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Friend of Tortoise Exclusive

Inflation: what’s really going on?

Inflation: what’s really going on?

This event is exclusive to Friends of Tortoise

This is a digital-only ThinkIn.

With fragile consumer confidence and arguably even more fragile consumers, the last thing the Government needs right now is a persistently high inflation. Despite the bruises it picked up with multiple accusations of sleaze and cronyism, it’s very possible that soaring inflation and the cost of living crisis will be the undoing of Johnson’s government. The latest Consumer Price Index inflation figures have hit a decade high of 4.2% – and if that wasn’t bad enough, an interest rate hike is almost certainly lurking around the corner. The Chancellor’s messaging on this is to reframe it as a global problem of volatile energy prices and supply chain issues, but that doesn’t help families and individuals who, according to figures from Shadow Chancellor Rachel Reeves, will be £1,111 worse off over next year. Inflation is going to stick around for a while, and if Rishi Sunak is right and we can’t do anything about energy prices and supply chains, what’s the political response we need right now?

editor and invited experts

James Harding
Co-founder and Editor

Jack Leslie
Senior Economist, Resolution Foundation

Liam Byrne MP
Former Chief Secretary to the Treasury (2009-10)

Vicky Pryce
Economist and Business Consultant, Former Joint Head of the United Kingdom’s Government Economic Service