The average household energy bill will rise by 4% from October as energy debt reaches record levels, prompting calls for greater support for financially vulnerable households.
On a monthly basis, CPI rose by 0.3% in July, compared with an increase of 0.1% in the same month last year.
The index rose by one point to 132, with consumers reporting greater confidence in both their current financial position and their financial outlook.
The Finance & Leasing Association has called on new chancellor John Healey to prioritise reform of the Consumer Credit Act, warning that outdated lending rules are holding back business investment.
Propertymark has said housing must remain central to economic growth as John Healey takes on the role of chancellor.
deVere Group has warned that John Healey’s appointment as chancellor removes the fiscally cautious Treasury appointment markets had been expecting.
John Healey has been appointed chancellor by Andy Burnham, in a surprise move after Ed Miliband and Shabana Mahmood had been linked with the Treasury role.
Chancellor Rachel Reeves and Housing Secretary Steve Reed are among those set to leave.
Growth was driven by a 0.3% increase in the services sector, which more than offset a 0.5% fall in production output and a 0.8% decline in construction activity during the month.
The Association of Financial Mutuals has called on the Government to remove the P11D charge on workplace health cash plans, arguing that current tax rules are limiting take-up of affordable healthcare support.
More than 20 financial services organisations have signed a Skills Compact with Government and the Financial Services Skills Commission to address skills gaps across the sector.
Utmost said the OBR’s latest Fiscal Risks and Sustainability Report showed demographic change and wealth transfer are likely to drive higher Inheritance Tax and Capital Gains Tax receipts over the coming decades.