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PM Delivers Economic Update & Inflation Fighting Plan

UK

Prime Minister Rishi Sunak is currently speaking at a 'PM Connect' event at an IKEA warehouse in Dartford, where he is providing an economic update and outlining his plan to halve inflation by year end. Livestream here. Sunak: "I am totally 100% on it - it is going to be OK, and we are going to get through it...I'd love to cut your taxes tomorrow... That is hard to do, because we would have to borrow money to do it."

  • Shooting down of tax cuts will displease the right of his Conservative party, but is consistent with the line taken for some time by Sunak and Chancellor Jeremy Hunt that fiscal restraint needed before tax cuts can come in.
  • Speech seems to be focusing more on initiatives already implemented by gov't (i.e. energy price support scheme) rather than new plans for assiting households with rising inflationary/interest rate pressures.
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