Good morning.
We kick off the day with more grim data on how the cost-of-living crisis is hurting households.
Retail sales fell 1.1pc in May, according to the British Retail Consortium, as soaring energy and food bills left Britons with less disposable income.
ONS figures showed households saved an average of almost £7,000 after Covid struck, but those who could squirrel money away are now unwilling to spend it.
In a further sign of how wallets are being squeezed, Barclaycard data showed spending on utilities jumped by more than a third, with grocery and transport costs also rising.
5 things to start your day
1) ‘National fuel crisis’ as electric car ownership surges It now costs nearly £98 to fill a petrol tank and nearly £102 to fill a diesel tank, with crude prices continuing to climb as Russia attacks Ukraine and sparks emergency planning for fuel shortages in Ireland.
2) Pound climbs as Boris Johnson suffers major rebellion The value of the pound pushed higher as markets bet that last night’s substantial rebellion against Boris Johnson could end up watering down the…
