Member

We are continuing to plan for every eventuality, but we must deal with the economic costs that are already being felt. I reject the demands for a knee-jerk response to this crisis that would put household finances at risk through higher inflation and higher interest rates. Every choice that I make will be about keeping costs down for families and businesses. That is why I have extended the 5p cut to fuel duty twice since the election, saving the average motorist £90 a year compared with the plans that I inherited. It is why I have frozen prescription charges for two years in a row and frozen rail fares for the first time in 30 years. It is why I am taking £150 off energy bills, with additional help for those struggling with the cost of heating oil; and it is why I have expanded the British industrial competitiveness scheme to over 10,000 manufacturers, addressing long-term competitiveness and cutting electricity costs from this year.