The cost of living has soared again, putting further strain on under-pressure households. Inflation today surged into double digits, hitting a fresh 40-year high of 10.1pc.
The consumer price index rose by more than expected last month, according to figures from the Office for National Statistics released at 7am. That is up from 9.4pc in June and marks the highest level of inflation for more than four decades.
The figures suggest there will be no let-up for Britons' finances, ahead of another jump in energy bills and the Bank of England warning that inflation will peak above 13pc later this year.
James Warrington has reaction and analysis in our business live blog. Employment editor Lucy Burton explains how a fundamental economic rule on wages is not being followed.
And Philip Johnston warns that the Tories face another Black Wednesday if they cannot turn the economy around.
Meanwhile, it has emerged in a leaked recording that Liz Truss said British workers should show "more graft" like the Chinese.
The Foreign Secretary, who is the Tory leadership race front-runner, suggested UK workers lacked the "skill and application" of foreign rivals.
Speaking during her time as Chief Secretary to the Treasury, a role she held until 2019, Ms Truss also suggested London was richer than the rest of the country because of its workers' "mindset or attitude".
Deputy political editor Daniel Martin reports on the fallout from the comments.
Modern slavery law is 'biggest loophole' for migrants
It was introduced to protect vulnerable people from exploitation and trafficking. But Theresa May's modern slavery law has become one of the biggest loopholes allowing illegal migrants to escape deportation, a former immigration minister says today.
Writing in The Telegraph, Chris Philp says the Modern Slavery Act introduced in 2015 is being exploited by human rights lawyers to keep illegal migrants and foreign murderers and rapists in the UK.
Read his article calling for a tightening of the law that allows "absurdly low levels" of proof of slavery and "no supporting evidence".
Last night, Home Secretary Priti Patel signalled a crackdown. Home affairs editor Charles Hymas reports that her review of the Act would rip up the low thresholds on proof, limit the number of claims and make sure the system was "about the recovery of victims".
Raducanu shows no mercy to struggling Williams
Emma Raducanu showed shades of the level that earned her a maiden grand slam title as she beat Serena Williams in a comfortable straight sets win at the Western and Southern Open early today.
It was a near-perfect match from the British No 1 in front of a sold-out crowd in Cincinnati, Ohio.
For Williams, this was another setback as she gets set to bid farewell to the sport at the US Open later this month.
As Uche Amako reports, she thwarted plans by the tournament to pay tribute to her.
Daily dose of Matt
Also in the news: Today's other headlines
Number plates for bikes | Cyclists could be forced to obey 20mph speed limits under new road laws proposed by Grant Shapps. The Transport Secretary wants to close a loophole that allows cyclists to break speed limits and even overtake cars in low-speed zones. Officials acknowledge that such a regime would require cyclists to have number plates or some other form of identifiable marking for enforcement purposes.
Blood scandal | Victims will get £100,000 in compensation
Stabbed to death | Elderly man killed on mobility scooter
Starter for 10 | Will this be next University Challenge host?
Around the world: Kyiv's special forces 'behind blasts'
Ukrainian special forces are reported to be responsible for a series of explosions behind Russian lines in occupied Crimea. Blasts at an open-air ammunition dump and an electrical sub-station in the north of the occupied peninsula were the work of an elite military unit, according to a Ukrainian official. Footage showed a huge fireball at the ammunition depot and, later in the day, plumes of smoke were seen billowing from a Russian military air base. In this analysis, Dominic Nicholls says Crimea bombings could be the shape of things to come.
Comment and analysis
Allison Pearson | Hard work no longer gets you to university
Madeline Grant | We're a society that doesn't value children
Anne-Elisabeth Moutet | Complacency killed off French lunch
Andrew Griffith | Why I'm backing Liz Truss for Tory leader
Reader letters | Giving up coal compromised energy security
Sport briefing: Musk says he is 'buying Man Utd'
Elon Musk set the football world abuzz today as he declared that he wants to buy Manchester United. The world's richest man has a history of using Twitter to make jokes and it was not immediately clear how serious he was. Meanwhile, the club are considering a £50 million move for Real Madrid midfielder Casemiro, after it became clear that their deal to sign Adrien Rabiot was on the brink of collapse. In cricket, England captain Ben Stokes believes that his side's aggressive approach has already got into the heads of South Africa.
Moral Money | 'Can I say no to my best friend’s £3k hen do?'
The real Duke | Was John Wayne really a hero or a villain?
Business briefing: Return of supersonic travel
The world's biggest airline has announced a deal to buy a fleet of new high-tech jets dubbed the "son of Concorde", setting up the return of supersonic transatlantic flights by the end of the decade. American Airlines agreed to purchase up to 20 Overture aircraft from Boom Supersonic, with an option to extend the order to 40. Matt Oliver has our report on the expected passenger routes from 2029.
French bean ragout with cod or hake and pesto | This dish by Stephen Harris is fresh, summery – and ready in 30 minutes.
Travel inspiration: Beautiful corners of France
France attracts more international tourists than any other country: nearly 90 million visitors a year, putting Spain in second place and the US in third. Less well-known is that it also attracts more domestic tourism than any other place in Europe; of those French people who take holidays, some 80 per cent do so in their own country. Anthony Peregrine reveals the places our Gallic neighbours favour.
And finally... for this morning's downtime
'I learnt to argue less' | With the culture wars showing no sign of slowing, empathy and compromise can be valuable life tools. Boudicca Fox-Leonard, who admits she can be blunt and sharp, explains how she manages to hold her tongue for the greater good.