss forecasts, after suffering a drop in orders since April when cost of living pressures intensified.
Rising inflation has prompted the European Central Bank to pledge to raise interest rates for the first time since 2011 next month, and holds out the possibility of a bigger hike in September.
This means that its key rate will rise above zero next month, while the era of negative interest rates for banks should be over in the fall.
The ECB lowered its growth forecast and admitted that inflation would remain above its target until the end of 2024.
Stock markets fell as the gap between Southern Europe’s borrowing costs and Germany’s widened.
Related: European Central Bank to raise interest rates for first time since 2011
In other news…
Pilots reacted with fury to the Wizz Air boss’s suggestion that too many crew members refused to fly when tired.
The airline’s chief executive, József Váradi, told staff during an internal briefing: “We are all tired, but sometimes it is necessary to go the extra mile.”
Related: Fury as Wizz Air boss suggests too many pilots refuse to fly when tired
john lewis has chosen Bromley, Ealing and Reading as pilot locations for its venture into building branded homes for the rental market, as the staff-owned retailer tries to create new communities around its stores.
Related: John Lewis names sites for its new ‘more than four walls’ apartments
Energy regulator Ofgem has reported that thousands of households in Britain faced ‘appalling conditions’ when they were left without power for more than a week after Storm Arwen hit the last year.
Three network operators – Northern Powergrid, Scottish and Southern Electricity Networks and Electricity North West – have paid almost £30m in compensation to affected customers and agreed to pay a further £10.3m in ‘recovery payments’. repair”.
Ofgem said a total of £44m will have been paid out by distribution network companies following failures in their response to Storm Arwen.
Related: Ofgem criticizes energy companies for ‘appalling’ storm Arwen disruption
Indian billionaire Mukesh Ambani Addiction Industries partnered with a US private equity fund Apollo Global Management to make a £5bn bid for UK chain Boots.
Related: Reliance Industries and Apollo Global Management in £5bn bid for Boots
Britain’s largest rail operator First group rejected a proposed £1.2 billion takeover from a US private equity firm, after its board determined the offer was too low.
Related: FirstGroup rejects £1.2bn takeover bid from US investment firm
Drugmakers are urged to make more antibiotics and antifungal drugs available to low- and middle-income countries as drug resistance is growing faster than expected globally.
Related: Drugmakers urged to give poorer countries access to more antibiotics
We will be back tomorrow. GW