Jeremy Hunt prepares people to fight inflation

Die tremors passing through President Putin’s attack on Ukraine and the aftermath of Covid are affecting economies around the world. High inflation and slowing growth are problems the UK shares with many countries across Europe, including Germany.

Our two countries are also united by a firm commitment to fiscal responsibility, a willingness to tackle our problems head-on, and a desire to act together to enable economic growth while reducing inflation.

Eurozone inflation is at a record high of 10.6 percent. The rate in the UK is 11.1 percent, in Germany 11.6 percent. That means we’re all paying more for everyday goods and commodities than we were a few months ago. But it’s not just households that are struggling – these are tough times for companies too. The rising costs of energy, goods and materials are squeezing profit margins and making it difficult for employers to create new jobs.

Economic stability urgently needed

I’ve been honest with the people of the UK and Northern Ireland that inflation is the big enemy to contend with – and the same goes for countries across Europe. The autumn declaration that I have now made in the UK Parliament is about exactly that: managing inflation and improving people’s lives while bringing much-needed stability to the UK economy.

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