UK PM Warns of Challenges in Reducing Inflation and Long Time Frame
British Prime Minister Rishi Sunak Reiterates Commitment to Reduce Inflation by Half
British Prime Minister Rishi Sunak has reiterated his commitment to reduce inflation by half to 5 percent by the end of this year. Speaking at a meeting with representatives of the business world, Sunak emphasized that although reducing inflation is a challenging task, the government remains dedicated to achieving this target.
In an effort to curb high levels of inflation, interest rates have been increased. Sunak acknowledged that the situation has become more difficult in recent months, but the government is determined to follow through with its plan. He stated, “I never said that it would be easy to reduce inflation. I always said that it would be difficult and would take time. Obviously, this situation has become more difficult in the last few months, but the government is committed to its plan to achieve this target.”
Sunak emphasized that taking necessary steps to reduce inflation is crucial. He highlighted the importance of avoiding a recession and commended the resilience of the British economy. “No one wants to see a recession, and the British economy performed stronger than expected; it survived the recession. Our primary goal is to reduce inflation by half. If anyone says that there is a shortcut, it means they are not being honest with you,” he stated.
Additionally, Sunak assured that the government will continue to support households in their struggle against the cost of living crisis. He reiterated that reducing inflation is a challenging task and emphasized that the government is working hard towards achieving this goal.
In line with the fight against inflation, the Bank of England has increased the interest rate for the 13th time, raising the policy rate from 4.50 percent to 5 percent. The latest data released shows that the annual inflation rate remained unchanged at 8.7 percent in May.
