Sunak’s budget should be presented in a context of strong inflationwhich reached record levels: in September reached 10.1%, its highest level in 40 years.
According to various British media, the prime minister and his finance minister, Jeremy Hunt, plan to raise up to 50,000 million pounds with tax increases and spending cuts, in order to send a message of financial stability to the markets.
“There are difficult decisions to make” but “we will be fair in how we deal with them,” Rishi Sunak said in an interview with The Times on Saturday, ten days after arriving in Downing Street following Truss’s resignation.
Sunak warned that “the government can’t do everything” and that it will have to set priorities. If not, it will have to “borrow money, which in the end will lead, as we have seen, to high inflation, a loss of credibility and rising interest rates,” he said.
This week the Bank of England sharply hiked rates again to try to stop the rise in prices, which in October reached 10.9%.
In recent months, there have been calls several strikes to demand salary increases. This Saturday a demonstration was organized in London to protest against the cost of living and demand a general election.
Source: Ambito
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