Oil price rises above $90 as US and Iran exchange fire and Houthis threaten naval blockade in Saudi Arabia - as it happened

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More on the cost of living: new figures show that UK grocery inflation eased in the four weeks to 12th July to 2.6%, its lowest rate since December 2024.

It marks the fifth consecutive month of slowing price rises, Worldpanel by Numerator found.

Easing price rises will come as welcome news to shoppers, but the annual bill tells a fuller story. The average household spent 5,530 on groceries over the past twelve months to July, up 156 on the same period last year - a reminder that even as the rate of inflation cools, the cumulative cost of the weekly shop keeps climbing.

L&VW agrees that there is an opportunity to enhance the way local government, regulators and Thames Water work together, granting greater public controls on critical business issues to improve delivery of complex, essential infrastructure projects, and demonstrate shared accountability.

The consortium is willing to make significant new commitments to grant greater controls and oversight to ministers, implemented through a golden share'.