The annual rate of inflation as measured by the Consumer Price Index rose to 1 per cent in September, according to the latest figures from the Office for National Statistics. That’s up from 0.6 per cent in the year to August. CPI tracks the cost of 700 household goods and services. Investment manager Thomas Laskey from Aberdeen Asset Management said: ‘The worrying factor is that today’s figure represents only a tiny part of sterling’s steep drop, and no effect from the second big tumble earlier this month. Such a large fall in the currency will bring with it higher import costs and we’re likely to see much higher inflation in the months and years to come.’ The pound spiked after the inflation figures were published but settled to trade at $1.2250 – up 0.4 per cent from Monday’s close. Meanwhile, a sell-off in the British government bond market continued on Monday amid political instability jitters, pushing 10-year gilt yields to their highest since June’s Brexit vote and further pressuring the battered pound.
Average wages for self-employed workers are lower than in 1994-95, researchers say.The Resolution Foundation said that while the UK’s self-employed workforce had grown by 45 per cent since 2001-02, their weekly earnings had fallen by £60. It blamed the rise of lower paid jobs and the financial crisis, which had reduced pay rates. The report comes as a ruling on a closely watched case on pay for self-employed drivers for Uber is expected. Savings Data from Moneyfacts.co.uk shows that rate reductions in the savings market have now outweighed rate rises for 12 consecutive months. In September, Moneyfacts recorded 29 savings rate rises. Disappointingly, rate reductions over the same period completely outshone this figure, with the number of rate decreases standing at 164 – which translates to around six cuts to every rate rise – with some deals falling by as much as 0.75