Rachel Reeves has been slammed over disastrous new inflation figures that prove the cost of living crisis for working Britons has worsened yet again on her watch.
This morning the Office for National Statistics confirmed prices rose by 3.8% in the 12 months to July, up from 3.6% in June.
Ms Reeves inherited an inflation rate of just 2% from the Tories, meaning she has nearly doubled the rate at which prices are rising since entering No. 11 Downing Street.
Responding to this morning’s disastrous news, Shadow Chancellor Mel Stride blasted: “This morning’s news that inflation has risen even higher than the 2 per cent target is deeply worrying for families.
“Labour’s choices to tax jobs and ramp up borrowing are pushing up costs and stoking inflation – making everyday essentials more expensive. And with leading economists warning that the Chancellor has blown a colossal black hole in the public finances, families and businesses are bracing for yet more pain come the Autumn Budget.
“Families are paying the price for Rachel Reeves’ economic mismanagement. Britain can’t afford Labour.”
Tory Shadow Business Secretary Andrew Griffiths added: “The fault for this inflation lies squarely in Downing Street. Labour’s jobs tax, rates hikes and minimum wage rises have all fed through to higher prices – just as predicted. This should give the Chancellor real pause for thought before inflicting any more tax rises this autumn.”
Ms Reeves insisted things are better now than compared to the height of the cost of living crisis following lockdown, when inflation hit 11%, though conceded “there’s more to do to ease the cost of living.”
“That’s why we’ve raised the minimum wage, extended the £3 bus fare cap, expanded free school meals to over half a million more children, and are rolling out free breakfast clubs for every child in the country. Through our Plan for Change we’re going further and faster to put more money in people’s pockets.”
The Liberal Democrats branded this morning’s news as “grim”, accusing Labour of failing to offer “a vision for the economy or a strategy to bring down the cost of living.”
MORE TO COME…