UK Inflation Expected to Fall, Unemployment Measure Changed, Business Pessimism Rises

UK inflation is expected to fall in line with other countries due to a drop in energy bills. The Bank of England predicts a sharp decline in the inflation rate to below 5% in October, helping bridge the gap between the UK and the rest of the world. However, concerns arise as the UK changes its unemployment measure, complicating the collection and analysis of unemployment data. UK businesses are growing more pessimistic, leading to hiring freezes and staff cuts. Bank of England Governor Andrew Bailey expresses concerns about high wage growth in the UK.