Networks merge The road to recovery

4.5 per cent.

Analysts explained the regulator is concerned that core inflation, which does not cover energy and food, remains stubbornly high.

VODAFONE and the owner of Three will merge their British networks to create the UK’s largest mobile phone operator.

ous month’s industrial action, he said, although health output was affected by the junior doctors’ strikes.

“There were also falls in computer manufacturing and the often­erratic pharmaceuticals industry,” Morgan added.

April was a poor month

HAWALA has existed for centuries as an informal method for transferring money.

“It is used to transfer funds from one location to another through service providers, known as hawaladar, regardless of the nature of the transaction and the countries involved,” according to an International Monetary Fund report.

Requiring no documentation, it is an anonymous way of moving money in Muslim communities in the Middle East, North Africa, the Horn of Africa and India although its use is not limited to Muslims.

Illegal in the US, and some EU member nations, the practice is allowed in the UK, where the hawala system must comply with regulations set in England

More Waitrose reductions

WAITROSE has invested £100 million (€116.9 million) in lowering the price of its own­brand range.

After cutting the prices of more than 300 items in February, the supermarket chain has reduced another 200 products as it competes with cheaper rivals like Aldi and Lidl.

More than 100 items have been slashed by at least 10 per cent, Waitrose announced, as it hopes to woo shoppers looking out for bargains.

“We want customers to benefit every time they shop with us,” Charlotte Di Cello, Waitrose’s commercial director said.

for house builders and estate agents, under pressure from rising interest rates and falling property values, the ONS report revealed.

The latest ONS figures coincided with the certainty that the Bank of England was about to hike interest rates for the 13th time in succession from its current

The UK’s Chancellor, Jeremy Hunt, said he backed the Bank over increased interest rates, and the country was in a situation very different from last autumn’s.

“The International Monetary Fund, the international commentators, think the British economy is on the right track and the government is doing the right thing to support the Bank of England.”