The Prime Minister will talk of the “deep moral responsibility”
he feels to halve inflation this year, and see it return to the
Bank of England’s target of 2%.
Speaking at a PM Connect focused on the economy tomorrow
(Thursday 22 June) he will address pressures caused by cost of
living and reassure workers of his commitment to easing the
burden of inflation. He is expected to say:
“I feel a deep moral responsibility to make sure the money you
earn holds its value.
“That’s why our number one priority is to halve inflation this
year and get back to the target of 2%.
“And I’m completely confident that if we hold our nerve, we can
do so.”
ONS data released today showed that the Consumer Prices Index
remained at 8.7% in May. The Bank of England will make an
announcement on the Bank Rate at its Monetary Policy Committee
tomorrow.
Acknowledging that this is a concerning time for families and
businesses, the Prime Minister will add:
“Beating inflation has to be the priority…
“Because if we don’t get a grip on inflation now, the damage will
be worse and longer lasting.”
The Government has acted decisively to help struggling households
with rising prices and bring down bills for families, and has
taken difficult decisions on Government spending to make sure we
do not fuel inflation further.
The Prime Minister and Chancellor are committed to halving
inflation, growing the economy, and reducing debt.
The Government has provided around £3,300 per household to help
them with rising costs – funded partly through the windfall tax
on energy companies – including holding down energy bills, and a
record increase in the national living wage.
