The Bank of England has cut interest rates from 4.5% to 4.25%. Shadow chancellor Mel Stride reacted to the news, claiming Labour's policies have prevented higher cuts to interest rates. Report by Brooksl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
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00:00It's always good, of course, to see interest rates coming down, but let's not be under any illusions as to what's happening here,
00:06which is that interest rates and inflation that's driving the need for those higher interest rates are laid firmly at the door of this government.
00:14They came into office taxed and spent taxed jobs, some of which has been passed on by way of higher prices.
00:20And what the forecast from the Bank of England is showing is that inflation will actually peak at about 3.7%, almost double its target later this year.
00:28And that's holding interest rates higher than they would otherwise be.