“Our plan is working” Rachel has said as inflation falls to its lowest level in nearly three years.
New figures out today (April 17th) from the Office of National Statistics showed the rate of inflation stood at 3.2%, down from 3.4% in February and down from its peak of 11.1% in 2022.
The Government has been sticking to its plan to drive down inflation to help people with the cost of living.
And because the plan is working, the Government has delivered on its promise to cut taxes for 29 million working people. The two cuts to National Insurance has put £900 back in the pockets of the average worker.
To help with the cost of living, the Government has increased the National Living Wage by 9.8% and reduced the age threshold, increasing wages by £1,800 for low paid workers in Redditch and the Villages.
The Triple Lock has been protected and the State Pension has been uprated by £900 this month, protecting pensioners’ incomes.
Vulnerable and low-income households have been supported with cost of living payments, delivering up to £1,350 of support. The Household Support Fund has been extended, ensuring local councils can support the most vulnerable.
The Government has also frozen fuel duty for a fourteenth consecutive year and maintained the 5p cut for a further 12 months, saving the average driver £50 this year.
Rachel said: “Our plan is working and we are turning a corner. Inflation is falling faster than expected and has more than halved from 11.1% at its peak to 3.2% today, the economy has returned to growth and outperformed forecasts, mortgage rates are starting to come down and this month we have cut taxes for thousands of working people in Redditch and the Villages.
“But I also recognise the cost of living remains a top concern for residents, which is why the Government is continuing to support my constituents by increasing the National Living Wage, uprating the State Pension by £900, cutting taxes and putting £900 back in the pockets of an average worker, and by extending the Household Support Fund to support the most vulnerable.
“Meanwhile, Labour cannot say what they would do with the economy, because they do not have a plan, taking us back to square one.”
