New figures from the Office for National Statistics show inflation rose by 3.8% in the 12 months to September. Unchanged from last month though still well above the Bank of England’s target of 2%…
Fortunately for Reeves, that is below economists’ expectation of 4%. Shadow Business Secretary, Andrew Griffith, said:
“We’re all poorer today, with anemic growth yet high inflation eroding Britain’s standard of living. I don’t suppose Rachel Reeves will put stagflation on her CV yet that’s what her hikes in business taxes and employment costs have caused. Labour just don’t understand business but if costs go up, so will prices.”
The Winter Budget is just 35 days away…
