Conservatives criticise new inflation figures

ODN

Shadow Chancellor Mel Stride says the new inflation figures - which remains at a stagnant 3.8% - is "not good enough" as it's running at "twice the Bank of England's target". Mr Stride says the figures mean "higher interest rates" and "higher mortgages".    Report by Kennedyl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn

Transcript

00:00It's not good enough, no. It's running at about twice the Bank of England's target

00:04and twice what this government inherited from us on the day of the last general election.

00:08Of course, what it means is higher prices in people's shopping baskets,

00:11means higher mortgages than would otherwise be the case.

00:14And it's also translating into higher interest rates,

00:17which in turn means higher servicing costs on our national debt.

00:22And that's running at about 100 billion a year, and that's twice what we spend on defence.

00:25So it's not good for people's cost of living, and it's very bad for the public finances.

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