A Treasury source said: 'The Bank of England is still forecasting that we will halve it, but we are not complacent.'
in the year to July, the Office for National Statistics said on Thursday – higher than any other major economy, but down from 7.9 per cent the month before.cutting inflation in halfBut Mr Sunak insisted that “the plan is working” and Government insiders said they now believe the promise is on target to be met.
A Treasury source said: “The Bank of England is still forecasting that we will halve it, but we are not complacent.” Government insiders claim that decisions to restrict fiscal policy, offer limited public-sector pay rises, invest in energy production and put pressure on banks to treat customers better have all helped limit the pace of price rises.
A senior Conservative MP said that by setting the target, the Government was “taking the responsibility” for inflation despite being unable to influence prices. They added: “That’s still a huge challenge, getting inflation down further, particularly with core inflation still being relatively high.”
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