At the beginning of the year, the Prime Minister outlined his 5 Priorities for 2023, the first and most important of which was to halve the rate of inflation.
Inflation is a direct tax on people’s pockets which makes us all poorer, and it is right that the Government has sought to bring this under control through tight fiscal management of public finances and generous support with energy bills.
Today, inflation statistics for October were published, and showed that the rate of inflation fell to 4.6%, down from its peak of 10.7% in November 2022. This means that the Government has now delivered on its pledge, giving families the immediate relief they need and helping people’s money go further.
As the Chancellor has rightly outlined, whilst this is welcome news there is still further work to be done to get inflation down to the Bank of England’s target of 2%. He is also right to say that “"now we are beginning to win the battle against inflation, we can move onto the next part of our economic plan, which is the long-term growth of the British economy."
We will continue to work in the interests of the British people to tackle inflation, grow wages, cut bills, and protect living standards across the country.