UK INFLATION REACHES SEVEN PER CENT

Inflation reached a 30-year high in the 12 months to March, according to the latest figures from the Office for National Statistics (ONS) (BBC News). The consumer prices index rose to seven per cent last month, up from 6.2 per cent in February, the highest level since March 1992.

The ONS said the largest contributor to the increase was transport, driven by the rising cost of fuel prices (Sky News). Further increases in inflation are expected due to the impact of the war in Ukraine.

PEOPLE UNDER 35 ARE MORE AT RISK FROM IMPERSONATION SCAMS

People under 35 are more likely than older age groups to have been targeted in an impersonation scam and to be swayed to provide personal or financial information, according to a new survey by UK Finance’s Take Five to Stop Fraud campaign.

An impersonation scam is where a criminal contacts you pretending to be a person or organisation you trust. These scams can be very sophisticated and often start with attempts to get you to disclose personal and financial information. Criminals then use this information to impersonate someone you trust, making it seem more believable, but their ultimate aim is to try to steal your money. 71 per cent of 18 to 34-year-olds surveyed said they had been contacted by an impersonation scammer, with 73 per cent of those targeted saying they had subsequently been persuaded to either send money or share personal information.

Katy Worobec, Managing Director of Economic Crime at UK Finance, said: “Given the level of sophistication of some of these scams, we urge the public to be wary of unexpected requests for personal or financial information. Often these criminals will take their time to gather as much information about you as possible, so it’s important that people follow the advice of the Take Five to Stop Fraud campaign – always be cautious of any messages or calls you receive out of the blue and avoid clicking on links in unsolicited emails or text messages.”

NEWS IN BRIEF

The government has announced an agreement with major developers that will see the industry contribute £5 billion to fund building safety repairs (Department for Levelling Up, Housing and Communities).

Inflation in the US reached 8.5 per cent in March, the highest since December 1981 (The Times).

An estimated 13 per cent of privately rented homes in England have at least one hazard which poses a serious threat to health and safety according to a report from the Public Accounts Committee (The Guardian).

Growth in house prices has peaked and will return to single digit increases this year, analysis by Knight Frank predicts (City AM).