Don’t whip out the cava just yet, CoffeeHousers. Inflation, in both its CPI and RPI incarnations, may be down on last month’s figures, but the latest numbers are hardly cause for jubilation. At 5.0 per cent in October, CPI is still over double the Bank of England’s target figure, and it’s far outpacing the average growth in people’s wages. The truth is that living costs remain constrictive, and at a time when the economy could teeter back into cataclysm at any moment.
Hence Robert Halfon’s motion on fuel prices, which will be debated in the Commons today. It’s another one of those motions triggered by an e-petition (112,189 signatures and rising), and it makes a simple plea: people are struggling, so how about doing more to cut the cost of fuel? Specifically, Halfon is calling on the government to scrap a 3p rise in fuel duty scheduled for January and a 1p rise for August, as well as introduce a new ‘price stabilisation mechanism’ to keep things in check.
Comments
Join the debate for just $5 for 3 months
Be part of the conversation with other Spectator readers by getting your first three months for $5.
UNLOCK ACCESS Just $5 for 3 monthsAlready a subscriber? Log in