It’s easy to underestimate the importance of keeping inflation under control. Because for all the talk of economic growth, jobs and skills which we’re pushing ahead with in Burnley and Padiham, inflation is the single biggest danger to wiping out all the progress we have and continue to make.
When prices rose across the globe following the pandemic, life was made difficult for families in our area. And so whilst cost of living support was rolled out to help ease the burden in the short term, the number one priority had to be halving inflation as quickly as possible, from the high mark of 11.1% in 2022, and then to see it reduce back to the target of 2%.
Figures released this week show that due to that focus, inflation has fallen once more, and is now sitting at 2.3% - which makes a huge difference to us all. It matters for families by maintaining the purchasing power of what we all have in our pockets. It matters for local businesses by providing a stable, predictable environment for them to operate in. And it matters for homeowners who due to the inflationary environment in 2022 saw mortgage rates rise. At the current rate we will all feel the benefit which is exactly why I backed the PM in this mission.
But taking this positive news for granted would be a mistake. This has without a doubt come about by sticking to a plan which has relentlessly kept the focus on delivery, holding the purse strings when the calls have been for more spending. You’ll remember the long negotiations which saw the Government resisting pressure to fund above-inflation public sector pay settlements, despite Labour pushing for them. This is what it’s been for. Inflation back to normal, our economy’s growth faster than France, Germany, Italy, Japan and the United States, wages rising, taxes cut and the triple lock for pensioners protected. This is no accident and it’s why it’s vital that we don’t let up.
Yes, there’s always more to do, but we cannot let Labour take Burnley and Padiham backwards. Or the country back to square one with a £2,094 tax raid on working households, broken pledges on pensions and the risk of sweeping tax rises due to billions in unfunded spending plans.
When I go down to Parliament, I take the voice of our area with me. Cost of living concerns have featured heavily when knocking doors. And thankfully we’re seeing the plan to fix that now paying off.
