CPI inflation reversed its recent downward trend in June with an increase to 0.6% from 0.5% in May due mainly to increased recreation and culture costs.

Almost £10bn was transferred out of defined benefit pensions in the final quarter of 2019, according to official data.

The Consumer Prices Index (CPI) 12-month inflation rate fell significantly to 0.5% in May - the lowest rate for four years.

An ONS business survey suggests that many ‘paused’ businesses will resume trading in the next four weeks as cash reserves dwindle.