Prime Minister Rishi Sunak has vowed to halve inflation during his first significant speech this new year – inflation has been rising continuously during the last year and has previously been blamed on post-COVID-19 impacts and the Ukrainian war.
The PM stated that he has plans to cut the UK’s rate of inflation from its current alarming rate of 10.7% to 5%, in hopes to regain some economic stability.
Inflation has been a growing concern for business owners and potential business buyers – some small businesses struggling to stay afloat when it comes to matching the exponentially increasing rate of inflation. Sunak’s plans to slash inflation will come as a comfort to some business owners, and will appear as a light at the end of the tunnel for many that have been recently struggling.
Rishi Sunak’s claims align with The Bank of England’s recent predictions that inflation would drop sharply in the second half of 2023 – paving the way for economic growth this new year.
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