From 1h agoKey events6m agoGovernment yet to decide how to calculate train fare rises for England26m agoHunt: inflation still ‘causing enormous pressure on families up and down the country’1h agoRayner asserts she will remain deputy Labour leader and will be deputy PM1h agoRayner: inflation fall is a ‘relief’ but ‘we didn’t have to be here’1h agoBoost for Sunak as inflation falls to lowest in 17 months1h agoWelcome and opening summaryFilters BETAKey events (6)Rishi Sunak (3)6m ago05.17 EDTGovernment yet to decide how to calculate train fare rises for England
The government has not yet decided how much rail fares in England will rise by next year, and faces “delicate difficult decisions”, treasury minister John Glen said on the morning media round.
Ministers announced on Tuesday that any increase will be below the rise in the retail prices index (RPI) measure of inflation for the 12 months to July, and come into effect in March rather than in January.
Asked on Wednesday morning how much rail fares will rise by, PA Media reports Glen told Sky News: “We have said that we will keep it below inflation. Obviously I will be working closely with Mark Harper, the secretary of state, on what mechanism to use.
“But there are tough decisions now around how to use his budget in a way that suits commuters and suits the economy as a whole, delicate difficult decisions. We have not come to the end of that discussion yet.”
The governments in Scotland and Wales are yet to announce their plans for next year’s rail price increases. Consumer groups have called for them to be held frozen.
26m ago04.57 EDTHunt: inflation still ‘causing enormous pressure on families up and down the country’
The chancellor, Jeremy Hunt, has said inflation is “causing enormous pressure on families up and down the country” in a glossy promo video issued by the Treasury this morning.
In the clip, Hunt says: “There is absolutely no room for complacency in the battle against inflation. While it is welcome that the headline rate of inflation has fallen, we now know that we have to stick to the plan to bring down inflation because that is causing enormous pressure on families up and down the country.”
The video also features Andy Haldane, the former chief economist at the Bank of England, attempting to explain government policy.
“There is no room for complacency.”
Chancellor @Jeremy_Hunt & former @bankofengland Chief Economist Andy Haldane set out how the government plan to halve inflation this year & return to the Bank of England’s 2% target.
Watch to find out more 👇 pic.twitter.com/GwD28n9cFZ
— HM Treasury (@hmtreasury) August 16, 2023Updated at 05.02 EDT35m ago04.47 EDT
The ONS has issued its monthly bulletin on house prices – saying they have increased by 1.7% in the 12 months to June, slowing marginally from 1.8% in May.
The average UK house price was £288,000 in June, £5,000 higher than 12 months ago but £5,000 below the recent peak in November last year. The ONS…
2023-08-16 04:02:08
Original from www.theguardian.com
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