Conservatives have continued to deliver on our promise to reduce inflation, giving families the immediate relief they need and putting more money back into the pockets of hardworking people.
- The world has been grappling with high inflation, caused by the pandemic and Putin’s weaponisation of energy – which is why the Prime Minister made it his top priority to halve inflation.
- Having met our promise to halve inflation, the latest available figures show the rate of inflation was 3.9 per cent in October and is now at its lowest point since 2021. Whilst there is more to do – this will give families the immediate relief they need – especially helping to ease people’s mortgage costs.
- Whilst we took the difficult decisions to hold inflation down, Labour’s plans would lead to higher inflation for longer, with their £28 billion spending plan, risking higher taxes and higher mortgages.
- We halved inflation to ease the pressure on households, but we know vulnerable people in particular are still feeling its effects, which is why we have been delivering targeted cost of living support.
- Over the past month, nearly twelve million payments have been made to pensioners across the UK – meaning that more than 99 percent of eligible pensioners have now received up to £600 per household to help with their energy bill this Christmas for the second year running.
- As the economy turns a corner, with inflation halved and debt on track to fall, the Conservative Government will continue to take the long-term decisions to support the most vulnerable.
