Last week, my right hon. Friend the Chancellor of the Exchequer delivered a Budget that gets straight to work in addressing the Prime Minister’s five priorities, which are of course the people’s priorities. We on the Conservative Benches are putting the country firmly on a path to halve inflation, grow the economy, reduce debt, cut waiting lists and stop the boats. [Interruption.] Opposition Members do not like that, not just because they do not have a plan to address the priorities themselves, but because they do not recognise the things that matter to the British people in the first place: strong, financially stable families; public services that innovate and pioneer new technologies; high-paying, high-quality jobs for our children; strong borders; and a respect for British law and our way of life.
It is because we on the Conservative Benches focus on the priorities of the entire country that the British economy is getting back on track. Ten-year gilt rates, debt-servicing costs, mortgage rates—all of them are falling, and inflation has already peaked. Despite continuing global instability, the Office for Budget Responsibility reported just last week that inflation in the UK will have fallen from 10.7% in the final quarter of last year to 2.9% by the end of 2023. Thanks to this Government’s responsive and responsible approach, we will have more money for public services benefiting British families right now, and less of a burden on our children and grandchildren. Our plan to deliver on the Prime Minister’s priorities is already starting to work. We have restored stability, and now it is time for the next part of our plan.