Tories warn of tax rises as inflation remains far above two per cent target
TORIES warned of tax rises yesterday as inflation remained far above the two per cent target.
Shadow Chancellor Mel Stride said that Labour's tax on jobs and increased borrowing is 'killing growth' and 'making everyday essentials more expensive."
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It came as inflation cooled slightly to 3.4 per cent, a higher rate than the 3.3 per cent analysts expected.
Cupboard items like sugar, jam and chocolate as well as ice cream saw the biggest monthly price hikes, while meat costs also rose.
Average prices at the pump dropped, while rail and coach travel costs were also pulling down on the overall rate of inflation.
Chancellor Rachel Reeves insisted there was 'more to do' to bring down inflation and help with the cost of living.
She said: 'We took the necessary choices to stabilise the public finances and get inflation under control after the double-digit increases we saw under the previous government.
"But we know there's more to do.'
Mr Stride said: 'This morning's news that inflation remains well above the 2% target is deeply worrying for families.'
Labour was waging a punitive 'war on aspiration' that would devastate the economy.
The self-made billionaire said Rachel Reeves' tax hikes and business red tape would drive talent out of Britain and strangle growth.
In a withering verdict of the Chancellor's policies, he wrote in The Sun: ' Labour is out to destroy.
'Those who aspire to create wealth and jobs, and those who grow our food, will all be punished. They hate those who set out to try, with an animus.'
Growth forecast SLASHED in Spring Statement - sparking fears of MORE tax rises
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