Chancellor Jeremy Hunt assured ‘inflation is coming down’ and on observe to be halved this yr

Chancellor Jeremy Hunt is assured his plan to cut back rising costs is working and can quickly ease the monetary pressure on UK households.

Ahead of parliament returning on Monday, Mr Hunt acknowledged that many households throughout the nation are nonetheless struggling financially.

He emphasised that “sticking to the plan” to cut back inflation is one of the simplest ways to assist them.

The chancellor shall be interviewed on Trevor Phillips on Sunday tomorrow morning. Tune into Sky News from 8.30am to observe.

Despite the Bank of England‘s prediction of a 7.1% inflation price, consultants nonetheless count on it to drop to round 5% by the year-end.

Inflation has eased again to six.8% from a latest eye-watering peak of 11.1% final October, however continues to be removed from the Bank of England’s 2% goal.

Meanwhile, the Office for National Statistics (ONS) has considerably upgraded the UK’s progress figures, exhibiting that the financial system rebounded from the COVID pandemic sooner than beforehand thought, surpassing its pre-pandemic dimension practically two years in the past.

“As we move into autumn, I know family budgets are still stretched, but inflation is coming down and now is the time to see the job through. We are on track to halve inflation this year and by sticking to our plan we will ease the pressure on families and businesses alike,” Mr Hunt mentioned.

“And it should be no surprise, despite the doubting from some, latest figures show we have bounced back better than many other G7 economies and are one of the most attractive countries in the world to invest.”

He added: “This government is unlocking the UK’s potential – attracting more investment, creating new jobs and growing the economy.”

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Responding to Mr Hunt’s feedback, Rachel Reeves MP, Labour’s shadow chancellor, mentioned he was “completely out of touch with the economic realities facing families across Britain”.

She added: “Going from no growth to low growth doesn’t merit a victory lap and shouldn’t be the summit of our ambitions.”

She mentioned that Labour’s plan for the financial system is about “investing in Britain” to “unlock growth, cut household bills and make working people in all parts of the country better off”.