The bigger test to the current stagflationary shock in the UK will likely be Chancellor Hunt’s budget statement
UK inflation as measured by today’s CPI reading remains on fire. The CPI rate of 11.1% in October is showing no signs of abating, up a full percentage point from the previous month and ahead of all expectations again – and let’s not forget it would have been even higher were it not for the UK government’s energy price cap. The bigger test to the current stagflationary shock in the UK will likely be Chancellor Hunt’s budget statement tomorrow which promises further austerity and tax rises across the board. It really does look grim for the economic fortunes of the UK – the promised Brexit “sunlit uplands” have only ever been a continual rolling season of discontent.
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