Jeremy Hunt has taken aim at Labour's plan for tax rises (Image: Getty)
Rachel Reeves must not use the first inflation rise of the year as an “excuse to break her promises” and hike taxes, Jeremy Hunt has warned.
by Taboola by Taboola
Sponsored Link Sponsored Link
Promoted Links Promoted Links
These Karens Are UnforgettableFA
Undo
Consumer Prices Index (CPI) inflation rose to 2.2 percent in July, up from two percent in June.
Jeremy Hunt MP, Shadow Chancellor of the Exchequer, said any tax hikes had been “planned all along”.
He added: “Today’s figures show how important it is that the new Labour government follows the path of the previous Conservative government and focus on keeping inflation low.
Sponsored
Gundry MD Learn More
What They Don't Tell You About Spot Correctors (Find Out)
Undo
by Taboola by Taboola
READ MORE: Rachel Reeves warned of looming pension tax bombshell set to hit millions
Get the latest politics news straight to your phone Join us on WhatsApp Our community members are treated to special offers, promotions, and adverts from us and our partners. You can check out at any time. Read our Privacy Policy
“In government, we took the difficult decisions to reduce inflation from 11.1 percent to the Bank of England’s target of 2 percent – paving the way for the first interest rate cut in four years. However, there is clearly more to be done to keep inflation down.
“The Chancellor must not use this data as an excuse to break her promises and hike up taxes. Tax rises she had planned all along.”
It represents the first time inflation has climbed since December, driven partly by a sharp drop in energy bills last July falling out of the annual calculations.
Don't miss... Rachel Reeves warned against making 'outrageous' ￡1billion pension betrayal [LATEST]
Trending
SUBSCRIBE Invalid email
We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. Read our Privacy Policy
The Bank of England said on August 1 that the fall-away of energy bills in the wider inflation figures would show “more clearly the prevailing persistence of domestic inflationary pressures”.
The latest figures mean that prices are rising faster across the country than in previous months, but still at a slower rate than in 2022 and 2023 when households and businesses were being squeezed during the peak of the cost crisis.
Darren Jones, chief Secretary to the Treasury, also warned of "tough decisions" to come.
He said: “The new Government is under no illusion as to the scale of the challenge we have inherited, with many families still struggling with the cost of living.
“That is why we are taking the tough decisions now to fix the foundations of our economy so we can rebuild Britain and make every part of the country better off.”
Former Prime Minister Rishi Sunak had pledged to halve inflation as one of his five pledges to the nation when he took on the leadership role.
He met his pledge after slashing the figure from 10.7 percent in the three-month period between October and December 2022.
The current chancellor will set out her autumn budget on October 30. The Bank of England’s Monetary Policy Committee voted to cut interest rates to five percent earlier in August, a quarter point reduction.
But the latest rise in inflation is likely to set the tone for the MPC’s policy at its next decision in September, where most economists predict they will hold rates and wait until November before cutting borrowing costs again.
DON'T MISS
Powered by
Chancellor urged not to drag families into new 'tax trap'
52 Comments
Rachel Reeves accused of making 'classic mistake' by former Chancellor George Osborne
124 Comments
Labour's promises of delivering a 'fairer' society are already ringing hollow
99 Comments
Savings accounts that have cut rates after Bank of England's base change
Comments
US recession could spark huge hits on UK finances - interest rates at risk expert says
2 Comments
Top five high-interest accounts revealed as expert insists new deals 'won't last long'
Comments
Rachel Reeves' claims Tories are to blame for jobless Brits torn apart with simple fact
197 Comments
Andrew Bailey joins experts pouring cold water on Rachel Reeves' economic claims
192 Comments
Pensioner inflation shock as energy bills soar after winter fuel cut - Reeves MUST U-turn!
