Clothing retailers have saved Rachel Reeves from having to go naked into the debating chamber. As the Chancellor rises to deliver her Spring Statement today, she will have the comfort of knowing that the Consumer Prices Index (CPI) has fallen from 3.0 per cent to 2.8 per cent – and unexpectedly at that.
The main reason is that clothing retailers cut their prices by 0.3 per cent in February – against a 2.1 per cent rise in February 2024. The fall will help ease pressure on households, but nothing like as much as it will ease pressure on Reeves herself. A revival of the cost-of-living crisis is the last thing that she needs to counter the effect of a stagnant economy and the rise in employers’ National Insurance Contributions to take effect next week. In
Get Britain's best politics newsletters
Register to get The Spectator's insight and opinion straight to your inbox. You can then read two free articles each week.
Already a subscriber? Log in
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