Halving inflation and decreasing debt have been two of Rishi Sunak’s priorities set out for final yr.
However figures launched on Wednesday present that, whereas inflation continues to fall in direction of the goal stage, nationwide debt has risen.
With a few of the Prime Minister’s priorities nonetheless to be achieved, work stays to be achieved earlier than the Authorities can go right into a basic election marketing campaign claiming success on all these key points.
Under, the PA information company seems at every of his 5 priorities and summarises progress on attaining them to date this yr.
– Halve inflation
The Prime Minister met his pledge to halve inflation in 2023.
Mr Sunak wanted inflation to fall to under 5.4% with a view to meet his goal, and the ultimate figures for final yr confirmed this had been achieved, with inflation falling to 4% by December.
The newest figures revealed on Wednesday present inflation continues to fall in direction of the Financial institution of England’s goal of two%, with value rises slowing to 2.3% in April.
That is the bottom stage since July 2021, however the decline was smaller than anticipated as economists had predicted CPI would fall to 2.1% in April.
Nevertheless, the Prime Minister hailed the information, saying it’s “an essential second for our nation, for the financial system, and reveals that our plan is working”.
– Develop the financial system
Development over 2023 was weak, with the UK falling right into a recession within the second half of the yr.
Workplace for Nationwide Statistics (ONS) estimates counsel the financial system grew by simply 0.1% over the entire yr, with the primary three months of 2023 being the one quarter of the yr that noticed any development.
The UK financial system rebounded out of recession with faster-than-expected development over the primary quarter of 2024, in keeping with official figures.
The ONS stated gross home product is estimated to have risen by 0.6% between January and March.
It comes after two quarters of decline – which represents a technical recession – within the second half of 2023.
The Worldwide Financial Fund stated the UK financial system is ready for a “comfortable touchdown” because it grows sooner than beforehand anticipated following recession final yr.
However the international monetary company harassed that bold structural reforms to enhance dwelling requirements “are urgently wanted” forward of a basic election later this yr.
– Cut back debt
The nationwide debt rose over the course of 2023, and stays at ranges not seen for the reason that early Sixties.
The newest figures present the UK’s total nationwide debt was £2.69 trillion in April, or 97.9% of gross home product, and a couple of.5 proportion factors greater than on the finish of April 2023.
Borrowing overshot expectations in the course of the month, partly on account of greater debt prices, with the Authorities having to pay £8.6 billion to service its debt in April. This was the best quantity for 10 months.
The Chancellor minimize of 4p off nationwide insurance coverage contributions value round £20 billion.
ONS chief economist Grant Fitzner stated: “Whereas central authorities spending and earnings total each rose on this time final yr, a big drop in nationwide insurance coverage contributions meant receipts didn’t develop as quick as spending.”
– Reduce NHS ready lists
NHS ready lists stay greater than they have been when the Prime Minister vowed to chop them, however have continued to fall from their peak.
The ready record for NHS remedy reached an estimated 7.54 million in February, up from 7.21 million in January 2023 when Mr Sunak made his pledge.
Mr Sunak admitted in direction of the tip of final yr that he had failed to chop NHS ready lists butstill claimed some success in April with the publication of the most recent knowledge, which confirmed ready lists had fallen for the fifth month in a row after reaching a peak of seven.77 million in September.
On the time, he stated: “As we speak’s statistics clearly present we’re making headway in direction of that aim.
“A drop of virtually 200,000 within the final 5 months reveals what the NHS can do for sufferers.”
The figures additionally confirmed a major drop within the variety of folks ready greater than 18 months for remedy, which had risen in every of the earlier six months.
Nevertheless, some 36,000 folks ready for neighborhood remedy, which included a few of the folks ready the longest, weren’t included within the figures.
– Cease the boats
The Prime Minister was pressured to confess in December that there isn’t any “agency date” for “stopping the boats”, regardless of making it considered one of his priorities for 2023.
A complete of 29,437 folks crossed the English Channel in small boats in 2023 and, whereas this represents a discount from 45,755 in 2022, the crossings are nonetheless a good distance from ending.
The variety of migrants to have arrived within the UK in small boats throughout the Channel in 2024 is already approaching the ten,000 mark.
On Might 18, the entire variety of migrants arriving by way of the route was 9,803.
This compares with 7,217 by the identical date final yr and eight,693 in 2022.
The Authorities’s Rwanda Invoice turned regulation in April after weeks of parliamentary impasse, paving the way in which for deportation flights to get off the bottom.
Nevertheless, it stays to be seen whether or not the laws will deter vital numbers of migrants from crossing the Channel, as ministers have claimed.
However any proof that the variety of folks crossing is decreasing shall be hailed as successful by the Authorities because it seeks to make progress on a flagship coverage.