AS the Labour Government takes action to deal with the cost of living, many economic indicators are pointing in the right direction.

For those with mortgages, interest rates and mortgage rates are falling consistently now, thanks to the prudent management of the economy by Rachel Reeves.

Interest rates are now at 4.25 per cent, down from the 5.25 per cent that we inherited from the Conservatives, and expected to fall further by the end of this year. Inflation is down to 2.6 per cent from the eye-watering 11 per cent following Liz Truss’s disaster budget.

For lower paid workers, the increase in the national living wage from April this year is already starting to make a tangible difference to people’s pay packets.

Investment is pouring into the UK and the recent trade deals and agreements with India, the USA and the European Union will deliver further investment into the UK but also significantly help UK exporters, after five years of being in a Brexit wilderness.

We do not have to, nor will we, rejoin the EU, the customs union or the single market. But we have significantly improved on the half-baked Brexit deal that Boris Johnson inflicted on British businesses.

It is time for re-engagement with our nearest and largest trading partner, creating and protecting jobs in the UK. But one of the biggest bills people face today is energy bills.

There is so much nonsense and misinformation written about the Government’s clean energy strategy.

The reason that bills have been historically so high is because the UK is subject to the international wholesale gas price. Even electricity prices track the wholesale gas prices.

When Russia invaded Ukraine, wholesale prices shot up because there was huge concern that Russia, a global gas producer, would restrict the flow of gas and demand from other gas producers increased, also pushing up prices.

Effectively, Putin was able to hold Europe to ransom by restricting the supply of gas and therefore wholesale price inflation.

The only way that the UK can break free from Putin’s grip on the wholesale gas price is to create domestic renewable energy. This is what is known as ‘energy security’.

Currently 42 per cent of the UK’s energy is renewable. This is largely made up of four main renewable sources in the UK energy mix: 30 per cent from wind power, 6 per cent bioenergy, 4.5 per cent solar power, hydro 1.8 per cent.

The Labour Government is committed to pushing this as quickly as possible to 95 per cent.

This means we need a full range of energy from onshore wind, offshore wind, solar, geothermal and tidal (opportunities for which are found in or close to Cornwall) plus a longer term commitment to nuclear energy.

Having control of our domestic energy supplies means that we can bring down heating bills to help overcome the effects of the cost of living crisis.

The sooner we do that the better and that is why I’m pushing Government to implement these ambitious plans that will have the added third benefit, along with energy security and lower bills, of creating stable well-paid jobs here in Cornwall.