Surprise jump in inflation

Commenting on today's inflation figures, Dr Brian Sloan, Head of Business and Economic Policy at Greater Manchester Chamber, said: "The surprise jump in inflation today to 3.4% will be a concern to businesses.

"This raises the prospect of interest rate rises sooner rather than later, but the Bank of England must persevere with its expansionary stance and maintain interest rates at the current level to support the recovery as it remains very weak.

"Petrol prices rose in March and the pound weakened, further adding to inflationary pressures that also fed through into higher transport costs for people and goods. The situation has not been helped by the poor weather.

"This is the first in a line of data on the economy that is likely to form a key part of the Election debate between the parties, and if this release is anything to go by the post-Election occupant of No.10 is facing an ever increasing challenge to get the UK economy back on track."