Britain has reached a new ‘economic moment’ where families are finally starting to feel better off, claims Rishi Sunak
BRITAIN has reached a new “economic moment” where families are finally starting to feel better off, Rishi Sunak declared.
The PM claimed he has “achieved” three of his five pledges — to halve inflation, grow the economy and reduce debt.
He said it allowed for today’s National Living Wage boost, which will leave some couples up to £3,850 better off.
Minimum rates will rise from £10.42 an hour to £11.44, handing three million lowest paid workers a £1,800 annual rise.
It comes on top of a £250 fall in energy bills with the lowered price cap.
Together, Mr Sunak said the package would “put more in their pockets to help ignite the economy.
He added: “Although recent years have tested our resolve, we have not bowed.
“We have stuck to the plan, more than halved inflation, and set us on a path to growth.
“Because of this determination, we find ourselves in a new economic moment and – thanks to our bumper package of economic reforms coming into force today – 2024 is set to be the year Britain bounces back.”
Increases to the Local Housing Allowance will also help some of the poorest families on Universal Credit by around £800 a year.
Downing Street said Mr Sunak’s three economic pledges “have been achieved” and made today’s package and recent tax cuts affordable.
While inflation has more than halved, growth still remains flat and debt is forecast to rise before falling.