Sunak REFUSES to put percentage on chances of halving inflation this year
Rishi Sunak has refused to put a percentage figure on his chances of halving inflation this year.
The prime minister appeared at parliament’s Liaison Committee this afternoon where he was quizzed by MPs on subjects from Ukraine and national security to the cost of living.
It came almost exactly six months after he made his five pledges to the public – to halve inflation, grow the economy, cut debt, slash NHS waiting lists and “stop the boats”.
But in the midst of a growing wave of doubt that he will deliver on his flagship promises, Sunak was asked by Treasury Committee chairwoman Harriet Baldwin what “probability” he would give his chances of achieving his vow to halve inflation by the end of this year.
He said: “Leave that to the forecasters but we remain committed to bringing inflation down… inflation is clearly proving more persistent than people anticipated. That doesn’t mean the plans and policy options deployed are the wrong ones – indeed, they’re the right ones.”
And asked to give a percentage, he told Baldwin: “I don’t have one for you – I’m working 100 per cent to deliver it and we will keep doing that. That’s all I can do, is keep throwing everything at it… I think everyone can see this is incredibly important that we tackle it because this is what’s making people poorer, it’s eating into the money in their pockets.”
‘Range of forecasts’
While asked whether he accepted there was now a higher likelihood he would miss the target, than when he made the pledge, Sunak said there “is a range of forecasts”.
“I don’t spend my time on that… using all the tools at our disposal, that’s what I should focus on and what the government is going to continue to do.”
Sunak also told MPs he had confidence in the Bank of England’s approach to cutting inflation, which has seen governor Andrew Bailey face criticism as interest rates keep rising.
“Yes, of course I support the Bank of England,” he said. “The track record of the independent central bank over the last 20 to 25 years of keeping inflation to target has been very strong.
“I don’t think anyone thinks we should return to a world where the government sets interest rates.”
The Prime Minister appears at the Liaison Committee twice a year to face questioning from senior MPs who chair Commons committees including on home affairs, justice and health.