Hunt: Inflation data shows difficult decisions have paid off

A year and a half ago we had higher inflation than nearly any other major economy. Today it is lower and that shows the difficult decisions we've taken have paid off. That would not have happened under Labour. They refused to condemn the public sector pay strikes. That would have meant higher inflation for longer. Instead we have lower inflation, taxes starting to come down and hopefully now mortgages starting to come down. It would be a terrible shame if we turn the clock back and put up taxes for every family with savings. Which is what it now emerges Kier Starmer plans to do. We've given enormous support to help families through a difficult inflationary period, but having inherited inflation that was higher than nearly any other major economy, it is now lower and that means the difficult decisions we've taken have paid off. That wouldn't have happened under a Labour Party that refused to condemn the public sector pay strikes. Now, because of those difficult decisions, we have lower inflation, taxes starting to come down and hopefully now mortgages starting to come down as well. Well, core inflation has fallen. Food inflation is now less than 2%. For families worried about the cost of living, today is very, very good news. And just a year and a half ago we had higher inflation than nearly anywhere in the G7. Now it is lower than nearly any other major economy. That shows that the difficult decisions we've taken have paid off. That wouldn't have happened under a Labour Party that refused to condemn the public sector pay strikes. That would have meant higher inflation for longer. A year and half ago the Bank of England predicted the longest recession in 100 years. Instead we have had a soft landing with inflation that was higher than nearly any other major economy, now lower all our major competitors. That shows the difficult decisions have paid off. That would have not have happened under Labour that refused to condemn the public sector pay strikes. That would have meant inflationary pay rises, inflation lasting longer. Now we have inflation down, taxes starting to come down and hopefully soon mortgages coming down as well.

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