Higher UK inflation predicted despite strong economic growth

Doubts around near time rate cuts

Eve Maddock-Jones
clock • 2 min read

The latest UK inflation data is expected to come in higher for July, casting doubts on further near time rate cuts from the Bank of England.

Forecasters expect the official data from the Office for National Statistics on Wednesday (14 August, 2024) to reveal that inflation jumped from 2% to 2.3% in July. This comes despite a show of "resilience" from the UK economy over the summer, arguably providing some room for further rate cuts, according to data from consultancy firm BDO. Its Optimism Index rose above 100 for the third consecutive month to levels last seen in mid-2022, rising slightly to 102.22 from 102.09 in June, marking the third time it had ever crossed the 100-point threshold. This sustained growth in co...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

Eve Maddock-Jones
Author spotlight

Eve Maddock-Jones

Editor at Investment Week

More on Individual Protection

Two thirds of adults face barriers to securing life cover

Two thirds of adults face barriers to securing life cover

UnderwriteMe research findings

Jaskeet Briah
clock 09 April 2026 • 2 min read
Unpaid carers spend four working days per week supporting elderly relatives

Unpaid carers spend four working days per week supporting elderly relatives

10 hours per week spent on bureaucratic tasks

Jaskeet Briah
clock 08 April 2026 • 2 min read
Probate cases taking nearly two years rise by 131%

Probate cases taking nearly two years rise by 131%

Increased risk of interest accruing on IHT

Jaskeet Briah
clock 07 April 2026 • 2 min read