Pressure on PM as inflation soars

Published date19 May 2022
Publication titleEvening Gazette
The Prime Minister and Chancellor Rishi Sunak are under intense pressure to act after Consumer Prices Index inflation soared to 9% in the year to April, up from 7% in March, according to the Office for National Statistics (ONS)

Mr Sunak warned that he could not "protect people completely" from the cost-ofliving squeeze, but the Prime Minister promised to "look at all the measures that we need" to get people "through to the other side" of the inflation spike.

Mr Johnson suggested that part of the rise in energy prices was because of the "tough" decision to sanction Russia following the invasion of Ukraine.

The rise in CPI was the fastest measured rate since records began in 1989, and the ONS estimates it was the highest since 1982.

The Bank of England has a mandate to keep inflation below 2%, but Governor Andrew Bailey has admitted to being helpless in the face of global pressures including a spike in energy costs and the war in

Ukraine. Mr Sunak said: "Countries around the world are dealing with rising inflation.

"Today's inflation numbers are driven by the energy price cap rise in April, which in turn is driven by higher global energy prices.

"We cannot protect people completely from these global challenges but are providing significant support where we can, and stand ready to take further action."

Opposition parties and some Tory MPs want to impose a windfall tax on oil and gas companies which have enjoyed bumper profits as a result of high global prices.

The...

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