Conservatives - Economic Update – indisputable facts. 

Like every country, the UK economy has faced its challenges following the pandemic and the war in Ukraine.

That is why over the past year we have been working on our five priorities, to: halve inflation, grow the economy, reduce debt, cut waiting lists, and stop the boats.

A year later, there has been some good progress. Inflation has fallen from 11.1 per cent to 4.0 per cent, wages are rising, and mortgage rates are starting to come down.

Because of this, we have been able to afford tax cuts - that will save the average worker £450 a year. Progress has been slower on waiting lists and small boats, but we are sticking with the plan by introducing the first ever long-term workforce plan for the NHS and persevering to deter illegal channel crossings.

The Labour Party cannot say what they’d do because they don’t have a plan. Labour’s 2030 decarbonisation plans would cost £28 billion meaning higher taxes for you and your family.

Remember the same old Labour there was “no money left” in 2010 when the Government was borrowing £1 in every £4 we were spending.

We should also be proud of our record on employment. Despite all their profligacy, the last Labour Government left unemployment 500,000 higher than in 1997.

By contrast we’ve seen that number fall by 1,000,000 since 2010 with record numbers of people on payrolls and historically very strong vacancy rates in the economy, according to the Office of National Statistics.

We are in a strong position to continue to deliver economic growth and progress while ensuring hardworking people keep more of their money.

Since 2010, our economy has had the fastest growth of any European G7 nation. And the IMF predicts that we will grow more rapidly than Germany, France and Italy between 2025-28.

Thanks to our careful management of public finances, we will see our national debt falling as a share of GDP in the coming years and the deficit fall sharply.

We are working hard to reduce the tax burden on hardworking people. It is this Conservative government that has raised the personal tax allowance by 30% in real terms from £6,475 to £12,570 since 2010.

And we have delivered a National Insurance cut this year that will save the average worker £450 a year.

It is important that we stick with the plan that is delivering real progress.