Slough’s MP has blasted the Conservatives’ record on the economy, calling the latest drop in inflation “too little, too late”.
Figures from the Office for National Statistics show that inflation in the UK fell to 6.8 per cent in July from 7.9 per cent in June, suggesting that the rate of price increases is slowing.
But Labour’s Tan Dhesi suggested the drop would not be enough to fully address the pervasive cost-of-living crisis.
He said: “For many of my Slough constituents, the recent fall in inflation is too little, too late.
“Thanks to 13 years of economic incompetence and mismanagement, including the recent crashing of the economy, by this Conservative government, people are still feeling the squeeze in their day to day lives.”
Inflation rates measure the increase of prices over time. A fall in inflation does not mean that prices are decreasing, but that they are increasing at a slower rate.
The Bank of England’s government-set target is to keep inflation to 2 per cent, and its Monetary Policy Committee can raise interest rates with a view to bringing it down.
Mr Dhesi added: “The only way for this Tory inflation crisis to end is for a Labour government to bring stability and growth to our economy by expanding green industry jobs, boosting energy security, and ensuring that businesses, great and small, want to invest in Great Britain.”
However, Slough’s council leader Dexter Smith defended the government’s record on the economy amid the fall in inflation.
He said: “The news that inflation has fallen to 6.8 per cent, the lowest since February 2022 will be welcome news to Slough residents and shows that the Government’s plan is working”.
Inflation rose drastically in 2022, reaching a high of 11.1 per cent in October.
Rishi Sunak set out halving inflation as one of the five key priorities he set out at the start of the year, when the rate sat at more than 10 per cent.
Mr Sunak became Prime Minister in October last year following the resignation of Liz Truss less than two months into her premiership amid the fallout of the widely criticised ‘mini-budget’.
He is the fifth Conservative Prime Minister since the party's return to power in 2010.
Chancellor of the Exchequer Jeremy Hunt said: “The decisive action we’ve taken to tackle inflation is working, and the rate now stands at its lowest level since February last year.
“While price rises are slowing, we’re not at the finish line. We must stick to our plan to halve inflation this year and get it back to 2 per cent.”
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