Liz Truss Cost of Living Crisis Policies Would Make Inflation Worse | Economics | New Statesman

Aug 31, 2022 Liz truss has shown a "complete failure" to address the inflation driven UK cost of living crisis, says economist Duncan Weldon.

Economist and Journalist Duncan Weldon speaks to the New Statesman's Will Dunn to discuss his cover story in the latest issue of the New Statesman magazine, titled "The coming economic storm: As inflation reaches a 40-year high and with Britain facing a punishing recession, the Conservative leadership contenders have failed to grasp the scale of the crisis."

Economist and Journalist Duncan Weldon speaks to the New Statesman's Will Dunn to discuss his cover story in the latest issue of the New Statesman magazine, titled "The coming economic storm: As inflation reaches a 40-year high and with Britain facing a punishing recession, the Conservative leadership contenders have failed to grasp the scale of the crisis."

‘Nobody Is In Charge’: Tory Peer Hits Out at Ministers over Inflation

THE GUARDIAN: As rate reaches double digits, Stuart Rose calls lack of government action to shield households ‘horrifying’

The veteran retailer Stuart Rose has urged the government to do more to shield the poorest from double-digit inflation, describing the lack of action as “horrifying”, with a prime minister “on shore leave” leaving a situation where “nobody is in charge”.

Responding to July’s 10.1% headline rate, the Conservative peer and Asda chair said: “We have been very, very slow in recognising this train coming down the tunnel and it’s run quite a lot of people over and we now have to deal with the aftermath.”

Attacking a lack of leadership while Boris Johnson is away on holiday, he said: “We’ve got to have some action. The captain of the ship is on shore leave, right, nobody’s in charge at the moment.”

Lord Rose, who is a former boss of Marks & Spencer, said action was needed to kill “pernicious” inflation, which he said “erodes wealth over time”. He dismissed claims by the Tory leadership candidate Liz Truss’s camp that it would be possible for the UK to grow its way out of the crisis. » | Joanna Partridge | Wednesday, August 17, 2022

The Observer View on the Cost of Living Crisis

THE OBSERVER – EDITORIAL: Cabinet ministers’ glib shortcuts are dire response to economic crisis

Living standards are set to fall at their fastest rate since records began in the mid-1950s. Last month, the Office for Budget Responsibility predicted that real household incomes will fall by 2.2% this year, as energy and food prices increase but wages fail to keep pace with rising bills.

The impact will not be felt equally. For some, it will barely register. For other families, it will mean difficult decisions about what to cut back on. For others still, it will be profound, stretching precarious budgets in which there is already no give, forcing impossible choices between essentials such as putting food on the table and keeping the heating on, and sharpening the fear of the unexpected outlay that can trigger a debt spiral from which there is no escape. One estimate suggests lower-income households will face a drop in income of £1,300 this year. » | Editorial | Sunday, May 1, 2022