The British government has admitted its inability to help people overcome the current cost-of-living crisis, saying it has to be prudent with its spending to avoid getting stuck in the inflationary spiral.
In an interview on ITV on Tuesday, British Prime Minister Boris Johnson was at pains to confirm that his government could not provide enough support to offset the higher costs immediately.
“I accept that those contributions from the taxpayer - because that's what it is, taxpayers’ money - isn't going to be enough immediately to help cover everybody’s costs,” Johnson admitted.
The British citizens are experiencing the biggest squeeze since the 1950s, with soaring prices and surging inflation targeting the low-income groups across the country.
British premier also warned of a “very severe” inflationary risk and said that the government needs to be wary of it.
“There is an inflationary risk and it's very severe, it could get worse and that knocks on to interest rates, and that knocks on to the cost of borrowing for everybody,” he said, adding that they have to be “prudent” in approach.
It comes after a revelation by ONS last week that nearly a quarter of people in the UK are struggling to pay household bills even before the new hike in regulated energy prices takes effect.
The results of the ONS survey showed that it was “difficult” or “very difficult” for around 23 percent of people surveyed in March to pay their monthly bills compared to a year ago.
According to official figures, consumer confidence in the country has also touched an all-time low.
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