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.
Fiscal rules
Targets or limits a government sets for borrowing, debt or other measures of the public finances.
What it means
A government may commit to keeping day-to-day spending within a certain amount of income, or to having a chosen debt measure fall compared with the size of the economy by a stated date. These commitments are fiscal rules. Their details matter: “debt falling” may mean debt as a share of GDP, not fewer pounds of debt. Rules can be changed, and a forecast that a rule will be met is not proof that it has already been met. In the UK, the Office for Budget Responsibility assesses the government's plans against its stated targets.
Example
Imagine a made-up rule that debt must fall as a share of GDP in five years. It could be forecast to pass even if the cash amount of debt is higher, provided GDP grows faster over that period.
Why it matters
Rules shape budget debates, but the headline wording can hide which measure and deadline a target actually uses.
Also known as
budget rules
Related terms
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Budget deficit
The gap when the government and wider public sector spend more than they receive over a period.
Read more -
Debt to GDP ratio
Public debt compared with the value of goods and services produced in a country over a year.
Read more -
Fiscal policy
Government decisions about taxes, spending and borrowing.
Read more -
Public sector net debt
A UK measure of the public sector's outstanding debts after subtracting certain assets it can quickly turn into cash.
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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