This will be year economy bounces back, Sunak says, after inflation falls

Figures show inflation fell to 3.4% last month. But housing and fuel prices continued to rise rapidly. The Bank of England has hiked interest rates to try to slow down price rises.

The UK slipped into an economic recession at the end of last year. The UK is on the brink of a recession, according to the latest polls. The economy is expected to grow by just 0.3% this year, down from 0.7% in 2012. The fall in the value of the pound is down to 0.4%. The fall is due to the fall of sterling against the dollar.