UK Economy: Inflation in Britain is now breaking records for years. At present, the biggest issue for the people of the country remains inflation. According to the latest figures just before the budget, during October 2022, retail inflation (consumer price) in Britain has increased to 11.1 percent, which is the highest level since 1981. Here the public is continuously demanding that some step should be taken by the government to provide relief to them.
The Economist had expressed hope that the inflation figure would be 10.7 percent in October. However, the actual figure was higher than his expectation. The ONS said inflation was driven by higher food and energy prices. After this, it is going to have the biggest impact on fuel and food items, due to which the problems of the common man can increase further.
Budget will be presented in UK today
Britain’s Finance Minister Jeremy Hunt has reacted to these figures released a day before the budget. He says that the government will take tough steps for rising inflation and increase in prices. It is believed that in this budget, decisions can be taken to reduce expenditure and increase tax. A new budget is going to be presented in Britain today. The people here also have many expectations from this budget.
Rishi Sunak spoke about the budget in the G-20 summit
British Prime Minister Rishi Sunak will return to Britain on Thursday (November 17) morning and will be the first to attend the presentation of his Finance Minister’s Emergency Budget Statement. Sunak had said during the G-20 summit that Thursday’s budget will determine how we will get this country on the right track. Earlier, he had said that to overcome the biggest economic crisis, the world’s largest economies would need a decade of concerted effort.
Reuters has written quoting market experts that the Bank of England may soon increase the rates from the current 3 percent to 4 to 4.5 percent. On the other hand, market experts are saying that even after the record level of inflation, the rate of rise in prices has slowed down.
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