14 Comments
Global financial crash warning as Labour's 'deluded' economic master plan about to implode
118 Comments
Interest rates could be cut by Bank of England in hours - here's why
15 Comments
Savers urged to grab inflation-beating rates before returns are slashed by ￡100s
Comments
Jeremy Hunt blasts Labour's blackhole ‘fiction' and warns Rachel Reeves will regret lying
195 Comments
Why investors should be turning their eyes to Japan as volatility grips economy
Comments
Gynecologists Baffled: Simple Stretch Relieves Bladder Leakage (Watch)PelvicFloorPro
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
Bank of England interest rate cuts warning after inflation rise disappointment
1 Comments
Taylor Swift Era's Tour return to Britain 'will boost economy and pensions'
35 Comments
Neuropathy and nerve damage? Try this immediatelyHealth Today Learn More
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
Drivers urged to fill up at petrol stations by end of October ahead of ￡3bn warning
145 Comments
Rachel Reeves warns 'difficult decisions' on tax are coming after damning new report
1528 Comments
Eye Bag Reducer Keeps Selling Out At Costco - Find Out WhyHealth Benefits
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
Rachel Reeves accused of hatching huge 'con' of voters with secret plot to borrow billions
235 Comments
Rachel Reeves holds 'reset' talks with EU economy chief as Eurozone fights 3-year headache
232 Comments
Spray Alcohol On Your Bed At Night, Here's WhyLifeHackin
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
Chancellor urged not to drag families into new 'tax trap'
52 Comments
Rachel Reeves accused of making 'classic mistake' by former Chancellor George Osborne
124 Comments
Everybody Wanted To Date Her In The 80's, This Is Her RecentlyTravelerDreams Read More
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
Labour's promises of delivering a 'fairer' society are already ringing hollow
99 Comments
Savings accounts that have cut rates after Bank of England's base change
Comments
Bear Approaches Woman At Bus Stop And Follows Her - Watch What Happened!Happy in Shape
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
US recession could spark huge hits on UK finances - interest rates at risk expert says
2 Comments
Top five high-interest accounts revealed as expert insists new deals 'won't last long'
Comments
When Dumb Rules Backfire HardFA
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
Rachel Reeves' claims Tories are to blame for jobless Brits torn apart with simple fact
197 Comments
Andrew Bailey joins experts pouring cold water on Rachel Reeves' economic claims
192 Comments
Adult Temper Tantrums.Factinate Read More
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
Pensioner inflation shock as energy bills soar after winter fuel cut - Reeves MUST U-turn!
14 Comments
Global financial crash warning as Labour's 'deluded' economic master plan about to implode
118 Comments
MD: Building Muscle After 60 Comes Down To This 1 Thingprimenutritionsecrets.com
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
Interest rates could be cut by Bank of England in hours - here's why
15 Comments
Savers urged to grab inflation-beating rates before returns are slashed by ￡100s
Comments
Farmer Finds Missing Cow After 8 Months – When He Gets Closer, He Turns PaleHappy in Shape
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
Jeremy Hunt blasts Labour's blackhole ‘fiction' and warns Rachel Reeves will regret lying
195 Comments
Why investors should be turning their eyes to Japan as volatility grips economy
Comments
Bank of England interest rate cuts warning after inflation rise disappointment
1 Comments
Taylor Swift Era's Tour return to Britain 'will boost economy and pensions'
35 Comments
Drivers urged to fill up at petrol stations by end of October ahead of ￡3bn warning
145 Comments
Rachel Reeves warns 'difficult decisions' on tax are coming after damning new report
1528 Comments
Rachel Reeves accused of hatching huge 'con' of voters with secret plot to borrow billions
235 Comments
Rachel Reeves holds 'reset' talks with EU economy chief as Eurozone fights 3-year headache
232 Comments
Chancellor urged not to drag families into new 'tax trap'
52 Comments
Rachel Reeves accused of making 'classic mistake' by former Chancellor George Osborne
124 Comments
Labour's promises of delivering a 'fairer' society are already ringing hollow
99 Comments
Savings accounts that have cut rates after Bank of England's base change
Comments
US recession could spark huge hits on UK finances - interest rates at risk expert says
2 Comments
Top five high-interest accounts revealed as expert insists new deals 'won't last long'
Comments
Rachel Reeves' claims Tories are to blame for jobless Brits torn apart with simple fact
197 Comments
Flight Attendant Reveals How To Fly Business Class For The Price of EconomyTravel Savings Tools
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
Check Out This Debt Relief Program To Negotiate a Reduction For You!TheWalletGuru
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
Don't Pay $179/Year for Amazon Prime - Use This Trick InsteadCoupon Code Finder
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
Why I Can’t Sleep Without This Weird “Purple Sticker”Zleep
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
Officials expect inflation will continue to nudge up for the rest of 2024 before falling gradually again.