The UK has seen inflation fall below the Bank of England’s 2% target for the first time in two years today.
Inflation has fallen to 1.8%, down from 2.1%. Mike Hardie from the Office for National Statistics has explained that: “The fall in inflation is due mainly to cheaper gas, electricity and petrol, partly offset by rising ferry ticket prices and air fares falling more slowly than this time last year.”
This now means that wages are outpacing inflation, good news for Brits. Project Fear busted once again.
The UK has just seen wages accelerate at their fastest rate since 2008, as the number of EU workers in the UK has decreased. Wages recently increased by 3.3% year-on-year.
For July to September 2018, there were 2.25 million EU nationals working in the UK, 132,000 fewer than for a year earlier (the largest annual fall on record) https://t.co/ogXKbF8MaZ pic.twitter.com/OATVnCM7yg
— ONS (@ONS) November 13, 2018
How many economic ‘experts’ called this then? No recession, no punishment budget, no idea!