Keir Starmer on inflation, interest rates and growth, PMQs 29 April 2026

The statement

At the spring statement, the Chancellor was very proud to say that inflation was down to 3% and falling; interest rates have been cut six times; and we have seen the growth figures for the early part of this year.

Keir Starmer, 29 April 2026. Source

What the sources report

• Office for National Statistics, series D7G7 (CPI ANNUAL RATE 00: ALL ITEMS 2015=100), release of 2026-09-15 reports CPI annual rate (February 2026): 3%^src
• Office for National Statistics, series D7G7 (CPI ANNUAL RATE 00: ALL ITEMS 2015=100), release of 2026-09-15 reports CPI annual rate (March 2026): 3.3%^src
• Office for National Statistics, series D7G7 reports CPI annual rate (August 2026, latest): 3.5%^src
• Bank of England, Official Bank Rate history reports bank Rate (set 18 December 2025, unchanged since): 3.75%^src
• Bank of England, Official Bank Rate history reports bank Rate (set 1 August 2024): 5%^src
• Office for National Statistics, series IHYQ (Gross Domestic Product: Quarter on Quarter growth: CVM SA %), release of 2026-09-29 reports GDP, quarter on quarter growth (2026 Q1): 0.6%^src

Notes

The ONS reports CPI inflation of 3.0% in February 2026 (published in March, the month of the spring forecast) and 3.3% in March 2026 (published 22 April 2026). The latest figure is 3.1% for August 2026.

The Bank of England lists six cuts to Bank Rate between 1 August 2024 and 18 December 2025: 5.00%, 4.75%, 4.50%, 4.25%, 4.00% and 3.75%.

The ONS currently shows GDP growth of 0.6% in January to March 2026.