00:00Well, we know that cost of living is a continued problem for working families
00:03across the country, but it is good news that inflation is stable and close to
00:07target at 2% today.
00:10Inflation has risen to 2.3%. The budget last month was going to drive growth and avoid inflation going up.
00:19Isn't this the opposite for what you had promised?
00:22Well, we know that the cost of living continues to be a problem for working families across the country,
00:26but gone are the days when inflation was at 10%, 11% driving family bills through the roof.
00:32Inflation is stable, it's around target, and the key driver of inflation statistics today
00:38is that expected increase in the energy price cap set by the regulator, Ofgem.
00:42But the good news is that inflation is stable, it's close to target,
00:46and that will be good for working families across the country.
00:48What's your response to claims by the country's biggest retailers,
00:51backed by the governor of the Bank of England yesterday,
00:54that higher prices are certain and jobs losses are inevitable because of the budget?
00:59Well, the budget fixed the foundations in this country.
01:02It turned the page on economic instability that we saw under the previous government.
01:07And I think businesses, investors and working people across the country
01:10will be happy that we have a government that takes economic stability properly
01:14and will not put us back into the chaos that we saw under Liz Truss and the Conservatives.
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