Fuel and travel costs are pushing prices up again
Thursday 5 November 2026
Inflation has risen to 3.1%, meaning everyday spending is getting more expensive just as household budgets are already under pressure.
Collective bargaining
Workers' representatives and an employer negotiating pay or working conditions for a group.
What it means
Workers can negotiate together through a trade union or other recognised representatives, instead of each employee negotiating alone. The discussions can cover pay, hours, holidays or other conditions. In the UK a union generally needs to be recognised by the employer for formal collective bargaining over an agreed group of workers. When the sides reach an agreement, it is called a collective agreement. Bargaining does not guarantee that the workers will get everything they ask for.
Example
A recognised union and an employer meet to discuss next year's pay for the staff covered by their agreement. If they agree a pay increase for that group, it comes from collective bargaining.
Why it matters
It explains one way pay and conditions can be set for a group of workers, and why an individual's pay may depend on negotiations they did not attend personally.
Related terms
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Labour share of income
The share of income generated in an economy that goes to people for their work.
Read more -
Monopsony
A market with one buyer and many possible sellers, including workers seeking an employer.
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Real wages
Pay measured by what it can buy after allowing for changes in prices.
Read more -
Wage growth
How much pay has risen or fallen compared with an earlier time.
Read more
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Highlights from about the UK economy, the UK government and the UK public sector.
Mortgage relief will have to wait a little longer
Wednesday 4 November 2026
Interest rates are staying at 3.75%, so households with mortgages and other borrowing may have to wait longer for costs to come down.
Energy bills are going up as winter approaches
Wednesday 4 November 2026
A higher energy price cap means many households will be paying more to heat and power their homes during the colder months.
Guides and insights
Analysis
Clear, accessible analysis of the economic issues shaping everyday life
Living standards
What does a day’s work buy?
Comparing the cost of everyday life across generations, from bread and beer to buying a home.
Food & prices
The journey behind your grocery bill
How farming, energy, transport and supermarket competition shape the price on the shelf.
Prices & inflation
Inflation is falling. What happens next?
What slower price rises mean for wages, purchasing power and economic recovery.
Shared prosperity
What would shared prosperity look like?
Beyond GDP: how we could measure economic success through security, opportunity and living standards.
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