Keeping up the fight to control inflation

The latest figures show that the annual rate of inflation in the UK in the 12 months to January held firm at 4.0 per cent on the CPI measure. (See yesterday's post on seasonal variation for a description of the shorter term movements.)

Rishi Sunak and the Conservatives have been working on five priorities. Through careful economic management inflation has halved, wages are growing, and mortgage rates are starting to come down. 

That it why it is positive news that this week's new figures showed our plan is working and inflation has remained unchanged. Because of this progress, we have been able to afford tax cuts – reducing National Insurance from 12 per cent to ten per cent, saving an average worker earning £35,000 £450 a year. 

By sticking with the plan we can build on this progress creating a brighter and more financially secure future for you, your family and our country.

We are helping families with the cost of living by: 

  • Delivering on our promise to halve inflation by the end of 2023, allowing us to cut taxes for 27 million working people which saves the average worker £450 a year. Inflation has fallen from its peak of 11.1 per cent to now 4.0 per cent, showing our plan is working. We promised once we had halved inflation, we would cut taxes which we have done for 27 million working people, saving the average worker £450 a year (ONS, Consumer price inflation, UK: January 2024, 14 February 2024, link; HM Treasury, Autumn Statement 2023, 22 November 2023).
  • Increasing the National Living Wage by 9.8 per cent and reducing the age threshold, increasing wages by £1,800 for 2.7 million low paid workers. On 1 April 2024, the National Living Wage will increase by 9.8 per cent to £11.44 an hour for workers aged 21 and over. This represents an increase of over £1,800 to the annual earnings of a full-time worker on the NLW (Source: HM Treasury, Autumn Statement 2023, 22 November 2023).
  • Delivering new cost of living support, helping vulnerable households with increased costs during the winter months. Eight million households will receive a third Cost of Living payment, totalling £900 worth of payments in 2023-24; Winter Fuel Payments have been increased by £300; nearly three million people will receive a £150 rebate on their winter electricity bills through the Warm Home Discount; Local Housing Allowance is being uprated and the £25 Cold Weather Payment has come into effect for the winter (Source: PMO, Press Release, 31 October 2023, link; DWP, Press Release, 6 February 2024).
  • Protecting the Triple Lock on the State Pension and uprating benefits in line with inflation, protecting the most vulnerable households. To protect the most vulnerable, working age benefits will increase by 6.7 per cent this year and housing benefit will increase. The State Pension will increase by 8.5 per cent in line with earnings. The average uplift for households on Universal Credit will be around £470. 
  • Extending our Household Support Fund to over £2 billion, ensuring local authorities can support the most vulnerable families in their communities. We have provided the Household Support Fund with an additional £842 million to establish schemes that support vulnerable families. This brings the Fund to over £2 billion in value, delivering more than 26 million awards since its creation (Source: DWP, Press Release, 16 October 2023). 

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