The most common adjustment is looking out for food items on promotion, with more than half (55%) of almost 3,000 consumers surveyed saying that they do this.

This comes as Jeremy Hunt reduced energy support for households to six months from two years, as part of the government’s U-Turn on its controversial and expensive mini-budget.

Already weakened for the failure of her economic plan, Liz Triss has lost another member of her cabinet, Home Secretary Suella Braverman. Yesterday, the Prime Minister faced criticism from the opposition, with leader Keith Starmer asking why she is still remaining in power. Political commentators say Liz Truss' grip on power is slipping.

This political crisis weighs son investor sentiment, as well as ongoing fears about the impact interest rate hikes. These fears worsened today after the publication of the UK's housing index, which declined 1.5% as loans become less affordable.

The FTSE 100 was down 0.2% at the open today.

Among stocks, Schroders fell 1% after the fund manager posted a decline in its assets under management.

 

Things to read today:

It’s hard to see a way back: Liz Truss reels from deepening chaos (Financial Times)

How to Get Away With Just a Mild Case of Mortgage Pain (Bloomberg)

UK Hospitality sector declines at fastest pace since lockdown (The Guardian)