The new Minister of Finance has less than two weeks to prepare the package of measures that he will present on October 31 as part of the government’s “Medium-term Fiscal Plan”.
London, Thanasis Gavos
At 10.1% the price of inflation in the United Kingdom was again formed according to the data for September. The figure had eased slightly to 9.9% in August from also 10.1% in July.
The new increase brings inflation back to a 40-year high and is mainly attributed to rising food prices.
The cost of food and non-alcoholic drinks rose 14.6% in the 12 months to September, following a monthly increase of 13.1% in August. This is the largest increase in food prices since April 1980.
The September measurement is important because it is the basis on which calculations for pension and welfare allowance adjustments are made in the UK every April, i.e. at the start of the new financial year.
The rise in inflation comes as new Chancellor of the Exchequer Jeremy Hunt, in a complete reversal of the economic policy announced by the Trudeau government, seeks tax increases and government spending restraint.
On Tuesday, for the first time, Downing Street, reversing the government’s previous position, did not rule out changing the policy that has been put in place so that pensions rise by less than inflation.
The cost of living crisis for citizens is also expected to be exacerbated by the increase in energy bills from April, after the government’s guarantee for a cap on household charges was reduced from two years to six months.
Reacting to the new inflation figures, Mr Hunt said: “I understand that families across the country are struggling with rising prices and higher energy bills. This government will prioritize the most vulnerable, while achieving broader economic stability and driving long-term growth that will help everyone.”
The new Finance Minister has less than two weeks to prepare the package of measures he will present on October 31 as part of the government’s “Medium-term Fiscal Plan”.
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