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'Out of her depth!' Rachel Reeves blasted as inflation jumps to 10-month high

2025-02-19 00:00:00.0 每日快报-政治原网页

Chancellor Rachel Reeves is in the firing line (Image: Getty)

Rachel Reeves was accused of being "out of her depth" after inflation jumped to a 10-month high.

The rate of Consumer Prices Index (CPI) inflation rose to 3% last month from 2.5% in December, the Office for National Statistics (ONS) said.

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"It means higher prices in the shops and interest rates staying higher for longer, causing mortgage misery for millions.

"This Chancellor is out of her depth, and we're all paying the price."

Senior Tory MP Esther McVey added: “It is heartbreaking to see how Labour is trashing the economy and - along with it - many good businesses which had been painstakingly built up over many years.

"Rachel Reeves is completely out of her depth - which is presumably why she has been exaggerating her economic credentials so brazenly. The country cannot afford another four years of this goon show of a government."

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Today’s inflation figures mean further pain for family finances - and it's thanks to the Labour Chancellor's record tax hikes and inflation busting pay rises.

Labour were warned that their tax spending and borrowing spree would drive up inflation.

— Mel Stride (@MelJStride) February 19, 2025

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The increase in inflation in January was higher than the 2.8% predicted by analysts.

Rising food costs and an increase in private school fees sparked by Labour's tax raid contributed to higher living costs.

Reform UK deputy leader Richard Tice said: “The disastrous consequences of Rachel Reeves's budget continue to unfold before our eyes with hardworking British people paying the price.

“Inflation is rising, jobs are being slashed and the economy is stagnating. It’s high time Starmer and Reeves admitted their budget failed.

“We in Reform UK are clear, it’s time to slash waste, cut daft regulations so we can lower taxes to prioritise economic growth.”

The Liberal Democrats warned that the Chancellor had put the UK at risk of "new era of stagflation”, which is a combination of high inflation and low economic growth.

The party's leader Sir Ed Davey said: “The Chancellor’s misguided policies are putting us at risk of a new era of stagflation.

"The economy still isn’t growing, and now people are being hit in their pockets too."

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Ms Reeves insisted that her "number one mission" was getting "more pounds in pockets".

She said: "That's why we're going further and faster to deliver economic growth.

"By taking on the blockers to get Britain building again, investing to rebuild our roads, rail and energy infrastructure and ripping up unnecessary regulation, we will kick-start growth, secure well-paid jobs and get more pounds in pockets."

Inflation is expected to continue going up over the coming months, with the Bank of England predicting inflation will peak at 3.7% in late summer.

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The hike in employers' national insurance contributions and increase in the minimum wage, announced in last October's Budget, are expected to add to inflation when they come into force in April.

The Bank of England reduced interest rates again earlier this month to 4.5%, in their third cut since lifting borrowing costs to bring down inflation.

But economists have indicated that higher inflation could lead to the central bank pausing further cuts.

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