Labour response to Bank of England's interest rate rise

Pat McFadden MP, Labour’s Shadow Chief Secretary to the Treasury, responding to news that the Bank of England has raised interest rates from 0.5 to 0.75%, said:

"This shows how serious growing inflation and the cost of living crisis is.

"The government has allowed the cost of living crisis to spiral out of control since September - and now will make it even worse with an unfair tax hike.

"The Conservatives should halt their National Insurance hike in April – and they must look again at Labour’s proposal for a one-off windfall tax on oil and gas producers to cut household energy bills by up to £600."

ENDS

Notes to editors :

• In response to: https://www.bankofengland.co.uk/monetary-policy-summary-and-minutes/2022/march-2022?sf162230440=1