Wednesday 18 September 2019 / 10:33 AM Economy / John McDonnell

Inflation figures – John McDonnell responds

John McDonnell MP, Labour’s Shadow Chancellor, responding to news that CPI was 1.7% in August 2019, said:

 

“On the day we discover that living standards are still below where they were before the crash, these figures are yet another sign of the damage done by Tory mismanagement of Brexit and the wider economy.

 

“Tory governments have given us nine years of callous cuts to our public services and wages are still below their level a decade ago.

 

“The next Labour government will end austerity and change people’s lives for the better.”

 

Ends

 

Notes to Editors

 

The ONS announced today that the CPI 12-month rate was 1.7% in August 2019, down from 2.1% in July: https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/august2019

 

New Economics Foundation research today shows that average living standards are still yet to recover pre-recession levels, by around 1.6% or £128 per head: https://neweconomics.org/2019/09/when-adjusted-for-the-lived-experience-of-inflation-gdp-per-head-today-is-still-128-below-2008-levels