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The central bank is trying to slow inflation without tipping Britain into recession. “That is the context of debates within government about whether previous commitments to uprate benefits or pensions in line with prices should be the next U-turn to be announced.”įaster inflation also fuels expectations that the Bank of England will raise interest rates further and faster as it struggles to return inflation to its 2% target. “This bleak outlook means that family incomes will continue to fall sharply again next year, especially as support with energy bills is withdrawn,” Leslie said in a statement. Housing costs rose 9.3%, driven by the rising price of energy.Įxplained | What triggered the U.K.’s economic crisis? Transportation costs jumped 10.9%, furniture and households goods rose 10.8%, and clothing was up 8.4%. While the jump in food costs took the biggest bite out of household budgets in Britain last month, prices are rising across the board.

That added to price rises that began last year as the global economy started to recover from the COVID-19 pandemic. Russia's invasion of Ukraine has boosted food and energy prices around the world, with shipments of natural gas, grains and cooking oil disrupted. “We are very aware of how many vulnerable pensioners there are,” but the government is not making “any commitments on any particular policy areas at this point,'' he said. “In today's society, I find that completely unacceptable.” Hunt this week told the House of Commons that the government would “prioritise help for the most vulnerable while delivering wider economic stability.” But he also backed away from Prime Minister Liz Truss' previous commitment to increase pensions in line with inflation.ĭowning Street spokesman Max Blain said “no decisions have been made” on pension guarantees. “Parents … are having to make difficult decisions - do they pay the bus fare to send their child to education or do they use that money to feed their child,” Mr.

The suggestion of government budget cuts in this environment is “appalling,” he said. Aidan's Catholic Academy in Sunderland, said schools across the country are finding it difficult to feed needy children, with many diverting money from textbooks and classroom teaching to subsidise meal programs. Treasury chief Jeremy Hunt ditched the package after he took office last week, but he has warned that this will be a difficult winter and spending reductions also will be needed.

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