BUSINESS LIVE: Inflation begins to bite; PM eyes minimum wage hike

BUSINESS LIVE: FTSE 100 slumps 1.4% into red on fears over energy, inflation and China; Tesco to buy back £500m as it raises profit forecast

Inflation is set to cost the typical British family of four an extra £1,800 by the end of this year, while a retired couple can expect to see living costs rise by more than £1,100, and a lower income couple could be stung by nearly £900.

Bosses have reacted furiously to the Prime Minister’s ‘buck-passing’ over inflation after he dismissed fears over spiking inflation and supply chain chaos, saying it is not his job to fix all the problems.

Boris Johnson is set to hike the minimum wage to £9.42 an hour in a bid to steer the country away from the ‘broken’ model of a low-wage, low-growth economy.

‘After decades of drift and dither, this reforming Government, this can-do Government that got Brexit done, is getting the vaccine rollout done and is going to get social care done,’ he will say.

Britain’s biggest retailer Tesco has raised its full-year outlook after reporting a 16.6 per cent rise in first-half core retail profits and increased sales.

Despite labour and supply chain disruption, Tesco forecast a full-year adjusted retail operating profit of between £2.5billion and £2.6billion.

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Prime Minister Boris Johnson is under fire from UK business leaders for apparent ‘buck-passing’ over inflation

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