Cheers! Pubs and shops enjoy summer boost despite inflation

HIGH Street businesses have enjoyed an early summer boost after a tough start to the year.

- David Williamson and Tony Whitfield

Retail and hospitality chiefs say that footfall was up last month, as more people shopped and socialised. But they have stressed more needs to be done to tackle sky-high inflation.

The news comes as Jeremy Hunt prepares to use a speech at London’s Mansion House to set out his vision for growth.

Tomorrow the Chancellor will assure the nation he will not rest until inflation is defeated.

He will also announce reforms designed to turbo-charge the growth of Britain’s most promising companies, and deliver better returns for pensioners.

Mr Hunt will say he wants to use post-Brexit freedoms to encourage dynamic global firms to list on the UK stock exchange.

A key goal is transforming the pensions landscape so that funds invest in companies with great potential. And he will welcome an agreement with leading pensions firms to put five per cent of their investments – up to £50billion – into high-growth firms.

There are around 28,000 defined contribution pension schemes in the UK.

The Chancellor wants to see consolidation across the sector and will encourage local government funds to merge.