In April, gas and electricity prices had the biggest impact on inflation after a higher energy price cap – which limits the price per unit that suppliers can charge customers – kicked in. It means that homes using a typical amount of gas and electricity are now paying £1,971 per year on average – up £700 from the previous cap.
"Many threats remain, with rising inflation potentially tipping the economy into recession, continued uncertainty about our future trading relationship with the EU, a resurgence in Covid cases, a changing global climate, and rising interest rates all continuing to...
Kitty Ussher, chief economist at the Institute of Directors, the UK employers' group, said: "What business hates most is uncertainty and instability, which heightens the sense of external risk. Having said that, we recognise that this is an issue for the Conservative...
He acknowledged both he and the prime minister wanted a "low-tax, high-growth economy, and world class public services", but Mr Sunak said this could only be "responsibly delivered if we are prepared to work hard, make sacrifices and take difficult decisions".
