The Stockton MP hails the Prime Minister for achieving one of his five pledges earlier than expected.
This week, it was announced that the UK Consumer Prices Index has dropped to 3.9% in the year to November 2023, according to data from the Office for National Statistics, released today (20 December). The fall defied expectations, as economists had forecast inflation to decrease to 4.4% for the month, from 4.6% in October 2023.
Inflation has now more than halved, from over 11% when Rishi Sunak first became Prime Minister in October 2022.
The new figures come alongside the major tax cuts announced by the chancellor in the recent Autumn Budget.
Matt Vickers MP says:
"The Prime Minister and Chancellor were serious when they set out their pledge of halving inflation, and they have done just that.
Some tough decisions were needed to be taken when Rishi Sunak took over the helm and they are paying off, which will eventually ease the financial burden placed on families as a result of the pandemic and Russian invasion of Ukraine."
Chancellor Jeremy Hunt says:
"The UK is back on the path to healthy, sustainable growth"
With inflation more than halved, we are starting to remove inflationary pressures from the economy. We are back on the path to healthy, sustainable growth.
Many families are still struggling with high prices so we will continue to prioritise measures that help with cost-of-living pressures."