Chancellor responds to July inflation statistics (including response from Labour and the British Retail Consortium)
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The Chancellor Nadhim Zahawi has respoded to the ONS July inflation
statistics. Chancellor of the Exchequer Nadhim Zahawi said: “I
understand that times are tough, and people are worried about
increases in prices that countries around the world are
facing. “Although there are no easy solutions, we are helping
where we can through a £37 billion support package, with further
payments for those on the lowest incomes, pensioners and
the disabled, and...Request free trial
The Chancellor Nadhim Zahawi has respoded to the ONS July inflation statistics. Chancellor of the Exchequer Nadhim Zahawi said: “I understand that times are tough, and people are worried about increases in prices that countries around the world are facing. “Although there are no easy solutions, we are helping where we can through a £37 billion support package, with further payments for those on the lowest incomes, pensioners and the disabled, and £400 off energy bills for everyone in the coming months. “Getting inflation under control is my top priority, and we are taking action through strong, independent monetary policy, responsible tax and spending decisions, and reforms to boost productivity and growth.” Rachel Reeves, Labour's Shadow Chancellor of the Exchequer, commenting on ONS inflation figures, said “We must get a grip on rising inflation leaving families worried sick about making ends meet. “Labour's fully-costed plan to freeze the energy price cap will bring inflation down this winter easing the burden on households and businesses. “And it will mean that households won't pay a penny more for their energy bills this winter. “People are worried sick and while the Tories are busy fighting and ignoring the scale of this crisis. Only Labour can give Britain the fresh start it needs.” Responding to the latest CPI inflation figures which shows headline inflation at 10.1% and food inflation at 12.6%, Helen Dickinson, Chief Executive of the British Retail Consortium, said: “Consumers had little respite from the cost of living squeeze as prices rose again in July. Soaring household bills and transport costs remain the biggest headache, holding back discretionary spending across the UK as real incomes continued to fall. Retailers are trying to support their customers by expanding value ranges, fixing prices for some essential goods, offering discounted kids meals, and providing discounts for vulnerable groups. However, the sheer weight of costs bearing down on the industry and its supply chains has been proving impossible to fully absorb.
“With inflation showing little sign of slowing, retailers could
face a 10% hike in their business rates bill in the coming year.
This would impose a cost-nightmare of hundreds of millions of
pounds on retailers who are already struggling with razor-thin
margins. The next Prime Minister must act, freezing the
multiplier to avoid placing a further burden on retailers, and
the customers they serve.” Notes:
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