Labour’s tax blitz has dealt a fresh blow to British families, with inflation rocketing above expectations less than a year after the Conservatives left office with inflation bang on target.
The Consumer Prices Index (CPI) surged to 3.5% in April, smashing through the 2.6% rate recorded in March and outstripping analysts’ predictions of 3.3%, according to bombshell figures from the Office for National Statistics.
The worrying rise heaps more pressure on working households already battered by soaring energy bills and tax hikes — all under the watch of Chancellor Rachel Reeves.
Critics say Labour’s tax raids are fuelling the cost-of-living crisis. Energy costs jumped after the energy price cap soared 6.4%, sending average annual bills up to £1,849. At the same time, minimum wage hikes and employer National Insurance increases, introduced in Labour’s tax-laden October Budget, have hammered businesses and driven prices up in the shops.
Even the Chancellor admitted the figures were grim. Speaking this morning, Reeves said: “I am disappointed with these figures because I know cost of living pressures are still weighing down on working people.”
But voters were quick to point the finger at Labour’s tax-and-spend agenda.
Mel Stride, the Shadow Chancellor, pulled no punches, posting on X (formerly Twitter): “This morning’s news that inflation has jumped to 3.5pc – well above the 2pc target – is worrying for families.”
He added: “We left Labour with inflation bang on target, but Labour’s economic mismanagement is pushing up the cost of living for families — on top of the £3,500 hit to households from the Chancellor’s damaging jobs tax.”
Experts warned that rising inflation could delay desperately needed interest rate cuts, leaving millions stuck with sky-high mortgage costs.
Mortgage broker Sam Davies told the Post: “This spells trouble for the mortgage market and the wider economy. With inflation rising again, the possibility of a base rate cut in August seems unlikely. There’s a strong chance mortgage rates will start climbing again in the coming weeks. This is bad news for the property market and economy as a whole.”
The economic warning lights are flashing red, and families across Britain are footing the bill.
As Labour clings to its tax-heavy approach, inflation is rising, interest rate relief is slipping further away, and the cost of living is biting even harder.
One thing’s clear, working families are paying the price for Labour’s economic experiment.
