22/08/2023
Inflation has fallen today to 6.8%.
It’s inflation that eats into your savings.
It’s inflation that makes your money go less far.
Halving it is my number one priority. This is how we are getting it done👇
First, we’ll keep being responsible with our borrowing.
That means taking tough decisions to give our brilliant public sector workers a fair pay deal without increasing inflation, taxes or debt.
Second, we’re tackling the causes of inflation that drive prices up.
➡️ Backing oil & gas in the North Sea to secure our energy supply
➡️ A huge new childcare package to help parents back into work
➡️ Keeping people in work with a £1 billion tax cut on pension contributions.
Third, we’re helping you with the cost of living:
➡️ Increased the National Living Wage
➡️ Frozen fuel duty, capped bus fares outside London, and cut national insurance
➡️ Saved the average household £1,500 on energy bills
➡️ Delivered Cost of Living Payments worth £900
We’re on the side of consumers.
➡️ Pushing fuel retailers to publish local fuel prices online, so you get the best deal
➡️ The Financial Conduct Authority is making sure banks pass on higher rates to savers
➡️ Our Mortgage Charter commits lenders to give homeowners more flexibility with payments
And we’re making the UK the best place to invest and grow. In recent months:
➡️ Tata have invested £4bn in a new Gigafactory in the UK
➡️ We’ve joined the CPTPP, the biggest trade deal since Brexit
➡️ We’ve invested in offshore wind, Life Sciences and AI
As Prime Minister I am determined to build a better economy and a better country for you, your children & your grandchildren.
That starts with tackling inflation. And the news this morning shows that the plan is working.
If we stick to the plan I’ve set out, we’ll get it done.