Rishi Sunak has pledged to halve inflation by the end of 2023.
Speaking in east London, the Prime Minister said that the UK Government would "halve inflation this year to ease the cost of living and give people financial security."
He also pledged to grow the economy and reduce the national debt. His final two pledges were to cut NHS waiting lists and to pass new laws which would stop small boats arriving in the country.
The SNP dismissed Sunak's speech and claimed it was an "an advert for why Scotland needs independence."
Inflation has battered household budgets with latest figures showing it at 10.7 per cent.
But the Office for Budget Responsibility (OBR) has already predicted that inflation is due to fall to 3.75 per cent by the fourth quarter of this year - well below half of the current rate.
Sunak said: "First, we will halve inflation this year to ease the cost of living and give people financial security.
"Second, we will grow the economy, creating better-paid jobs and opportunity right across the country.
"Third, we will make sure our national debt is falling so that we can secure the future of public services.
"Fourth, NHS waiting lists will fall and people will get the care they need more quickly.
"Fifth, we will pass new laws to stop small boats, making sure that if you come to this country illegally, you are detained and swiftly removed."
SNP Westminster Leader Stephen Flynn MP said: "[Sunak] spoke at length about improving numeracy - yet offered no hope to those weighed down by the harsh figures that are preventing them from heating their homes, putting food on the table or paying their mortgages.
"On Westminster's watch Scots are energy rich but fuel poor, our businesses are struggling to trade with Europe, our public sector has been hampered by the end of free movement of people and another generation of young people are facing a future of high costs and low pay.
"This speech was an opportunity for Rishi Sunak to fix the Broken Britain that Westminster has created - to mend a broken relationship with the EU, to pay public sector workers what they are worth and to protect those who need help the most. He did none of those things.
"Instead, the Prime Minister made five flimsy promises, whilst people in Scotland are paying the price of five Tory Prime Ministers over the last thirteen years. Cameron, May, Johnson, Truss and now Sunak have all made plenty of promises - what they have actually delivered is austerity, Brexit and a denial of Scottish democracy.
"Independence is the only way to keep Scotland safe from the constant crisis and long-term damage being imposed by Westminster."
Labour were also critical of the pledges, calling Sunak "the do-nothing Prime Minister".
A spokesperson for the party said: "Rishi Sunak’s five promises are all things that were happening anyway; are so easy it would be difficult not to achieve them; or are aimed at fixing problems of the Tories’ own making.
"The do-nothing Prime Minister is too weak to stand up to his party or vested interests. That means that from housing and planning laws to closing tax avoidance loopholes, he can’t take the big decisions to put the country first.
"For weeks this speech was hyped up as his big vision – now he’s delivered it, the country is entitled to ask: is that it?"
Liberal Democrat Leader Ed Davey said that the Prime Minister does not have a "proper plan" and that the Government "either doesn't understand or doesn't care."
Davey said: “People will be dismayed that Rishi Sunak still doesn’t have a proper plan to deal with the crisis raging in the NHS. He is asleep at the wheel while patients are treated in hospital corridors and the health service is stretched to breaking point.
“Families up and down the country are facing personal tragedies every day and this Conservative Government either doesn’t understand or doesn’t care.
"Ministers should have been working to tackle this crisis for months, instead they spent most of 2022 indulging in a Conservative Party psychodrama. Now the whole country is paying the price.”
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