Jeremy Hunt says the "difficult decisions" the Conservative Party has taken on the economy have "paid off", as inflation returns to the 2% target for the first time in almost three years. The chancellor adds, "that would not have happened under Labour" and that it would be a "terrible shame to turn the clock back" if Labour was to win the upcoming general election. Report by Brooksl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
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00:00A year and a half ago we had higher inflation than nearly any other major economy.
00:04Today it is lower and that shows the difficult decisions we've taken have paid off.
00:08That would not have happened under Labour.
00:10They refused to condemn the public sector pay strikes.
00:13That would have meant higher inflation for longer.
00:16Instead we have lower inflation, taxes starting to come down
00:20and hopefully now mortgages starting to come down.
00:24It would be a terrible shame if we turn the clock back
00:27and put up taxes for every family with savings
00:31which is what it now emerges Keir Starmer plans to do.
00:34We've given enormous support to help families through a difficult inflationary period
00:40but having inherited inflation that was higher than nearly any other major economy
00:45it is now lower and that means the difficult decisions we've taken have paid off.
00:49That wouldn't have happened under a Labour party
00:52that refused to condemn the public sector pay strikes.
00:56Now because of those difficult decisions we have lower inflation,
01:00taxes starting to come down and hopefully now mortgages starting to come down as well.
01:05Core inflation has fallen.
01:08Food inflation is now less than 2%.
01:10For families worried about the cost of living today is very very good news
01:14and just a year and a half ago we had higher inflation than nearly anywhere in the G7.
01:20Now it is lower than nearly any other major economy.
01:23That shows that the difficult decisions we've taken have paid off.
01:26That wouldn't have happened under a Labour party
01:28that refused to condemn the public sector pay strikes.
01:31That would have meant higher inflation for longer.
01:34A year and a half ago the Bank of England predicted the longest recession in 100 years.
01:38Instead we have had a soft landing with inflation that was higher
01:42than nearly any other major economy now lower than nearly all our major competitors.
01:48That shows the difficult decisions that we've taken have paid off.
01:51That would have not have happened under Labour
01:54that refused to condemn the public sector pay strikes.
01:57That would have meant inflationary pay rises, inflation lasting longer.
02:01Now we have inflation down, taxes starting to come down
02:05and hopefully soon mortgages coming down as well.