This morning the pound is choppy against the euro but is continuing to weaken overall. Against the dollar, sterling has made a slight climb but is still weaker than it was yesterday.
This follows the rise in gas prices, weighing heavy on Britain’s consumers. Consultancy Cornwall has warned that Energy bills are predicted to hit over £4,200 next year with Dr Craig Lowrey referring to this lates increase as a “a fresh shock”.
Tory leadership candidate Liz Truss maintains the stance that tax cuts are the best solution for easing cost of living pressures on consumers. Truss said cutting taxes would allow people to “keep more of their own money”. leadership rival Sunak, on the other hand has vowed to provide more money to assist people with their energy bills in the event that he is elected prime minister.
UK consumers face even higher living costs, as house prices are predicted to rise this week. Tomorrow, data on the house price balance will be released. Currently, the level is forecast at 61%, suggesting a definite rise in house prices is on the horizon.
On Friday, more UK data will be released, including GDP and Balance of trade.
