Wednesday saw a major moment for the economy as not only has inflation more than halved, but the rate of inflation is also back to normal levels and its lowest point since 2021 after its peak of 11.1 per cent in 2022.
During Prime Minister’s Questions, Tom Randall said “Forty years ago, Mrs Thatcher described high inflations as a ‘destroyer of industry, of jobs and savings.’”
Tom went on to ask the Prime Minister “what assessment does he make of today’s announcement for my Gedling constituents who want to be able to save, get a good job, and enjoy a reasonable standard of cost of living?
The Prime Minister replied: “Today does mark a major moment for the economy. Not only have we halved inflation but it has returned back to normal thanks to the collective hard work, sacrifice and resilience of people up and down the country.
“This is further proof that our plan is working. Mortgage rates have come down, energy bills have come down, taxes are being cut and inflation now back to normal. That shows that when you stick to the plan we can look forward to a brighter future.
“[Tom Randall MP] is right to point out the alternative. Labour Party imposing £2,000 of tax rises. That’s what would put stability at risk.”
Speaking after PMQs, Tom said, “We have to stick with the plan under Rishi Sunak and the Conservatives: inflation back to normal, economy growing joint fastest in the G7, wages rising, taxes cut worth £900 a year for the average worker across Gedling and triple lock protected. These achievements are improving the lives of residents across Gedling.
“There is more to do. But we cannot let Labour take the country back to square one, with their £2,094 tax raid on working households, broken pledges on pensions and the risk of sweeping tax rises.”
