Rishi Sunak has said his “absolute number one priority” is to deal with the “economic situation at home” as inflation hit 11.1 per cent.
“It’s the number one thing on people’s mind. It’s the thing that is causing most anxiety,” the UK prime minister said in a closing speech at the G20 summit.
Mr Sunak added: “That’s why it is right that we grip it.”
He said Jeremy Hunt, his chancellor, will aim to put the UK economy on a “positive trajectory” and public finances “on the right footing” in his autumn budget tomorrow.
Earlier today, the Office for National Statistics (ONS) revealed inflation had jumped to a higher-than-expected 11.1 per cent last month – the highest rate since October 1981.
The chancellor blamed the impact of the pandemic and war in Ukraine for the spike in prices, adding: “This insidious tax is eating into pay cheques, household budgets and savings, while thwarting any chance of long-term economic growth.”
