Sunak said his priority is to reduce inflation, especially as the UK’s inflation level is five times higher than the 2% target. According to Sunak, the high inflation is caused by the consequences of the corona crisis and the war in Ukraine, which are causing energy prices in the UK to skyrocket.
The economy works against Sunak
However, Sunak frankly admits that he cannot implement all measures immediately due to the current state of the economy. Since taking office as prime minister in October, he has focused on cleaning up the economic mess left by his predecessor Liz Truss. During his mandate – which lasted only seven weeks – he introduced controversial tax measures, which led to financial instability.
“The worst thing I can do is promise things that look good, but end up making things worse,” Sunak said of her plans. “It will take time to get where we need to be.”