The fight against Inflation
Figures released this morning show inflation hit 11.1 per cent in October – driven by Putin’s weaponisation of food and energy, and the aftermath of the pandemic.
- Inflationary pressures from the war in Ukraine are affecting countries across the world – the result is that two-thirds of G20 members are now experiencing inflation rates about seven per cent.
- That is why the UK government is supporting the Bank of England in driving down inflation in the short term and taking urgent action to protect our economic security and bolster our resilience against malign actors.
- Inflation is the enemy that makes everyone poorer – we will tackle the root causes of inflation head on and continue to protect the most vulnerable during this challenging time in the Autumn Statement tomorrow.