Rising energy and commodity prices, driven in large part by the Russian invasion of Ukraine, have caused inflationary pressures around the world. Inflation in the United States and Eurozone for example has been broadly similar to levels we have experienced here in the UK. With both Conservative leadership candidates pledging to make tax cuts, it is vital that neither cuts too fast or too soon, or this will fuel inflation and lead to higher interest rates, making millions worse off. Timing is key – the fact Rishi understands this is another reason I am backing him.
