Recently, UK services inflation was significantly higher than expected due to a variety of annual price increases.
Although this spike shouldn’t be overemphasized in terms of its long-term impact, it does lower the probability of a rate cut by the Bank of England in June.
By Belinda Ryan, local democracy reporter
Cash-strapped Cheshire East Council has applied to the government for exceptional financial support in the form of a capitalisation direction for up to £17.6m.
This means the council won’t receive extra money but is able to create a “negative reserve” similar to that already in place for the overspend on the special educational needs budget.
More families in Nantwich and surrounding rural communities are facing a hungry summer school holiday due to the cost of living.
That was the warning from many in the town who are appealing for help to stock up the increasingly busy Nantwich Foodbank.
By Belinda Ryan, local democracy reporter
All but essential services could face cuts as Cheshire East Council tackles unprecedented financial pressures fuelled by soaring costs and increasing demand.
The council’s finance bosses are asking all service committees to draw up an action plan to look at how they can cut costs, do things differently or find ways of increasing revenue.
Inflation is the rate at which goods and services prices rise.
It occurs when the demand for products and services surpasses the supply.
2022 has been a difficult year financially for people in the UK.
Fuel prices have hit record levels, energy costs are spiralling, and inflation has reached a 40-year high.
By Belinda Ryan, local democracry reporter
The cost of building a new fire station in Crewe has increased by £375,000 because of soaring inflation.
The new building had been costed at £7m but that has now risen to £7.375m.
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