Britain cannot grow without ‘fighting fit’ finance sector, Rachel Reeves says
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Rachel Reeves says Labour is 'ready to lead' Britain
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A mortgage expert has warned Britain’s flailing economy “will only get worse” after UK inflation unexpectedly jumped to 3.6% in June. Ranald Mitchell, director at Charwin Mortgages, said “inflation rising to 3.6% is a hammer blow for households and a warning shot for the economy”.
He told the Express: "It shatters hopes of imminent rate cuts, leaves mortgage borrowers exposed, and offers little relief to savers still losing out in real terms. Once again, the Bank of England is left carrying the weight while the Government offers no plan, no leadership and no accountability. Without urgent action, this will only get worse.”
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READ MORE: Fresh nightmare for Rachel Reeves as UK inflation jumps to 3.6%
READ MORE: Markets set to react to Rachel Reeves' controversial Mansion House speech
An expert said the latest figures show the Government needs to take "urgent action" (Image: Getty)
The inflation figures — a near 18-month high — are a fresh blow to Rachel Reeves who has come under mounting pressure in recent weeks.
The Chancellor said there was “more to do” to help bring inflation down.
She said: “I know working people are still struggling with the cost of living.”
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“There is more to do and I’m determined we deliver on our Plan for Change to put more money into people’s pockets,” she added.
The inflation increase comes as food prices surged for the third month in a row.
The Office for National Statistics (ONS) said Consumer Prices Index inflation rose to 3.6% in June, up from 3.4% in May and the highest since January 2024.
This was unexpected, with most economists forecasting inflation to remain unchanged at 3.4%.
Annual food price inflation hit the highest level since February 2024, while transport costs also pushed up the cost of living, the ONS said.
The body’s acting chief economist Richard Heys said: “Inflation ticked up in June driven mainly by motor fuel prices which fell only slightly, compared with a much larger decrease at this time last year.
“Food price inflation has increased for the third consecutive month to its highest annual rate since February of last year.
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“However, it remains well below the peak seen in early 2023.”
Ms Reeves came under fire last month as unemployment figures hit an almost four-year high.
The Government’s U-turn on welfare reforms was also a blow to the Chancellor, putting an almost ￡5 billion black hole in her plans.
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