Economics

Today's data showing CPI has eased further than expected to 1.7% continues the move away from a prolonged period of high inflation.

With GDP rising 0.2% in the three months to August, as well as in the month itself, growth lifted at the end of summer after flatlining in the previous months.

It was encouraging to hear the Shadow Chancellor recognising the importance of finding a solution to the large number of inactive workers in our communities, especially the long-term sick.

It was encouraging to hear the Chancellor recognising the huge potential of British business to grow the economy and her ambition to make that happen.

Today’s decision by the MPC to hold the interest rate at 5% is as expected and shows the Bank is taking a cautious approach to cutting.

With CPI remaining steady in August at 2.2%, headline inflation continues to move into slightly calmer waters. However, clear areas of volatility remain.