Labour criticizes Tory government's handling of economy

author: FutureCar Staff    

The Labour Party has criticized the government, stating that households in Britain will be worse off despite a potential slowdown in the rate of inflation, according to official data expected to be released by the Office for National Statistics (ONS) on Wednesday. The CPI rate of inflation is projected to have decreased to 6.7% in July from 7.9% the previous month.

Labour has accused the Conservatives of overseeing a rise of over £350 in monthly bills for the average household since 2021/22. Prime Minister Rishi Sunak, however, claimed on Tuesday that there is a "light at the end of the tunnel" regarding the cost of living crisis. In response, Labour has accused the government of causing "13 years of economic chaos and incompetence."

According to the opposition, even if the rate of inflation slows down, families throughout the country will still be paying £82 more per week on living costs compared to 2021/22. They estimate that weekly spending on goods and services such as transport, food, and fuel bills has risen from £529 to £611 today.

Labour argues that even if Mr. Sunak manages to halve inflation by the end of the year, families will still be significantly worse off. They emphasize that families will be hundreds of pounds worse off, regardless of the government's efforts to tackle inflation.

Tulip Siddiq, Labour's shadow economic secretary, expressed her concerns, stating that families in Britain are worse off due to 13 years of economic chaos and incompetence under the Conservatives. She highlighted a decade of low growth, low pay, and high taxes, adding that families are now paying the price of the Conservatives' cost of living crisis through higher bills and prices in shops.

Siddiq further explained that if Labour were in power, they would introduce a windfall tax on the significant profits made by oil and gas giants to assist families with the cost of living. She emphasized that Labour's plan to build a strong economy would boost growth, increase wages, and reduce bills, ultimately benefiting working people.

The Conservative Party has been approached for comment regarding these claims.

FutureCar Staff