Richard has welcomed the news that Inflation has more than halved, from over 11% when Rishi Sunak first became Prime Minister to 3.9% now.
Richard Fuller MP commented:
There was a further fall to inflation this month – a faster fall than consensus – to 3.9%. The Bank of England’s target is 2% and there seems to be continuing downward pressure on prices that should continue into the new year.
What does this mean for interest rates which currently stand at 5.25%? Well, the US will be the main driver but I agree with those who see rates falling next year.
Looking back on this tough year for household budgets, the Conservative government has protected families by subsidising energy bills, protected pensioners by maintaining the triple lock and protected the lowest paid by further real increases in the Living Wage.
We now need to look for tax cuts in the New Year and to ensure we get better quality outcomes from the public services that our record level of taxes fund.