The comments made by Rishi Sunak, the Chancellor of the Exchequer, on 28 October 2021.
Let’s start with the cost of living because we’re here in a market, many people will see the price of food going up, petrol going up, gas prices going up. Why was there no specific support, why wasn’t there a specific measure to help people with a cost of living yesterday?
Well, first of all, I talked about it right at the beginning of the budget speech to provide people some context, explanation and reassurance about what’s going on. It’s largely the result of two global forces, one, the rapid reopening of economies putting pressure on supply chains, but also what’s happening with energy prices. Now, I mean, I wish I could wave a magic wand and make these global problems disappear overnight, but I can’t, so I wanted to be upfront with people about that. These practices are going to be with us for a little while, but people should have reassurance that because of the plans we put in place a year ago to ensure that our economy now is recovering strongly, more people in work and wages are rising. We can face the future with a bit more confidence. And yesterday we did take action, and noticeably we froze fuel duty, especially when fuel prices are at almost a 10 year high. But also we cut the tax on the lowest paid people which I think will make an enormous difference.