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UK chancellor’s mini-budget fails to address cost of living crisis

Amina Taylor
Press TV, London

It was probably one of the most anticipated Spring statements in years – politicians and the public glued to hear how the UK’s chancellor – the minister in charge of the country’s purse strings- would provide some relief to households crippled by the highest cost of living in 30 years.

Rishi Sunak sought to soften the cost of living squeeze by lowering fuel tax and increasing the threshold at which workers start to pay National Insurance tax but still delivered sobering news. Sunak’s measures still meant the majority of households were still fiscally pinched with soaring food, fuel and energy costs, continuing to leave households braced for even more pain. Experts were not impressed, with some calling the statement ‘out of touch’ and others going even further.

Brits expecting some good news from the chancellor’s spring statement were left bitterly disappointed. With very limited support from the government to address the cost of living crisis householders are aware that there is even more fiscal pain to come when energy prices leap by as much as 50% over the next weeks.

Brexit, COVID-19, global forces and of course the crisis in Ukraine means the chancellor has – until now- been able to spread the blame when it comes to why Brits are feeling the squeeze but analysts warn this grace period will end and the Conservatives will have to explain why it is only the very wealthy that seemed to have been spared.

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