CPI inflation has risen to 2.1% contradicting earlier predictions that it would fall to 1.9% and is above the Bank of England’s 2% target.

Former Virgin Money CEO Dame Jayne-Anne Gadhia is pulling out of her recently-announced role on the Bank of England’s Financial Policy Committee to run the UK operation of Salesforce.com, an online sales management system.

The Bank of England has held the Bank Rate at 0.75% as it cut forecasts for UK growth over the next two years.

The Investment Association (IA) is planning a new type of fund after the suspension of the Woodford Equity Income Fund and an attack on ‘open ended’ investments by the governor of the Bank of England.