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Linkers could be impacted by ONS treatment of energy support scheme

GILTS
  • The ONS has announced that the domestic energy grant will not impact CPI or RPI and will be not be treated as a price cut.
  • The BOE had always assumed that would be the case in their forecasts - but some private forecasters had taken the assumption this would be treated differently.
  • This will also impact linkers as without the discounts being included in the calculation, RPI will be higher than it otherwise would have been.
  • And it will also potentially impact the way the government handles energy support in the future - they're less likely to do it in a way that isn't seen to help lower the headline rates of CPI... We still have very little detail on Truss's plans to help households (assuming she wins the leadership contest which markets price at 93% presently).
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