Angela Eagle MP, Labour’s Shadow Chief Secretary to the Treasury, in response to today’s inflation figures, said:
“These figures reflect the real squeeze being felt by people on middle and low incomes right now.
“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.
"George Osborne should ease the squeeze and give this stalled economy the jump start it urgently needs by temporarily reversing his mistaken VAT rise, which is costing a family with children an average of £450 a year."