In shocking economic news this morning, inflation has jumped up to 3%.
That's a full 1% above target and half as high again as the rate Labour inherited from us last year.
This is entirely down to the Chancellor, Rachel Reeves, decisions to:
Whack up taxes
Whack up public spending
Increase government debt; and
Give big pay increases to their union mates...
Inflation eats into wages and savings. It's basically a tax on everyone.
That's why getting inflation down was the Conservatives no 1 economic priority following the global price shocks that resulted from the pandemic and the invasion of Ukraine.
We got inflation down to 2% from over 11% and the UK economy was growing faster than any other G7 country by the time of the election last year.
But Labour have now put the economy into reverse.
Instead of taking action to reduce inflation, Labour are making economic and political decisions to keep pushing it up.
They'll get the headline growth they desire - but not real growth, just inflationary growth and we will all pay the price for their utter economic incompetence.
