LONDON (Reuters) – British Prime Minister Rishi Sunak will say on Thursday he is confident he can meet his goal of halving inflation this year and feels a “moral responsibility” to do so.
Sunak set the target in January as part of his five priorities ahead of a national election expected in 2024. Data on Wednesday showed inflation defied predictions of a slowdown and held at 8.7% in May.
“I feel a deep moral responsibility to make sure the money you earn holds its value,” Sunak will say at an event on Thursday, according to advanced extracts released by his office.
“That’s why our number one priority is to halve inflation this year and get back to the target of 2%,” he will add. “And I’m completely confident that if we hold our nerve, we can do so.”
British inflation is the fastest of any major advanced economy, putting pressure on the Bank of England to raise interest rates for a 13th time in a row on Thursday.
(Reporting by Kylie MacLellan; Editing by Cynthia Osterman)
