Rise in UK company profits puts Bank’s stance on prices under scrutiny

Figures give fuel to claims that profiteering has played a big part in the UK's high levels of inflation

British companies have boosted their profitability, according to the latest official figures, insulating themselves against cost pressures and fuelling claims that profiteering has played a big part in the UK's inflation story.

In a week when Joe Biden said he was only winning the war against inflation in the US because corporate profits were declining, figures released on Thursday by the Office for National Statistics showed UK business profits increased in the first quarter of 2023.