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<p>The government is fully committed to supporting the Bank get inflation back down
to the 2% target, including by keeping borrowing under control. Inflation has also
come down significantly, to less than half its 2022 peak.</p><p> </p><p>Over the past
two years, the government has provided support to help households with the cost of
living totalling £96 billion – an average of £3400 per UK household. Further support
announced by the government for 2024-25 includes extending the Household Support Fund,
cutting National Insurance Contributions (NICs) and raising the National Living Wage
(NLW).</p><p> </p><p> </p><p>ONS retail sales growth was flat in March, following
growth of 0.1% in February. However, due to a significant rebound in January, retail
sales increased by 1.9% on the quarter. This represents the strongest quarterly growth
since Q2 2021.</p>
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