Chancellor Jeremy Hunt is confident his plan to reduce rising prices is working and will soon ease the financial strain on UK households.

Ahead of parliament returning on Monday, Mr Hunt acknowledged that many households across the country are still struggling financially.

He emphasised that “sticking to the plan” to reduce inflation is the best way to help them.

The chancellor will be interviewed on Trevor Phillips on Sunday tomorrow morning. Tune into Sky News from 8.30am to watch.

Despite the Bank of England‘s prediction of a 7.1% inflation rate, experts still expect it to drop to around 5% by the year-end.

Inflation has eased back to 6.8% from a recent eye-watering peak of 11.1% last October, but is still far from the Bank of England’s 2% target.

Meanwhile, the Office for National Statistics (ONS) has significantly upgraded the UK’s growth figures, showing that the economy rebounded from the COVID pandemic faster than previously thought, surpassing its pre-pandemic size nearly two years ago.

Zoopla says number of UK property sales on track to fall to lowest level in a decade

Food prices still rising faster than wages although overall rate of retail inflation falls

Energy price cap falls – but Ofgem boss says it would be ‘helpful’ if govt brings back support for families

Please use Chrome browser for a more accessible video player

“As we move into autumn, I know family budgets are still stretched, but inflation is coming down and now is the time to see the job through. We are on track to halve inflation this year and by sticking to our plan we will ease the pressure on families and businesses alike,” Mr Hunt said.

“And it should be no surprise, despite the doubting from some, latest figures show we have bounced back better than many other G7 economies and are one of the most attractive countries in the world to invest.”

He added: “This government is unlocking the UK’s potential – attracting more investment, creating new jobs and growing the economy.”

Read more politics news:
Suella Braverman orders review into ‘political activism’ in policing
Obese patients can’t be moved from ground floor at hospital over safety fears

Be the first to get Breaking News

Install the Sky News app for free

Responding to Mr Hunt’s comments, Rachel Reeves MP, Labour’s shadow chancellor, said he was “completely out of touch with the economic realities facing families across Britain”.

She added: “Going from no growth to low growth doesn’t merit a victory lap and shouldn’t be the summit of our ambitions.”

She said that Labour’s plan for the economy is about “investing in Britain” to “unlock growth, cut household bills and make working people in all parts of the country better off”.

Related posts:

Care home visits could resume within weeks as lockdown is eased, minister suggests Johnson expected to call on EU leaders to veto COVID vaccine export blocks Starmer’s spin doctor quits after Labour’s latest by-election blow ‘It must work in a different way’: UK to set out proposals for NI Protocol on Wednesday Housing shortage will make it hard to accommodate Afghans, government warned Have the last few wobbly weeks seen a turning point for Johnson as PM? PM has ‘polluted our democracy’ with ‘corruption’ – Labour Brussels hands UK two month court ultimatum after ‘illegal’ Northern Ireland protocol move Tory leadership rivals in fiery exchanges during second live TV debate Hancock returns to Westminster after jungle stint as diaries reveal COVID row over prisoners Claims of oral sex and choking lessons prompt govt review critic says is ‘politically motivated’ Lack of prison places could see 1,500 criminals avoid time, warns Labour