Eagle: Tories put Bank of England in an impossible position
Angela Eagle MP, shadow chief secretary to the Treasury, said in response to the four per cent inflation rate:
“This latest rise in inflation confirms the price rises people have been seeing on the high street and at the petrol pump.
“Families are feeling the squeeze and this has been compounded this month by the Tory-led government’s broken promise hike in VAT.
“George Osborne has put the Bank of England in an impossible position. It has been left to do all the work to support a halting recovery, while the Tory-led government imposes the biggest fiscal tightening of any major economy in the world and is pushing up inflation too with its VAT rise.
“No other major economy is cutting the deficit at this speed and scale. It was a political choice and I fear that this year we will see the consequences of George Osborne’s decision to cut too far and too fast.”
