The recent announcement from Ofgem that the Energy Price Cap will be set at an annual level of £2,074 for a typical household marks progress in the work to tackle inflation.

This new cap is almost £430 below the Government’s Energy Price Guarantee which has capped the typical bill at £2,500 since last October. The new cap is over £1,200 below the level of the previous cap without Government’s Energy Price Guarantee help for households.

Ofgem have confirmed that for the first time since the global gas crisis started around a year and a half ago, prices are falling for customers on default tariffs.

Crucially, these savings can be passed on to customers more quickly as a result of the price cap being updating quarterly, rather than every six months.

The Energy Price Guarantee will have saved a typical household around £1,100 since the scheme began in October.

Every household in Crawley knows that even though the price cap has dropped from its winter peak, it remains well above the pre-2021 average.

This is why the Prime Minister’s priority of halving inflation this year is so important. Through this we can further support people with the cost of living and ensure financial security.

In recent weeks it was confirmed that inflation – the change in prices for goods and services over time – has decreased: by 1.4 percentage points to 8.7 per cent, reaching single figures for the first time since August 2022.

Actions being taken by Government to support people with the cost of living are helping to bring down inflation.

We know that Putin’s war in Ukraine is driving up energy bills. With Government stepping in to pay half of people’s energy bills over the winter, we have managed to reduce one of the biggest outgoings for families and go to tackle inflation head on.

I have continued to call for action to address fuel duty to help Crawley motorists. At the Budget in March, the Chancellor delivered the 13th consecutive freeze to fuel duty: saving motorists £200 since the 5 pence cut was introduced.

With the unemployment rate nearing record lows, and the number of payrolled employees higher than pre-pandemic levels, we are seeing more and more people contributing to the economy. Government support, including measures announced at the Budget, is being focused on helping people back into work.

Last month I welcomed the extension of the £2 bus fare cap until October of this year. Fares will then be capped at £2.50 until the end of November 2024: helping people see friends, get to work and visit family.

These measures are having a real impact on lives and livelihoods but there is lots more work to do.

Henry Smith MP