This week I want to lead with some good national news - inflation is down again and now stands at 3.4 percent.
Over the last couple of years, we've witnessed the global challenge of high inflation, compounded by the pandemic and geopolitical tensions. Recognising the effect this was having on people's pockets, the Prime Minister made it a top priority to halve inflation.
Through concerted efforts and decisive action by this Government, including measures to stabilise energy costs, we've made remarkable progress.
Inflation has plummeted from its peak of 11.1 percent in October 2022 to 4.0 percent in January 2024, and now stands at 3.4 percent, marking a two-and-a-half-year low.
This achievement not only demonstrates the resilience of our economy but eases cost of living pressures on individuals, families and the elderly up and down the country.
This news comes on the back of the Office of Budget Responsibility's prediction that inflation would keep falling and fall below the 2 percent target within a year.
We are sticking with the plan - to halve inflation, reduce debt and grow the economy.
