The Bank of England’s dark warning about a recession and longer than expected inflation crisis was much worse than our politicians had counted on, and will have profound implications for the next general election.
The gloomy forecast exposes the Conservatives’ leadership election as the largely irrelevant sideshow it is. Their juvenile “my tax cuts are bigger than yours” competition leaves the Tories fiddling while Rome burns.
There have been precious few specific measures to help struggling families through the coming storm. Rishi Sunak has promised to temporarily scrap VAT on domestic energy bills and Liz Truss the same for the green levies. But these are a drop in the bucket for families facing energy charges of £3,500 a year from October and a record 3.7 per cent fall in household disposable income over the next two years.
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