Two think-tanks predicted that the soaring price of gas and food will send inflation close to 15% in 2023, for the first time since the early 80s, while the retail price index could hit 17.7%
from reaching 15 per cent if he becomes prime minister – following warnings that it could hit levels not seen for 40 years and worsen the cost of living crisis.
He said while tax cuts would create a “warm feeling” in the short term it would be “cold comfort” for the Conservatives as Labour would win the next election. Ahead of the expected interest rate rise, Mr Sunak said: “Conservative members and the public at large rightly want to understand how their next Prime Minister will navigate the economic headwinds that the country now faces.
“That would stoke inflation and drive up interest rates, adding to people’s mortgage payments. And it would mean every pound people get back in their pockets is nothing more than a down payment on rising prices. “My economic plan will get our economy moving by reforming the supply side, getting EU regulation off our statute books, and cutting taxes.
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