Rishi Sunak warns of tough times ahead as UK cost of living skyrockets
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As the UK inflation has significantly risen by 9% in a year as of April 2022, it became clear that this was the highest level it reached since 1982. As a result of the rising costs across the country, Chancellor Rishi Sunak has warned of tough times ahead.
Sunak reassured businesses that the government was ready to provide help and added that they would also provide support to households that are having to pay costly energy, fuel and food bills. A think tank has said that the poorest have been hit the hardest by such soaring energy prices.
At the annual CBI dinner held on 18 May, Sunak informed businesses that the issue was “extremely serious” and in addition to the effects of the Russia-Ukraine war as well as the strict lockdown in China, the country is admittedly going through “a perfect storm of global supply shocks”. He also added, “There is no measure any government could take, no law we could pass, that can make these global forces disappear overnight. The next few months will be tough. But where we can act, we will.”