Chancellor of the Exchequer and others respond to November inflation data
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The Chancellor has responded to ONS inflation data for November.
Chancellor to the Exchequer, Rachel Reeves said: "I know families
are still struggling with the cost of living and today's
figures are a reminder that for too long the economy has not worked
for working people. “I am fighting to put more money in the pockets
of working people. That's why at the Budget we protected their
payslips with no rise in their national insurance, income tax or
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The Chancellor has responded to ONS inflation data for November. Chancellor to the Exchequer, Rachel Reeves said: "I know families are still struggling with the cost of living and today's figures are a reminder that for too long the economy has not worked for working people. “I am fighting to put more money in the pockets of working people. That's why at the Budget we protected their payslips with no rise in their national insurance, income tax or VAT, boosted the national living wage by £1,400 and froze fuel duty. "Since we arrived real wages have grown at their fastest in three years. That's an extra £20 a week after inflation. But I know there is more to do. I want working people to be better off which is what our Plan for Change will deliver.” Conservative Response to November CPI Mel Stride MP, Shadow Chancellor of the Exchequer, said: “The Chancellor has made a series of irresponsible and inflationary decisions which, as the independent Office for Budget Responsibility said, will leave inflation higher than it was forecasted in March. “These figures mean higher costs in the shops, less money in working people's pockets and risks keeping mortgage rates higher for longer. Working people cannot afford Labour.” IPPR reacts: Inflation not a cause for concern but Bank of England should cut rates to boost growth Reacting to today's inflation news, Dr George Dibb, associate director for economic policy at IPPR, said: “Today's higher inflation figures were expected and pose no immediate cause for concern. The rise reflects anticipated price changes and aligns with the Bank of England's forecasts, which predict a modest increase over the next year before easing in 2026. “The real concern is the UK's weaker-than-expected growth, now lagging behind the Bank's own projections. High interest rates are stifling growth, as we've repeatedly warned, and this slowdown is driven by tight monetary policy—not the new government's policies. The Bank of England must act decisively and cut rates tomorrow to get the UK economy back on track.” BRC: Rising inflation foreshadows price rises in 2025 Responding to the latest CPI inflation figures, which show headline inflation rising to 2.6% and food inflation rising 0.1 percentage point to 2.0%, Kris Hamer, Director of Insight of the British Retail Consortium, said: “Headline inflation rose once again last month. November's figures were driven primarily by increased inflation rates of fuel and clothing and footwear. There was some welcome news for those shopping around early for Christmas presents, as furniture and household equipment remained in deflation, albeit not quite as low as in October. Food inflation did rise marginally though customers would have been glad to see the price of certain meats such as pork, lamb and beef fall in price on the month. “Retailers are doing their upmost to deliver an affordable Christmas for their customers in the face of global price pressures. For an industry that operates on low margins, £7 billion of increased costs from higher employer NI, National Living Wage, and new packaging levies, cannot simply be absorbed, despite retailers' best efforts, and will inevitably lead to price rises, job losses, and more empty stores on our high streets. Retailers are watching the Government's proposed changed to business rates closely, and it is essential that it leaves no store paying more in rates than before. By protecting shops, the government can support retailers as the invest in keeping shops open, and keeping prices down.” -ENDS- Notes:
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