Chancellor hails inflation rate fall to 3.4%

Chancellor Jeremy Hunt announces UK inflation fell to the lowest level in more than two years, to 3.4%.

He would not be drawn on whether the fall would allow him to announce pre-election tax cuts in an autumn statement.

Mr Hunt said: “What I’m really saying is that as inflation gets closer to its target, that opens the door for the Bank of England to consider bringing down interest rates, that brings down mortgage rates, that makes a very big difference.

Report by Covellm.

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