Labour’s last Budget increased borrowing and taxes, contributing to higher inflation, with prices rising above target every month since.
Food prices have risen even faster, with new figures at 4.9 per cent, placing additional pressure on families and businesses across Wales.
Economists had expected inflation to fall further than today’s figures indicate. This news will only add to the frustration and concern felt by households facing rising weekly food bills, as well as businesses already struggling with elevated food and energy costs.
Alongside today’s announcement, the ONS has also reported that net migration figures for 2024 are 20 per cent lower than previously estimated, adding another layer of uncertainty to the wider economic picture.
Janet commented:
“Today’s news of rising food prices will cause real concern for residents and business owners across Aberconwy.
The pressures that families and businesses are facing as a result of the UK Government’s reckless policies are simply unacceptable. With the Budget taking place next week, Rachel Reeves must honour her manifesto commitment not to raise taxes on working people, and instead focus on reducing unnecessary government expenditure.
At a time when increasing numbers of people are choosing to leave the country, the UK Government must act to restore confidence in the economy and give businesses and citizens the support they need to thrive here, rather than feel pushed elsewhere.”
