UK central bank has raised interest rates to 1.25%, warned inflation will exceed 11% in autumn, and cut growth forecast for this quarter
- Latest: Inflation likely to exceed 11% in October
- Bank estimates UK GDP will shrink 0.3% this quarter
- Breaking: BoE raises rates to 1.25%, highest since 2009
- Three policymakers wanted higher rise, to 1.5%
- UK food price rises could surge 15% over summer, report says
The boss of Halfords has accused the Government of taking a “backwards step” by stopping last remaining subsidies for electric cars.
Graham Stapleton, Halfords CEO, said the closure of the £300m plug-in car grant scheme for new orders earlier this week would hurt mass take-up of electric cars.
Until now, we have been greatly encouraged by the Government’s commitment to making the transition to electric cars.
However, the sudden and complete removal of the plug-in subsidy is a backward step.
While rising inflation and declining consumer confidence will naturally present short-term challenges for any customer-facing business like ours, we remain confident in Halfords’ long-term growth prospects due to our service-led strategy and the enduring strength of our brand, people, products and services.