1 week Ago By [email protected] (James Rodger)
Charlotte Hawkins has halted ITV Good Morning Britain to announce 'breaking news' today. Charlotte was in the ITV studio on Wednesday October 16, hosting the programme as the latest inflation figures for the UK were confirmed. After the inflation figures emerged, Charlotte introduced Jonathan Swain, who spoke about this "good news" while reporting live from Penge.
He said: "It doesn't mean things are getting cheaper. It means prices are not rising as fast as they once were. I'll take you back to October 2022 when inflation was at 11 percent, and that rate has now dropped to 1.
7 percent. "Normally, when inflation rates come down, you expect mortgage rates to come down as well. However, that is not necessarily the case.
" The consumer prices index dropped sharply to 1.7% last month, down from 2.2% in August.
The plunge – fuelled by lower air fares and petrol prices – beat City economists’ forecast of a fall to 1.9%. READ MORE State pensioners handed free £473 each under bumper Triple Lock hike Darren Jones, the chief secretary to the Treasury, said: “It will be welcome news for millions of families that inflation is below 2%.
However, there is still more to do to protect working people, which is why we are focused on bringing back growth and restoring economic stability to deliver on the promise of change.” Suren Thiru, the economics director at the Institute of Chartered Accountants in England and Wales, said: “Though the stars are aligning for a November rate cut, the upcoming budget is the final hurdle as rate setters will want to assess the inflationary impact of any measures announced before loosening policy again.” TUC General Secretary Paul Nowak said: “Working people will breathe a sigh of relief that the high inflation rates of recent years now appear to be behind us.
But rising living standards rely on stronger growth. The last 14 years of Tory chaos and confusion have played havoc with our economy – and workers have paid the price. “Households are still hurting, and families need a fresh start.
With CPI now below target and GDP growth at just 1% for the last 12 months, this month’s budget is an urgently needed opportunity to unleash a new era of growth to help us repair and rebuild our economy and our country. “The time is also right for the Bank of England to make another rate cut. Compared to other central banks, they are now off the pace on cutting interest rates.
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