(Bloomberg) -- Here’s the key business news from London this morning.

Inflation Data: The UK’s consumer inflation rate surged to a 40-year high of 9% through April, the highest level since Margaret Thatcher was prime minister.

  • The increase is more than double the pace of basic wage growth, squeezing consumer spending power at the fastest pace on record

Burberry Group Plc: The luxury fashion house confirmed outlook for 2022, dependent on the impact of Covid-19 and the rate of recovery in consumer spending in mainland China, one of its largest markets.

  • The British maker of trench coats said it is “actively managing” the headwind from inflation

Marston’s Plc: The pub chain said it is handling higher costs by cutting costs and increasing prices, noting that the industry is “ historically resilient” to tough times for consumers. 

  • Rival pub chain  Mitchells & Butlers Plc said increasing costs represent a “significant challenge” to the industry, particularly around utilities, wages and food

N Brown Group Plc: The retailer says high inflation has impacted consumer confidence leading to softer volumes and sales growth than it previously expected.

Beazley Plc: The insurance company is covering a space rover that takes photos on the moon and sends them back to earth, in what it says is the first insurance of its kind.

Outside The City

Business Secretary Kwasi Kwarteng has written to fuel retailers urging them to give drivers a “fair deal” and fully pass on the government’s fully duty cut.

Later today, Trade Secretary Anne-Marie Trevelyan will speak at Bloomberg’s London headquarters. Her speech will point out that renewable energy is crucial to boosting the British economy and driving down demand for Russian oil and gas. 

In Case You Missed It 

More than 85% of UK finance workers no longer view the office as their main place of work, according to a YouGov survey commissioned by Bloomberg News.

And the remarkable strength of the UK consumer is finally starting to crack, writes Bloomberg Opinion’s Andrea Felsted.

Looking Ahead

Budget airline EasyJet Plc reports tomorrow, following Ryanair Holdings Plc’s disclosure earlier this week.

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