UK inflation unexpectedly holds steady at 2.8% in May

Paul Dales, chief UK economist at the consultancy Capital Economics, said the figures would “give the Bank of England more confidence that it doesn’t need to raise interest rates tomorrow, or at all”.

Paul Dales, economist at Capital Economics, said the May PMI was the third dataset in three days that suggested “the Bank of England does not need to rush to raise interest rates”.

Paul Dales, an economist at consultancy Capital Economics, said: “The sharp weakening in the labour market in April may help to restrain the recent upward march in gilt yields by highlighting that, so...