Ten Things You Need to Know Today: 17 June 2022

The Week’s daily digest of the news agenda, published at 8am

1. Inflation forecast delays tax cuts

The Bank of England has predicted that inflation will climb to 11% this year, prompting the Chancellor Rishi Sunak to assure governor Andrew Bailey that he will not introduce tax cuts that would “add unnecessarily to inflation”. Yesterday, the Bank’s Monetary Policy Committee increased interest rates by a quarter of one per cent to 1.25% - the fifth rise in a row. Share prices plunged in Asia this morning, at the beginning of what is expected to be a “torrid day” for investors, said The Guardian.

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