Labour criticizes Tories ahead of inflation data.

author: FutureCar Staff    

Labour has claimed that families in the UK have been left worse off due to inflation, regardless of any potential slowdown in inflation confirmed by official figures this week. The Office for National Statistics (ONS) is expected to announce a Consumer Prices Index (CPI) inflation rate of 6.7% for July, down from 7.9% in the previous month.

Rishi Sunak, the Chancellor of the Exchequer, recently stated that there is "light at the end of the tunnel." However, Labour has accused Prime Minister Boris Johnson of overseeing a £350 increase in monthly bills for the average household since 2021/22.

Prior to the release of the July data, the opposition party highlighted that even if inflation does drop, families will still be paying £82 more per week for the cost of living compared to 2021/22. Labour projected that weekly spending on essential items like food, transport, and fuel bills has risen from £529 in 2021/22 to £611 today.

Labour further argued that even if Sunak manages to halve inflation as he aims to do, families will still be hundreds of pounds worse off per month compared to two years ago. Tulip Siddiq, the Shadow Economic Secretary, stated that families in Britain are worse off due to 13 years of economic chaos and incompetence under the Conservatives. Siddiq emphasized that there has been a decade of low growth, low pay, and high taxes, and now families are bearing the brunt of the Conservative Party's cost-of-living crisis through higher bills and prices in stores.

If Labour were in power, Siddiq stated that they would introduce a windfall tax on the significant profits made by oil and gas giants to assist families with the cost of living. Labour's plan to build a strong economy, according to Siddiq, would boost growth, increase wages, and lower bills, ultimately improving the financial situation of working people.

FutureCar Staff