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14/09/2011
Ease The Squeeze - Labour
A Labour MP has urged the Coalition government to "ease the squeeze" on the nation, after a study on Tuesday revealed a further increase in the UK's inflation rate.
Labour’s Shadow Chief Secretary to the Treasury, Angela Eagle, said the figures reflected the "real squeeze" being felt by people on middle and low incomes right now.
The UK's rate of inflation has risen to 4.5%, according to statistics published on Tuesday by the Office of National Statistics (ONS). The consumer price index, which measures the value of goods and services, revealed on Tuesday that annual inflation had risen again in August from 4.4% in July.
In response Ms Eagle said: "Inflation is still running at more than double the Government’s target rate and is now the highest of any G7 country. Much of this is down to George Osborne’s big rise in VAT, which is a result of his decision last year to try to cut the deficit too far and too fast.
"Families and pensioners who are already being squeezed hard by the Tory VAT rise, cuts to childcare support and tax credits are now starting to face huge rises in their gas and electricity bills too."
Ms Eagle said George Osborne should "ease the squeeze" and give the economy the "jump start it urgently needs" by temporarily reversing the VAT rise, which she said was costing a family with children an average of £450 a year.
According to the ONS report, driving the inflation level up was the value of clothing, fuels and lubricants, furniture, household goods and domestic heating, while transport services, particularly passenger transport by air, sea and rail where stabilising the rise. There was also a stabilizing effect from recreation and culture, particularly from games, toys and hobbies and, to a lesser extent, recording media and data processing equipment.
The Bank of England's target rate for CPI inflation is less than half the current amount, while the bank expects inflation to return to target in the next two years. The Bank said inflation was above target primarily because of the rise in VAT to 20% at the start of this year and past increases in global energy prices.
(DW/GK)
Labour’s Shadow Chief Secretary to the Treasury, Angela Eagle, said the figures reflected the "real squeeze" being felt by people on middle and low incomes right now.
The UK's rate of inflation has risen to 4.5%, according to statistics published on Tuesday by the Office of National Statistics (ONS). The consumer price index, which measures the value of goods and services, revealed on Tuesday that annual inflation had risen again in August from 4.4% in July.
In response Ms Eagle said: "Inflation is still running at more than double the Government’s target rate and is now the highest of any G7 country. Much of this is down to George Osborne’s big rise in VAT, which is a result of his decision last year to try to cut the deficit too far and too fast.
"Families and pensioners who are already being squeezed hard by the Tory VAT rise, cuts to childcare support and tax credits are now starting to face huge rises in their gas and electricity bills too."
Ms Eagle said George Osborne should "ease the squeeze" and give the economy the "jump start it urgently needs" by temporarily reversing the VAT rise, which she said was costing a family with children an average of £450 a year.
According to the ONS report, driving the inflation level up was the value of clothing, fuels and lubricants, furniture, household goods and domestic heating, while transport services, particularly passenger transport by air, sea and rail where stabilising the rise. There was also a stabilizing effect from recreation and culture, particularly from games, toys and hobbies and, to a lesser extent, recording media and data processing equipment.
The Bank of England's target rate for CPI inflation is less than half the current amount, while the bank expects inflation to return to target in the next two years. The Bank said inflation was above target primarily because of the rise in VAT to 20% at the start of this year and past increases in global energy prices.
(DW/GK)
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13 August 2007
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House Prices Rise By 12% In June
UK annual house price inflation in June 2007 was 12.1%, up from 10.8% in May 2007. Annual house price inflation in London was 17.5% in June, up from 14.3% in May. The UK annual house price inflation rate for the 3 months to June was 11.3% and 15.1% in London. The UK house price inflation rate rose from 10.8% in May 2007 to 12.1% in June 2007.
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Interest rates kept on hold
The Bank of England has voted to keep interest rates at 5.25% for the second month in a row. The decision is good news for borrowers, as there had been fears that interest rates would be increased to 5.5% this month. If this had happened, homeowners with an average £100,000 mortgage would have faced a rise of £16 per month on their repayments.
Interest rates kept on hold
The Bank of England has voted to keep interest rates at 5.25% for the second month in a row. The decision is good news for borrowers, as there had been fears that interest rates would be increased to 5.5% this month. If this had happened, homeowners with an average £100,000 mortgage would have faced a rise of £16 per month on their repayments.
12 September 2005
House price rise slowdown continues
Annual house price inflation in July was 4%, down from 5% in June according to figures released today by the Deputy Prime Minister's office. This drop in the growth of house prices pushed the annual house price inflation in London down to 0.9% in July 2005, a fall from the from 1.7% figure in June 2005.
House price rise slowdown continues
Annual house price inflation in July was 4%, down from 5% in June according to figures released today by the Deputy Prime Minister's office. This drop in the growth of house prices pushed the annual house price inflation in London down to 0.9% in July 2005, a fall from the from 1.7% figure in June 2005.
13 June 2005
House price inflation declines
Annual house price inflation dropped to 6.9% in April, a sharp fall from 12.6% in March, according to the latest figures from the Office of the Deputy Prime Minister (ODPM). The ODPM also reported a fall in mix-adjusted prices of 0.8% between March and April, which contrasted sharply with the 4.5% rise during the same period in 2004.
House price inflation declines
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14 February 2005
Drop in house prices reported over Christmas period
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Drop in house prices reported over Christmas period
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