Sunak says July 4 election is a question of trust as he takes aim at Starmer
Rishi Sunak announced the General Election will take place on July 4 as he put economic stability at the heart of his pitch to voters.
Rishi Sunak announced the General Election will take place on July 4 as he put economic stability at the heart of his pitch to voters.
Most of the Prime Minister’s five priorities had not been achieved by the end of last year.
The Chancellor pointed to the ‘economic shocks’ of the pandemic and energy crisis as reasons for a fall in living standards.
Rishi Sunak said the drop to 2.3% in April is a ‘major milestone’, but he admitted there is ‘more work to do’.
Consumer Prices Index inflation slowed to 2.3% in April, down from 3.2% in March, according to the Office for National Statistics.
The latest Consumer Prices Index inflation data for April will be released on Wednesday.
However, the global financial agency stressed that ambitious structural reforms to improve living standards ‘are urgently needed’.
Labour said the average earner was £180 worse off than they would have been had wages kept pace with inflation since October 2021.
Experts said a June interest rate cut was ‘up in the air’ after wage growth remained stronger than expected.
The ONS said the rate of UK unemployment rose to 4.3% in the three months to March, up from 4.2% in the previous three months.
The UK exited recession after the economy grew over the first three months of 2024, following a contraction over the second half of 2023.
The Bank of England said it was not yet at the point where it can start cutting rates, opting instead to hold them steady at 5.25%.
The central bank has again voted to freeze rates.
The central bank’s Monetary Policy Committee is widely expected to hold interest rates at 5.25%.
The central bank’s Monetary Policy Committee is widely expected to hold interest rates at 5.25%.