Cost of living: Are things going to get better for your finances?

The UK’s rate of inflation has risen, but the chancellor, in response, promised that Britain would this year turn a corner.

Rachel Reeves said cutting the cost of living was her “number one focus”, following comments from Prime Minister Sir Keir Starmer who claimed that every minute not talking about it was “a wasted minute”.

It is a clear strategy ahead of local, Scottish and Welsh elections in May, driven in part by difficulties in boosting economic growth, and also in knowing there could soon be better news to tell.

But many households are still struggling to cover essential bills, and others are unconvinced of improvement.

Here are some of the key factors affecting family finances and whether government policies can, or do, have an impact.