out and we have figures coming out in an hour here, as well. tariffs, they may work on one level, and that is the thinking, that donald trump is employing here. but there is a cost to pay and the cost is in the form of inflation.- the form of inflation. tom stevenson, _ the form of inflation. tom stevenson, investment i the form of inflation. tom - stevenson, investment director at fidelity, thank you very much forjoining us. later in the programme we will also hearfrom some later in the programme we will also hear from some small american businesses worried about donald trump's immigration crackdown and how it is affecting them, so stay with us for that. here in the uk, we'll get an update on inflation in just over an hour's time,

and it's expected to rise. the bank of england has warned that rising energy costs will help push prices up again, impacting businesses and households. inflation has fallen sharply from the very high levels seen a couple of years ago, but now it seems to be ticking upwards again. at the last reading, prices in the uk rose by 2.5% in the 12 months to december. analysts believe today's figure will show a rise of 2.8% in the 12 months to january. the bank of england expects inflation to keep on rising for months to come at a time when the economy's barely growing, a dangerous combination that economists call stagflation. our business correspondent theo leggett reports. at harry king & sons near ipswich, they've been building and repairing small boats for 170 years. it's a highly skilled job, and all the work is done by hand by a small team of craftspeople. but for owner sarah curtis, running the business is becoming increasingly difficult.

wages, obviously, is the biggest cost. electricity, which has doubled — notjust the unit price, but the standing price has doubled.

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