Business leaders in Greater Birmingham said the government must hold its nerve following today’s announcement that the UK's inflation rate climbed to its joint highest level in more than five years in August.

Higher petrol and air fare prices contributed as inflation, measured by the Consumer Prices Index, rose to 2.9 per cent in August, up from 2.6 per cent in July, figures show.

The bigger-than-expected rise came ahead of the Bank of England's next announcement on interest rates on Thursday. However, economists said the Bank was still highly unlikely to raise rates at the meeting.

Paul Faulkner (pictured), chief executive of Greater Birmingham Chambers of Commerce, said: ““The rate of inflation saw a noticeable increase over the summer, with the figure for August matching the four-year high that was recorded in May as higher petrol and air fare prices contributed to the latest rise.

“Also, the recovery of the Eurozone economy played a part as this made imports from Europe more costly.

“Stagnant wage growth and higher inflation are continuing to put a squeeze on living standards and now is the time for the government to hold their nerve and ensure the foundations are in place to ride out the economic uncertaint.

“Nevertheless, in light of today’s result, it was reassuring to see the value of the pound hit a year-long high. It remains to be seen whether the financial markets are right in predicting that the Bank of England will now have to raise interest rates to offset this uncertainty.

“From a local perspective, we have just finished the surveying for our Q3 Quarterly Business Report and concerns around interest rates were more apparent as compared to last quarter. We will be analysing these results along with wider trends across the regional economy at our next Quarterly Business Report Launch event in November.”

The introduction of polymer notes to replace old paper money is proving popular with consumers, new research from Consumer Intelligence ahead of the launch of a plastic tenner on September 14^th.

The Bank of England introduces the new £10 note next month featuring literary legend Jane Austen to join the plastic £5 note which was launched last September.

Plastic cash has been the focus of controversy with religious groups and vegans and vegetarians objecting to animal fats being used in their production as well as a campaign to ensure famous women are represented on the notes.

But the majority of people back the new currency – 51% say they prefer polymer notes to the old paper money which is being gradually phased out with a polymer £20 note due by 2019 featuring artist JMW Turner. Some 29% said they preferred the old paper money, and the remainder said they didn’t care either way.

The top reasons for the new notes’ popular was the belief that the new notes feels cleaner and more hygienic (67%) and that the plastic cash feels modern (52%).  Around 6% of people claim to like reading the new serial numbers.

But the new note’s toughness is more important than its security features, according to the study. Around two-fifths (40%) prefer the new note because it doesn’t fall apart after being in the washing machine, whereas 27% prefer it for its anti-forgery security features which were the main reason for the Bank of England’s switch. Around 77% say plastic cash is more robust.

Of those who don’t like the new fiver, 59% don’t like how it feels; a third (33%) believe it’s easier to lose than the old fiver; and 30% believe the new notes are prone to sticking together.

Nearly two-fifths of adults in the UK (39%) have never read an Austen novel and have no intention of doing so. However screen adaptations of her works have proved more popular as 51%  say they have watched Pride and Prejudice on TV.

Ian Hughes, Chief Executive of Consumer Intelligence said: “Change is often not popular and there has been a lot of controversy about the polymer notes over the past year.

“But there is clear public support for the new currency and in an age where contactless payment is growing fast it is fascinating that the public remain so invested in cash.

“There are no plans as yet to convert the £50 note into plastic so supporters of paper money have something to hang on to.”

Around 14% of adults asked for Princess Diana’s image when asked to choose one famous British woman for the next new note ahead of 11% who want Margaret Thatcher. Other choices included authors Beatrix Potter and Agatha Christie and singer, Adele.

Visitors to Wolves Pride on Saturday, September 30 will also have the chance to become world record breakers as part of the ‘Big Howl’.

The Wolverhampton LGBT Alliance celebration, being supported by City of Wolverhampton Council, University of Wolverhampton and Wolverhampton Homes, will play host to an attempt to get the most number of people wolf howling continuously for a minute.

It runs on from the city’s largest public arts event – Wolves in Wolves – and will take place at 4pm at St Peter’s Car Park, off Wulfruna Street, in Wolverhampton city centre.

The current world record stands at 803 people and is held by Great Wolf Lodge, who broke the record at Niagara Falls on July 1, 2017, as part of the 150th Canada Day.

More than 4,000 free tickets for Wolves Pride have already been snapped up and organisers are calling on people to rally behind the world record attempt in a bid to break the 1,000 barrier.

City of Wolverhampton Council’s Member Champion for Equalities, Councillor Paula Brookfield, said: “Wolves Pride is an important event in the calendar and this year the ‘Big Howl’ record attempt gives us a chance to put the city’s rich diversity on the world map.

“The Big Howl is just one of the many family activities on offer throughout the day as the City of Wolverhampton comes together to help raise awareness of LGBT+ equality messages.”

Emma Bull, Director of Organisational Development, University of Wolverhampton, added: “As a sponsor of both Wolves Pride 2017 and the Wolves in Wolves art project, the University of Wolverhampton is proud to be supporting The Big Howl. We are working with students from our nationally-renowned Photography, Video & Film Production, and Journalism courses to support the official recording of this unique event. With campuses in the heart of the city, we know better than anybody that Wolverhampton has a lot to shout about!"

