Chancellor responds to October inflation stats as figure soars to 11 per cent

Wednesday 16 November 2022

Chancellor Jeremy Hunt and UK Prime Minister Rishi Sunak.

Breaking news: Chancellor of the Exchequer, Jeremy Hunt said: “The aftershock of Covid and Putin’s invasion of Ukraine is driving up inflation in the UK and around the world. This insidious tax is eating into pay cheques, household budgets and savings, while thwarting any chance of long-term economic growth.

“It is our duty to help the Bank of England in their mission to return inflation to target by acting responsibly with the nation’s finances. That requires some tough but necessary decisions on tax and spending to help balance the books.

“We cannot have long-term, sustainable growth with high inflation. Tomorrow I will set out a plan to get debt falling, deliver stability, and drive down inflation while protecting the most vulnerable.”

Prime Minister Rishi Sunak said the UK economy was being “asphyxiated” by the outfall of the war in Ukraine.

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