Tackling the cost of living, Crawley Observer Column, Wednesday 11th February 2025

Last week, I set out how the Government was working to deliver economic growth. This week, as promised, I intend to cover how Labour is working to cut the cost of living.

Since the Liz Truss Budget the UK has struggled with high inflation and correspondingly high interest rates, dramatically hitting household finances. 19 months of stable economic management has seen inflation decline, with the Bank of England delivering a series of rate cuts, bringing down the cost of monthly mortgage payments.

Actions taken over successive Budgets to address low pay and financial support for those on low incomes means this Government is on course for the fastest reduction in UK poverty on record, with children particularly set to benefit. At the same time, changes to employment rights mean workers are better placed than ever to secure improvements in their pay and conditions at work.

By speeding up the process of development and putting tens of billions of pounds into new social homes, housing will be made more affordable for many, transforming the lives of hundreds of thousands of families over the next few years. At the same time, leasehold and fleecehold reform will cap and end many of the exploitative charges which exist for home owners, while renters benefit from new rights.

The steps being taken to liberate the UK from fossil fuel dependency will free the country from the fuel cost spikes experienced at the start of the Russia-Ukraine war. In April, household energy bills will be cut by an average £150 and Warm Homes funding will deliver 5m more fuel efficient properties.

On transport, the fuel duty cut has been extended, the bus fare cap maintained, and for the first time in many years rail fares are being frozen.

Pensions are being increased and prescription charges frozen. While families benefit from new free breakfast clubs, more support with nursery costs, and greater parental leave rights.

For every part of society and every part of life this Government is working to lower the cost of living, and all of which will be at stake come the next election.