THE economy has not turned a corner despite a fall in headline inflation, according to Labour’s Shadow Chief Secretary to the Treasury.
Darren Jones told GB News: “It's attributed predominantly to the energy price cap change that came in recently.
“Actually core inflation, the rate at which prices are increasing for other goods and services, continues to be between 3.5% and 4%, which is much higher than we would like it to be and higher than markets were expecting.
“So there's much more work to be done. Of course, we welcome it coming back down towards target but that is the bare minimum that the public should expect.
“With the greatest of respect to my colleagues on the other side of the house, we don't think Conservative ministers should be starting the victory lap and popping the champagne today.
“They've got more work to do, so that people at home start to feel the benefit of an economy that we obviously think should be back on track.”
He continued: “We don't think people at home think the economy is turning the corner, because quite frankly, it isn't.
“The fact that we've come out of complete and utter chaos with the mini budget…with people really suffering and paying the cost of Tory chaos, the fact we've gone from that to a bit more of normality is welcome.
“But actually our ambition in the Labour Party for the economy is much greater than that.
“We don't need to be into a period of like bumping along the bottom, we need to get the economy growing and back on track, so that people's pay is increasing, so that they have some spare money at the end of each month because the cost of living crisis is tackled and people have some hope once again in the future of the British economy.”
