We have raised interest rates over the past couple of years to help slow down price rises (inflation). It’s working. Inflation in the UK has fallen to its lowest level since September 2021, from a peak of 11% in 2022 to 3.2% in March. High inflation affects everyone, but it particularly hurts those who can least afford it. We need to make sure that inflation comes down to 2% and stays there. The progress we are seeing in the key economic data is encouraging, but we are not yet at the point of cutting interest rates. We need to see more evidence that inflation will stay low before we can do that. Higher interest rates ... (full story)