Sunak faces the pressure over Britain’s cost of living crisis

Will the Chancellor announce new measures to ease the cost of living crisis? Rishi Sunak is under pressure to do so as new figures out today show that UK inflation jumped to 9 per cent in the 12 months to April, up from 7 per cent in March. It comes as Labour continue to push calls for a windfall tax – something Sunak has suggested he is considering – along with an emergency budget – something the Treasury has ruled out. 

Only cabinet ministers seem to have their own ideas as to what the government’s response ought to be. This morning the Foreign Secretary Liz Truss suggested in a media round that a windfall tax could deter future investment into the UK. Truss suggested cutting taxes was the best way forward: ‘What we know is a low-tax economy helps deliver that business investment, helps to deliver those jobs, and I know the chancellor is looking at those things’. 

In terms of what the Treasury is likely to do, the Chancellor has repeatedly said there are limits to how much the government can help.