• Saturday, May 25, 2024

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Sunak pledges personal commitment to halve inflation

In April, consumer prices witnessed a year-on-year increase of 8.7%, marking a decline from the previous month’s rate of 10.1%

Prime minister Rishi Sunak (Photo by Niall Carson – Pool/Getty Images)

By: Kimberly Rodrigues

Prime Minister Rishi Sunak announced on Wednesday (07) that he would personally assume responsibility if he fails to achieve his commitments of halving inflation and fostering economic growth by the year’s end.

These targets were outlined by Sunak in January as part of his five key priorities leading up to the anticipated national election in 2024.

Asked during a visit to Washington whether he would take personal responsibility if he fails to either bring down inflation or grow the UK economy, he told Sky News: “Of course it’s on me personally. I’m the prime minister.”

“It’s absolutely my responsibility,” he added. “I’ve told the public to hold me accountable.”

In April, consumer prices witnessed a year-on-year increase of 8.7%, marking a decline from the previous month’s rate of 10.1%.

According to the Organisation for Economic Co-operation and Development (OECD), earlier forecasts indicated that Britain is expected to have the highest inflation among leading economies in 2023.

The average headline rate of inflation for the year is projected to be 6.9%.

The OECD, similar to the International Monetary Fund (IMF) last month, revised its growth projections for Britain’s economy, indicating a positive outlook.

This revision reflects a departure from their earlier expectation of a recession.

(Reuters)

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