Rishi Sunak pledges a vote for Conservatives is a vote for lower interest rates

Rishi Sunak has predicted family mortgage bills will finally begin to fall if he wins the general election.

The Prime Minister declared the Conservatives are the “party who has committed to bringing down inflation, which is the necessary condition for bringing down interest rates.”

And Mr Sunak revealed he is “confident” that the tax burden will also begin to fall, easing the pressure on family finances.

With the economy set to be the central battleground for the July 4 general election, Mr Sunak – the former Chancellor – revealed he shares Bank of England Governor Andrew Bailey’s “optimism” over the direction of interest rates.

He said: “Inflation is essentially back to target much quicker than people thought. That didn’t happen by accident.”

Asked if he was framing support for the Conservatives as a vote for lower interest rates, the Prime Minister boldly told The Times: “Of course, it is because we are the party who has committed to bringing down inflation, which is the necessary condition for bringing down interest rates. And I think people can see we have delivered that.”

Interest rates have been held at 5.25 percent.

But economists at the IMF also said the Bank of England has scope to cut interest rates up to three times this year.

It recommends cutting the current rate of 5.25 percent to either 4.75 percent or 4.5 percent by the end of the year.

Inflation is at its lowest level since July 2021 when it was recorded at 2 percent – the Bank of England’s target level.

And Mr Sunak committed to reducing the tax burden – in a further boost to family finances.

He said: “I am confident that we will get the tax burden down,” he says. “After a difficult few years, where I think most fair-minded people appreciate we did the right things for the country to get them through Covid and to help people with energy bills… Now our plan is working we can start cutting taxes.”