British Prime Minister Rishi Sunak’s warning of high inflation

Rishi Sunak said the immediate tax cuts threatened to prolong the ongoing economic crisis. (File)

London:

The ruling Conservative party can “say goodbye” to victory in the UK’s next general election, scheduled for around 2024, unless soaring inflation is quickly brought under control, Rishi Sunak warned during the election campaign to win the elections to become leader of the Tories and British Prime Minister.

The former British Indian Chancellor reiterated his earlier alarms over leadership rival Liz Truss’s political promise of around £ 30bn in immediate as inflationary tax cuts, which threatened to prolong the ongoing economic crisis. Mr. Sunak instead pitched his political tent on tax cuts lower once inflation was brought under control.

“I am particularly concerned about policies that risk making things worse and last longer,” the 42-year-old Sunak said during an election campaign event in Eastbourne, on England’s south-east coast, on Friday night.

“Because this is a problem that does not only concern this winter. It is also a problem for the coming winter, and beyond, because, as the Bank of England has stated, it is worried that inflation will go down. So there is no hope that we will win the next election. Absolutely none … And if we don’t deal with this thing and we hardly make it, then we can say goodbye to winning the next election. So, the first thing to put is we are able to win to overcome inflation and overcome it quickly and not make things worse, “he said.

Earlier this week, the Bank of England warned that inflation – currently at 9.4% – could peak at over 13% and remain at “very high levels” for much of next year. before returning to its 2% target in 2024.

Truss, who promised to undo some of the tax hikes in place when Mr. Sunak was Chancellor, challenged the Bank of England’s grim predictions.

His own speech at the hustings was briefly interrupted by the protesters during the hustings as the environmental protesters joined a Green New Deal Rising group action during the event, standing one by one from the audience to say aloud to the aspiring Prime Minister: “Liz Truss, you should be ashamed of yourself.”

A live stream of the protests on the Conservative Party website was briefly interrupted when the protesters were removed from the hall.

Both candidates are engaged in an intense election campaign up and down the UK to win the votes of Tory party members who carry the card, to be cast by post or online by 2 September. The results will be announced on September 5, when the new Conservative Party leader will immediately take the lead at 10 Downing Street.

(Except for the title, this story was not edited by the NDTV staff and is posted by a syndicated feed.)