Britain's inflation rate has reached the highest level in 41 years. Following the figures released by the Office for National Statistics (ONS), pressure is mounting on the Sunak government to take necessary steps to reduce the cost of living in Britain. The Sunak government is going to announce the new budget on Thursday. The government is expected to pay special attention to education and health in this budget.
Britain's Finance Minister Jeremy Hunt, reacting to these figures released a day before the budget, has said that his government will take tough and necessary steps to control the prices. His statement is being considered as a sign of reducing the expenditure in the budget and increasing the tax. Jeremy Hunt is going to present a new budget on Thursday. In a statement issued earlier, he has said that it is our duty to help the Bank of England (BoE) in overcoming inflation. Therefore, we will work very responsibly in the financial matters of the country.
Inflation in the UK reached a 41-year high of 11.1 per cent in October. In such a situation, this demand has been strengthened that the government should take steps to provide relief to the people. Significantly, the government in Britain is going to release new taxes and new spending plans on Thursday.
The Office for National Statistics (ONS) said on Wednesday that consumer prices rose by 11.1 percent year-on-year in October. This figure was 10.1 percent in September last month. Economists had expressed hope that the inflation figure in October would be 10.7 percent. In this way the actual figure was higher than their expectation. The ONS said inflation was driven by higher food and energy prices.