British inflation falls less than expected in March as it remains highest in western Europe

Britain was the only country in western Europe with double-digit inflation in March after it fell less than expected, data showed on Wednesday, bolstering bets that the Bank of England will raise interest rates again in May.

The reading underlined expectations that Britain will suffer higher inflation for longer than its peers due to a diminished work force following the COVID-19 pandemic, heavy reliance on natural gas for power and heating, and trade and labour market frictions caused by Brexit. “It’s now clear the U.K. has an inflation problem that is worse and more persistent than in Europe and the U.S.,” said Ed Monk, associate director of personal investing at asset manager Fidelity International.

“These figures reaffirm exactly why we must continue with our efforts to drive down inflation so we can ease pressure on families and businesses,” finance minister Jeremy Hunt said.

Sounds like Brexit is working well.

Brexit has destroyed the future of Britain, conservative oligarchs greed know no bounds. Leaving the EU is the beginning of the end of British global influence. BrexitBrokeBritain BrexitDisaster

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