Chris Leslie, Labour’s Shadow Chief Secretary to the Treasury, responding to today’s inflation figures, said:

“A few months of falling world oil prices won’t solve the deep-seated problems in our economy or make up for years of bills rising faster than wages.

"Wages continue to be sluggish and are down £1,600 a year on average under this government. And tax and benefit changes since 2010 have left families £1,100 a year worse off on average.

"Labour’s better plan will build a more productive economy that will earn our way to higher living standards for all. While the Tories will end up raising VAT again to make their sums add up, Labour’s plan will back working families.”