In an interview with Sky News, Chancellor Nadhim Zahawi said: “We are really focused on what more do we need to do for January, we will prepare all the options ready for the incoming Prime Minister on the 5th of September to hit the ground on running of what more we can do, whether it is the green levy that we need to remove to help, cutting taxes, increasing our gas production here at home.”
Earlier today, it was announced by the Office for National Statistics that inflation, the rate of increase in prices over a specific period of time, hit a new 40-year high of 10.1% as energy prices continue to soar.
In response to today’s dire economic straits, Gary Smith, GMB General Secretary said: “Eating and heating are basic human needs, yet many hard-working people in our country are at the limit of what they can pay to put food on the table and power their homes.
“Meanwhile, the Bank of England and our zombie government have lost control and look on helplessly as decent are plunged into poverty. For so many, the cost of living crisis is rapidly becoming a catastrophe.”
Commenting on the news, Matt Williams, Climate and Land Programme Lead at the Energy and Climate Intelligence Unit, said: “The jump in inflation above 10% has been accelerated by a triple crisis – for food, water, and energy – that is driven by climate change impacts and the burning of expensive fossil fuels.
“The drought could decimate crop yields, driving food prices up even higher. The costs of dealing with the floods and droughts that climate change is bringing might be passed on by water companies through bills. Sky-high gas prices will add £2,500 to people’s energy bills this winter.”