Burnham Faces Growing Cost of Living Issues

UK inflation has risen to 2.9%, driven mainly by increased energy bills due to higher Ofgem price caps. Prime Minister Andy Burnham's decision to cut VAT on electricity will provide some relief, but broader price rises, including fuel and food costs, threaten to worsen the cost of living pressures. The Bank of England has not yet responded with interest rate changes, as underlying inflation remains steady, while rising government bond yields indicate potential financial implications for the government.

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