Ben Howley of Wolverhampton Homes and Chair of Wolverhampton LGBT+ Alliance, said: “As one of the sponsors behind the Wolves in Wolves project, we can’t wait to see people come together for the Big Howl, which we hope will see us take the world record and put the City of Wolverhampton on the map.

“Wolverhampton Homes is proud to be one of the organisers behind this year’s Pride event. We’re passionate about diversity and have supported Wolves Pride since 2012. This year’s Pride will see the launch of Wolverhampton LGBT+ Alliance, a network of organisations and businesses that have joined forces to improve services to the local LGBT+ community.”

Two of the city’s much-loved Wolves in Wolves - ‘Rainbow’ by Julie Fletcher and Support Life by Alex Vann - will be part of Wolves Pride.

As well as the world record attempt, it will feature a broad range of music, live entertainment and performers, as well as a fantastic range of street food, bars, information stands, merchandise stalls.

There will also be a family fun area with activities for children, including special arts and crafts workshops with some of the Wolves in Wolves artists.

Yorkshire Bank is announcing a significant new expansion into Birmingham and the West Midlands as it opens a next generation B store in Birmingham city centre, showcasing the Bank’s digital innovations and committing £100m a year in lending to SMEs in the region.

Yorkshire Bank – which is owned by CYBG PLC, alongside Clydesdale Bank – launched its award winning digital banking service, B, in 2016. B is built around a smart current account and linked deposit account app designed to help customers manage their money.

As well as being a fully operational branch, the eye-catching B store on Birmingham’s New Street will be a digital showcase for B.

The store’s design is inspired by Yorkshire Bank’s successful innovation lab, Studio B, which the Bank opened to the public in April this year. Innovations designed and tested in Studio B will be regularly showcased for customers in the new B store, offering an insight into the sorts of technologies and services that could be available to bank customers in the future. This includes new voice activation technology being developed by the Bank using Amazon’s Echo device.

Within the B store, Yorkshire Bank will also be opening an enhanced business banking centre for its Yorkshire Bank business customers. This will house the expert business team, as well as facilities for customer use, including meeting rooms, conference facilities and event space.

Speaking ahead of the opening, David Duffy, CEO at CYBG, said:

“Our core strategy is to support our customers’ ambitions and sustainably grow the business both in the North of England and Scotland, as well as selectively on a national basis. The launch of our next generation B store in Birmingham is a hugely exciting milestone on this journey.

“B continues to go from strength to strength - we now have over 100,000 B customers and our new store provides an exciting and inspiring new location to let customers experience the digital innovations we are delivering right across our business.

“It also enables us to increase our SME banking presence in one of the UK’s most vibrant regional economies.”

Speaking about selecting Birmingham as the new choice for CYBG's expansion, David said:

“Expanding into Birmingham is a natural extension of our existing business – it’s a market that is growing significantly.

“The number of businesses setting up in the city is twice the national average, its home to a wealth of skills across both manufacturing and services sector, and the tech and creative industries are emerging as a hub for top new talent. Not to mention the fact that Birmingham has been named the most investable city in the UK for the past two years.”

Yorkshire Bank’s new Business Banking Centre will be the home for the Bank’s Commercial and Corporate & Structured Finance teams.

The centre will be led by Paul Reeves who has been appointed as Head of Customer Banking in Birmingham – a new role created as part of the Bank’s new push into the City. Paul Reeves will work alongside Steve Pamely, heading up Clydesdale and Yorkshire Banks Corporate & Structured Finance, and Gareth Jones, running the Bank’s Commercial banking team.

Harry Potter's 20th anniversary sees fans across the world unite to celebrate The Boy Who Lived. With the theme music a firm favourite of The People's Orchestra, they make their return to West Bromwich Town Hall for their Autumn concert; Fantastic Beats and Where to Hear Them. Opening at 19:30 on Saturday 14^th October, the orchestra promises to offer audiences a night of orchestral enchantment and magical music, an evening of fantasy pieces from film, TV and classical sources.

Tickets are now on sale with audiences from across the Midlands expected to descend upon West Bromwich Town Hall to enjoy classic orchestral pieces such as Hall of The Mountain King, Devil’s Dance and Mars, straight through to more contemporary fantasy pieces from Lord of The Rings, Game of Thrones and Harry Potter and The Prisoner of Azkaban.

“It’s a wonderful time to return to West Bromwich, it’s our home town. We couldn’t be happier to return with for a performance which will see The People’s Orchestra doing what they do best!” Orchestra Director Sarah Marshall said upon request for comment. “It’s sure to be a night that our audience will not forget”

Sadly, The People’s Orchestra were devastated to find out that thieves had targeted their van and stolen sound equipment, instruments and other items.

Sarah Marshall, MD, said “We estimate that about £2000 of equipment has been lost but it may be a while before we find out the full extent of what’s been taken. It’d truly heart breaking after fundraising to buy the kit, that someone has taken it”

The People’s Orchestra, who use live music performance to help and support unemployed people back into work in The Black Country were rehearsing for the upcoming concert.

A fundraising page has been set up to help the charity recover from  the loss.

“Remember the name, and see them when you can, we have a feeling that tickets for future performances will be difficult to get your hands on once word spreads” – Phoenix Newspaper, July 2017