New and impartial Office for National Statistics figures have confirmed the Conservative government's plan for the economy is working with inflation falling to its lowest rate in 2 and a half years at 3.4 per cent. That is down from a peak of 11.1 per cent and 4.0 per cent last month.
On top of this the Office for Budget Responsibility says inflation will fall faster than previously expected and reach the two per cent target by the next quarter – one year sooner than expected by the OBR in November.
Dr Neil Hudson MP is a proud champion of recent fiscal measures that have more than halved inflation and as such Government can now afford to cut taxes for working people and invest in public services.
Giving a wide-ranging speech on the benefits enacted by the Chancellor's tax-cutting Spring Budget, Dr Hudson welcomed average savings of £900 a year for British people, the maintenance of the triple lock on pensions and tax relief for motorists, the hospitality sector and business rates. You can read more about that here: www.neilhudson.org.uk/news/we-should-be-very-proud-our-country-our-achievements-and-what-lies-ahead-dr-neil-hudson-mp
In addition, Government is focused on reducing debt, with economists predicting we are on track to see this drop over the next five years, and growing the economy, with the International Monetary Fund forecasting the UK will grow faster than Japan, Germany, France and Italy cumulatively over the next five years.
Dr Neil Hudson MP said:
"When faced with global instability caused by the Pandemic, the War in Ukraine and disrupted shipping lanes, our Conservative Government has had to make tough decisions in the long-term interest of economic prosperity. I fully appreciate people across the nation have felt these pressures on their household finances and have struggled which is why we have made it our priority to tackle inflation.
"Because we stuck to our plan, inflation is the lowest it has been in years and forecasts only predict this to fall further. This is great news for everyone in the country and means we have been able to cut taxes for 29 million working people.
"I have absolute faith that Rishi Sunak is the man for the job when it comes to revitalising our economy. His measures are clearly working and I look forward to watching inflation figures continue to get smaller and smaller."
