Chief Secretary to the Treasury Laura Trott says the drop in inflation is not an accident but the result of the government's 'hard work' and 'deflationary’ spring Budget.
New figures from the Office for National Statistics show the rate fell to 3.2% in the year to March. Report by Alibhaiz. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
New figures from the Office for National Statistics show the rate fell to 3.2% in the year to March. Report by Alibhaiz. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
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NewsTranscript
00:00 This is really good news. Inflation has fallen down from 3.4% to 3.2%.
00:05 That is more than meeting the Prime Minister's target of halving inflation.
00:09 And it's important to say that this has not happened by accident.
00:13 It's been the result of hard work by both the Bank of England and by the government.
00:18 Work which the IMF has said that the government has been decisive and responsible in the way that we've reacted to this.
00:23 And the OBR deemed our most recent budget to be slightly deflationary this year.