UK inflation surges to 40-year-high of 9.4%

Top of the long list of problems the new prime minister will have to address is the cost of living crisis.

The rate of inflation has surged to a new 40-year high as rocketing fuel and food prices drove it closer towards double figures.

Inflation rose to 9.4 per cent in June, up from 9.1 per cent in May –  remaining at the highest level since February 1982.