New figures from the Office for National Statistics show inflation is up. By more than expected to 3.6%…
The ONS notes: “the Consumer Prices Index (CPI) rose by 3.6% in the 12 months to June 2025, up from 3.4% in the 12 months to May” adding “transport, particularly motor fuels, made the largest upward contribution”. Bad news for Reeves…
UPDATE: Shadow chancellor Mel Stride says:
“This morning’s news that inflation remains well above the 2 per cent target is deeply worrying for families. Labour’s decision to tax jobs and ramp up borrowing is killing growth and stoking inflation.”
Former Treasury minister and adviser to Burnham in the Makerfield campaign Lord Jim O’Neill, who has turned down a role in his government, said Burnham’s first statement Commons was:
“The last thing investors wanted to hear… gilt yields have risen by a 0.25% in one day, which is a lot. We’ve not had that since Liz Truss days… If your country is under the focus of ‘can they come up with a sensible fiscal strategy’ on a day when the markets think ‘well no, you’re not showing any sign of it’ you’re going to have a tough day…if it stays like this your mortgage rate is going up.”