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Halving inflation by the end of this year is one of the Government’s key priorities,
as a stepping stone towards returning inflation to the 2% target, which the Government
remains committed to. The independent Monetary Policy Committee of the Bank of England,
whose responsibility it is to set monetary policy to reach the 2% target, is taking
action to drive inflation down and they have our whole-hearted support.<p> </p><p>To
avoid making the Bank’s job more difficult, we are making responsible decisions not
to add fuel to the fire on inflation, but support those who most need it, including
through the Energy Price Guarantee, which has held maximum consumer prices constant
from October 2022 until the end of June. The Government has also sustained the 5p
cut to fuel duty, bringing cost of living support to £3,300 per household over this
year and last.</p>
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