Sunak Says Aid Plan Will Have a Minimal Impact on UK Inflation
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Chancellor of the Exchequer Rishi Sunak said his latest multi-billion-pound package of support for the UK economy will have a “minimal” impact on inflation, pushing back against criticism that the extra spending will see historic price gains accelerate even further.
Sunak on Thursday announced £15 billion ($19 billion) in additional aid for households to help see them through one of the deepest squeezes on incomes on record. Still, with inflation already at a four-decade high of 9% and predicted to go even higher, economists warned the salvo risked stoking more price gains, and forcing the Bank of England to respond more aggressively.