New year, new prime minister, new promises. Rishi Sunak has solemnly pledged to halve inflation in 2023. However, given the current global and national situation, it seems that his commitment will hardly be fulfilled. At least Britons will see how the price minister keeps his word.
A stubborn increase in consumer prices has been a tough challenge for the UK government. Rishi Sunak is already the third prime minister to deal with the issue. In his first major speech of the new year, Sunak said he would slash inflation by half in 2023. “We will halve inflation this year to ease the cost of living and give people financial security,” the price minister promised. In 2022, consumer prices in the UK peaked at 11.1% in October but then dropped to 10.7% in November, according to the Office for National Statistics (ONS).
To curb prices, the prime minister will need to reduce energy and food bills as they are seen as the main driving force for inflation.
In his speech, Sunak set out other key priorities for the government in 2023. This year, the ruling Conservative Party will also focus on economic growth, the national debt, and the NHS.
