Inside Business

Britain needs a cost of living task force – but still Rishi Sunak sits on his hands

The clamour for action is growing as the Bank of England’s former chief economist warns that inflation will persist, writes James Moore

Tuesday 10 May 2022 09:06
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<p>Chancellor Rishi Sunak has faced criticism for his lack of action over the cost of living crisis  </p>

Chancellor Rishi Sunak has faced criticism for his lack of action over the cost of living crisis

Remember when Rishi Sunak was a political superstar? In the heat of a global crisis – the Covid-19 pandemic – the chancellor surprised many with the swiftness of his actions (seemingly donning his orange jumpsuit to make like The Flash, DC Comics’ resident speed demon).

He got on the phone and called in the bosses of the TUC and the CBI. The end result of the meetings that took place was the furlough scheme, which staved off a jobs crisis, a potential repossession crisis, and any number of other econo-nasties that would have followed on from there.

It was a pricey, but inspired, piece of policymaking, proof of what active government, working in tandem with outsider expertise can achieve.

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