IF MR HUNT SAYS SO...THEN IT MUST BE TRUE!

Surprisingly upbeat Chancellor says 'tide is turning' on cost-of-living crisis

- Martyn Brown

DITCHING his usual caution, Jeremy Hunt gave the country hope the cost-ofliving crisis is coming to an end by declaring "the tide is turning".

The Chancellor spoke as the Bank of England froze interest rates yesterday after 14 consecutive increases.

It signals the nation's economic fortunes are blossoming as inflation tumbles. Mr Hunt said: "We are starting to see the tide turn against high inflation, but we will continue to do what we can to help households struggling with mortgage payments.

"Now is the time to see the job through. We are on track to halve inflation this year and sticking to our plan is the only way to bring interest and mortgage rates down."

The Bank's decision to keep rates at 5.25% was made easier because inflation has fallen for the past three months in a vindication of Rishi Sunak's economic policies.

Although the cost-of-living crisis is not over, it a further sign things are getting better. Some experts are predicting interest rates could start to fall from their current 5.25% in the first half of next year.

Inflation, now at 6.7%, is forecast to drop to 3% in 2024, massively easing the burden on hard-pressed households.

The UK has also seen the fastest economic growth in the G7 over the past two years.

Rishi Sunak said he is focused on bringing inflation down as quickly as possible.

The Prime Minister said: "I know things are tough right now for families and businesses with the cost of living. And that is why my number one priority coming into this year was to halve inflation.

"And that is what we are delivering. In the meantime we have got support in place to help families that are struggling, whether it is those on welfare or those with mortgages." Senior Conservative MP Andrea Leadsom said the pause in rates is "a welcome reprieve for many".