Britain's inflation rate has surged to a 40-year high on soaring energy costs, official data showed Wednesday, sparking calls for an emergency government budget to combat a worsening cost-of-living crisis.
According to the ONS, the squeeze on UK household budgets tightened further in April also on a British tax hike as the government looks to improve state coffers battered by Covid support.Despite rising calls for Britain's Conservative government to ease the pain of soaring inflation, finance minister Rishi Sunak insisted the state"cannot protect people completely".
"Our country faces a cost-of-living crisis, and a growth crisis," said Labour finance spokeswoman Rachel Reeves. The CBI said the"historic" cost crunch for households created a"tough trading environment" for businesses — and urged more assistance from the government of Prime Minister Boris Johnson.Bank of England governor Andrew Bailey on Monday warned of an"apocalyptic" situation surrounding runaway food costs — which he said were fuelled by major wheat and cooking oil producer Ukraine finding itself unable to export its goods.
That was the fourth straight increase by the BoE, taking its key rate to the highest level since 2009. Official data Tuesday showed that while Britain's unemployment rate has fallen further to a near five-decade low — inflation continues to erode the value of wages.Britain's economy shrank in March on fallout from soaring consumer prices, official data recently revealed.
🇬🇧 UK must give a monthly aids of £500k to Ukraine 🇺🇦 keep the war going.