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Moving in the right direction
11:40am Friday 21st February 2014 in News
AS well as unemployment figures continuing to fall, Redditch MP Karen Lumley has welcomed news that UK inflation has fallen.
It fell to 1.9 per cent in January 2014, the first time the rate has fallen below the Bank of England's 2 per cent target in more than four years.
The fall is likely to underline the Bank of England's message that there is no rush to raise interest rates.
Inflation as measured by the Retail Prices Index rose to 2.8 per cent from 2.7 per cent in December, the Office for National Statistics (ONS) said.
It follows other recent figures that have shown that the economy is growing, the deficit falling and there are more people in employment than ever before.
Mrs Lumley said: “The figures released are yet more proof that the Government’s economic plan is working. There is still a long way to go but things are certainly moving in the right direction.
"Sticking to this plan is the key to economy recovery. A stable economy is good news for Redditch and good news for Britain.”
PM David Cameron tweeted that the figures support the government's economic strategy.
He said: "The fall in inflation is more evidence our long term economic plan is working."
Labour responded by saying that the fall would be unlikely to have much of an impact on working people.
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