HM Treasury

Through sticking to the plan we're making progress to the Bank of England's 2% target on inflation. Hear from Chancellor Jeremy Hunt on what today's Office for National Statistics stats on inflation mean for people across the UK 👇

There is no other way to say it - the past couple of years have been tough. A worldwide pandemic as well as a brutal war caused by Vladimir Putin impacted global supply chains and the cost of energy, sending inflation in the UK to as high as 11.1% in October 2022. When the Prime Minister set out his promise to halve inflation in January 2023 many detractors scorned him, saying there was little government could do and that inflation would come down naturally, which was simply not true. That is why in the last couple of years we have been fighting tooth and nail to get inflation down to near the Bank of England's target of 2%, providing stability for families and businesses. That includes the Energy Price Guarantee which protected millions of families from historically high energy prices while reducing the peak of inflation. And we took difficult decisions on public sector pay so that any wage rises wouldn’t add pressure to inflation. On top of that, freezing alcohol duty and extending the fuel duty cut protected consumers from high prices in an environment where every penny counted. We also helped with the cost of living with our Mortgage Charter so borrowers across the country could have more flexibility to manage their monthly payments. This brings us to today. This morning the Office for National Statistics confirmed inflation has reached 2.3% - in line with the pre-pandemic average. Through actions we and the Bank have taken, families and businesses across the country now have more stability than they have had in almost three years. Alongside this, our economy is growing, real wages are rising faster than inflation, and we're attracting investment, with EY confirming international investment in the UK is up 6% from a year ago – bucking the trend of foreign direct investment falling across Europe. This isn’t about being a doomster versus being boosterish. This is about what the numbers are telling us. Yes, we have been through hard times, but there is now light at the end of the tunnel. Let’s stick to the plan and soon everyone will feel better off.

Inflation is now 2.3%. Let's stick to the plan.

The International Monetary Fund have upgraded our growth for this year & forecast we'll grow faster than any other large European country over the next 6 years. The Chancellor met the Managing Director of the IMF Kristalina Georgieva this morning at Number 11 to celebrate the good news.

Our R&D support is worth £8.7bn to the UK's science industry, and is helping companies like Moderna to develop the next generation of mRNA vaccines to protect the world from future pandemics. Watch to find out more from Financial Secretary Nigel Huddleston MP 👇

Transparent business sustainability reporting helps to create a greener future and achieve our Net Zero targets.   Today we're publishing the Sustainability Disclosure Requirements (SDR) Implementation Update 2024.   This update, in line with the Government's Green Finance Strategy, sets how we will continue to build the UK’s world-class sustainability reporting framework.   To find out more click the link below. https://lnkd.in/e_Yvv4P3

It was great to meet yesterday with Workday's Co-President Doug Robinson and Vice President Daniel Pell about the company's £550m investment and hear more about their commitment to the UK. It's another big win for the UK's trillion dollar tech industry, and foreign investment here which is up 6% from a year ago, according to EY figures. Through sticking to the plan we're growing our economy.

We're home to a world famous financial services sector that employs 2.5m people. Today Bim Afolami MP spoke at UK Finance about the success of the Mansion House & Edinburgh Reforms, and how changes to pension funds will help to encourage more investment in British companies.

Excellent news today that Raspberry Pi are planning to list in London. They're a fantastic British tech company - part of the UK's trillion dollar tech sector. With strong GDP growth and inflation dropping significantly, the UK is open for business and we continue to attract the most promising, global businesses.

We're a top location for tech firms, with the world's 3rd trillion dollar tech industry. Today Jeremy Hunt met Ruth Porat, CFO Google (Alphabet Inc.) to discuss their $1bn investment in a new data centre in Broxbourne, and the benefits of AI in boosting productivity.