Rising living costs push UK inflation to hit a near 30-year high
Consumers and businesses in the UK are struggling with surging costs, the ongoing pandemic and supply chain problems.
The Bank of England , whose chief task is to keep inflation close to 2.0 percent, is now expected to raise rates again at its next meeting in February amid easing concerns over economic fallout from the Omicron coronavirus variant. National insurance, paid by workers and employers, is being increased to help fund social care for the elderly. Analysts expect more painful tax increases to foot the vast bill for Covid.
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