In response to the latest ONS inflation data, the Chancellor of the Exchequer, Rachel Reeves, said: “I know working people are still struggling with the cost of living.
“That is why we have already taken action by increasing the national minimum wage for three million workers, rolling out free breakfast clubs in every primary school and extending the £3 bus far cap. But there is more to do and I’m determined we deliver on our Plan for Change to put more money into people’s pockets.”
The CEO of Chetwood Bank, Paul Noble (pic), responded by saying: "Further bad news for the Chancellor following the surprise shrinking of the economy last month.
“The best-laid plans of Number 11 still aren’t bearing fruit, and while I was relieved to see the U-turn on cutting the cash ISA tax free allowance, it’s not likely last night’s Mansion House speech will have lifted the public’s spirits. While there is no clear path to fix our predicament, the prospect of further pinching and hiking from the chancellor is making people up and down the country wince.
“The cost of living continues to spiral, and nothing that is being done seems to make a difference. With Andrew Bailey suggesting bigger cuts might be coming if the job market continues to suffer, Britons will have to rely on themselves to protect the value of their savings from this latest jump in inflation.
“Make sure every penny you have is working as hard as possible to improve your financial wellbeing, not gathering dust in your current account."
