UK Chancellor Rishi Sunak Announces Financial Support Package at House of Commons
© AP Photo / Justin TallisBritain's Chancellor of the Exchequer Rishi Sunak pauses as he speaks during a press conference in the Downing Street briefing room, in London, Thursday Feb. 3, 2022. Britain's energy regulator announced Thursday that a cap on energy prices is going up by a record 54% because of the soaring costs of wholesale natural gas, a change that will significantly burden millions of households already squeezed by rapidly climbing bills. (Justin Tallis/Pool via AP)
© AP Photo / Justin Tallis
In early May, the Bank of England raised its forecast, predicting that inflation in the UK will reach an all-time high this year, exceeding 10% in the fourth quarter.
Sputnik is live as United Kingdom Chancellor Rishi Sunak delivers a statement at the House of Commons announcing a new package of financial support, likely to include a discount on energy bills funded by a windfall tax on oil and gas giants.
According to the UK Office for National Statistics, the main contributor to soaring inflation is the rising cost of electricity, gas and other fuels, which, subsequently, drives the housing prices up. In general, the UK witnessed a 54%-increase in energy prices in April, with a major increase in motor fuels, by 31.4%, which in turn, led to surging transport costs.
Follow Sputnik's Live Feed to Find Out More!