Liberal Democrat leader Vince Cable says it should be the Chancellor who has to write to the Governor of the Bank of England – not the other way round – to explain why inflation has risen above its target. It now stands at 3.1%, a six year high, leaving us with a wallet-busting Christmas.

Vince Cable said:

“It should be the Chancellor writing to the Governor of the Bank of England to explain why inflation has shot up beyond its target.

“Philip Hammond knows why inflation has risen so sharply, it is because the government is pursuing the most extreme Brexit to take us out of the single market and customs union which has continued to suppress the value of the pound and pushed up prices.

“The Chancellor should explain to a no-doubt deeply frustrated Governor of the Bank of England why the government is pursuing a policy that even the Chancellor acknowledges is extremely damaging to the UK economy.

“The price of Christmas has gone up for millions of families – and that is the fault of the government.

“It is due to decisions made in Downing Street that flights and fuel have gone up, making it more expensive to visit relatives, and the price of video games has also risen, making it harder for parents to give their children a decent Christmas.”