LABOUR traded blows with the Tories today over their respective economic credentials.

Sir Keir Starmer’s party claimed to offer stability, saying that the Conservatives do not.

The Tories responded by claiming to have a plan for the economy and that Labour does not.

The windy war of words broke out in anticipation of statistics showing another fall in inflation, to 3.2 per cent, near the official target of 2 per cent.

Shadow chancellor Rachel Reeves claimed that the Tories were “gaslighting” the British people by citing this as evidence that the economy has turned a corner.

She said: “We will make families better off by delivering economic stability with tough spending rules, so we can grow our economy and keep taxes, inflation and mortgages as low as possible.

“And this week, we can once again expect to see Conservative ministers gaslighting the British people by telling them they have never had it so good,” Ms Reeves added, invoking a phrase associated with long-ago Tory premier Harold Macmillan.

Tory Chief Secretary to the Treasury Laura Trott hit back by pointing to rising wages and cuts to National Insurance contributions, asserting that “while Labour want to raise your taxes, Rishi Sunak and the Conservatives are sticking with the plan which is working.”