A jump in fuel costs and rising clothes prices as the economy reopened pushed the Consumer Prices Index (CPI) benchmark to 2.1pc, higher than the 1.8pc expected and the highest since July 2019.
The inflation up from 1.5pc in April, was also partly fuelled by rising restaurant and pub prices as diners and drinkers returned, the Office for National Statistics said.
The ONS's chief economist, Grant Fitzner, said:
“This month’s rise was led by fuel prices which fell this time last year, but have jumped this year thanks to rising crude prices. Clothing prices also added upward pressure as the amount of discounting fell in May.”
This is but a blip, and even though it is above the Bank of England's 2pc target, it is not the precursor to higher rates yet.
Tax Investigation Insurance
Having a Solar Protect Tax Investigation Insurance policy at your disposal means that should you be one of the many 1000's of businesses or individuals that are selected by HMRC each year to look into your tax affairs your own accountant (your tax return agent) can get on and defend you robustly.
You have the peace of mind knowing that your accountant's (your tax return agent) fees will be paid by the insurance without any Excess for you to find.
Tax Investigation Insurance is an insurance policy that will fully reimburse your accountants (your tax return agent) fees up to £100,000 if you are subject to enquiry by or dispute with HMRC.
A Solar Protect policy will enable your Accountant (your tax return agent) to:
- Deal with any correspondence from HMRC
- Attend any meeting with HMRC
- Appeal to the First-tier Tribunal or Upper Tribunal
- Having the security of knowing that fees will be met in full will enable your Accountant (your tax return agent) to defend your position robustly
Please click here for details.