Inflation rose this month as the increase in the energy price cap meant higher costs for gas and electricity compared with a fall at the same time last year.
While we think the Bank of England will continue to cut rates in 2025, the pace of rate cuts is expected to be slower than previously anticipated, and rates may stay elevated for longer.
We know that families across Britain are still struggling with the cost of living. That is why the Budget last month focused on fixing the foundation of our economy.
The average household bill rose in October by £149 after Ofgem raised the energy cap from £1,568 for a typical household in the UK to £1,717.
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