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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
Co-founder and Editor
Senior Economist, Resolution Foundation
Liam Byrne MP
Former Chief Secretary to the Treasury (2009-10)
Economist and Business Consultant, Former Joint Head of the United Kingdom’s Government Economic Service