Inflation soars to 9.4%, the ninth monthly rise in a row as Tesla dumps Bitcoin

Inflation hits 9.4% and will peak at 11% in the autumn say the Bank of England, which has hinted at an imminent 0.5% interest rate rise.

The ECB have just increased interest rates by 0.5% to zero for the first time in over a decade. Rates have been negative since 2014.

Public sector workers are threatening strikes, with unions complaining that a 5% pay rise will not keep pace with rising costs.

Overall, figures show that pay is falling behind the cost of living making the average person poorer.

Mortgages rates have gone up by around 300%.

Whilst most people are on fixed rates, those rates will eventually expire.

The problem for borrowers at the lower income scale is that they may not qualify for certain rates due to affordability tests.

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Who will be the next UK PM?

I wish I could give a less gloomy outlook on the economy but it is not looking too rosy at the moment.

One possible bright light on the horizon is the change of leadership and government in the UK following the forced resignation of Boris Johnson.

The final two candidates for the prime minister job are former Chancellor Rishi Sunak and Foreign Secretary Liz Truss.

Liz Truss is currently ahead in the polls and id she becomes the new prime minister she will cut taxes, increase spending and take measures to encourage economic growth.

Whilst this will mean deferring the UK’s £2 trillion debt reduction, it will provide a much needed boost to the economy and create more tax revenue.

I believe the UK is due for a shift in economic policy and that Liz Truss is the right person to lead the country.

Tesla dumps Bitcoin

Tesla has now sold off most of its holdings of the cryptocurrency.

The firm has dumped 75% of its Bitcoin, which was worth about $2bn (£1.7bn) at the end of 2021.

It is backing away as the value of the cryptocurrency has plunged, falling by more than 50% this year.

Tesla said it bought traditional currency with the $936m (£782m) from its Bitcoin sales.

Tesla boss Elon Musk has been among the most high profile champions of cryptocurrency, with his pronouncements on social media often driving significant trading activity.

Tesla's $1.5bn investment in Bitcoin, revealed in February 2021, prompted a surge of demand in the currency. The price of the notoriously volatile cryptocurrency soared last year to almost $70,000 in November before crashing.

One Bitcoin trades for less than $25,000.

Musk previously said he would not sell any crypto, but now needs cash. Tesla shares have plunged almost 40% this year.

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