Britain’s economy survived omicron relatively unscathed, but soaring inflation and energy price rises exacerbated by Russia’s invasion of Ukraine mean Rishi Sunak has a tough job on his hands to ease the worst cost of living crisis in decades.

Ahead of Wednesday’s spring statement, we discuss what options the chancellor has available to him to ease the squeeze. Former Treasury advisor Tim Pitt and National Chair of the Federation of Small Businesses Martin McTague are our special guests.

“Unless wage growth can match inflation, the cost of living squeeze is going to be much worse than expected.” - Tom Pope

“Ukraine produces a lot of the world’s grain, so food prices are rising because of the conflict.” - Tom Pope

“The Chancellor can only take the edge of the pain for people, it will be a difficult period for millions.” - Tim Pitt

“Helping the vulnerable has to be the priority, but swathes of middle England are also about to be slapped.”- Tim Pitt

“I’ll be very interested to see if the Chancellor mentions the phrase net-zero.” - Jill Rutter

“Small businesses are having to compete for a shrinking pool of labour, so there will be pay rises.” - Martin McTague

This budget preview edition is supported by the Federation of Small Businesses. Find out more at www.fsb.org.uk

Presented by Gemma Tetlow with Tom Pope and Jill Rutter. Audio production by Alex Rees. Inside Briefing is a Podmasters Production for the IfG. 

https://www.instituteforgovernment.org.uk 

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