Umunna – Inflation figures show Brexit is still squeezing household incomes

Commenting on the news that CPI inflation was 2.6% in July, unchanged from June, Chuka Umunna MP, leading supporter of Open Britain, said: 

“The Brexit vote is causing fast-rising prices and a squeeze on household incomes. Inflation is still far above the Bank of England’s target rate, and running ahead of wage growth, because of the collapse in the value of the pound after the referendum last year.

“The Government’s hard Brexit course will make the situation even worse. By raising barriers to trade with our biggest market, the economy will suffer and prices will continue to rise.

“To protect the living standards of working people, Ministers need to put membership of the Single Market and the Customs Union back on the table in the negotiations.”