Apocalyptic food prices, soaring inflation and the cost of living crisis
What is happening?
The mysterious Daily Telegraph headline predicting a Tory wipeout. What’s the truth?
The mysterious Daily Telegraph headline predicting a Tory wipeout. What’s the truth? After weeks of focus on the Middle East, most newspapers this morning took a look at domestic matters. But one headline stood out amongst them all. The Daily Telegraph’s proclamation: “Tories facing 1997-style wipeout”. It’s caused quite a stir online and across newspaper websites. But it’s the truth because not all is what it seems. What did the poll reveal? The poll suggests
What are the facts?
The Bank of England governor Andrew Bailey has said there is a possibility of food price rises in the UK and it is a “major worry” for the UK and other countries.
- Bailey says the war in Ukraine was affecting food supploes.
- He defended the Bank’s performance following criticisms it have not done enough to try to reign in rising prices.
- Inflation – the rate at which prices rise – is at a 30-year high.
- He added there was a “very big income shock” from the increase in global goods prices would hit demand in the economy and push up unemployment.
- Difficulties in shipping out food supplies from Ukraine could hit world supply of wheat and cooking oil.
- Inflation hit 7% in March, and figures due out later this week are expected to show the rate climbed higher in April.
- The Bank has warned inflation could hit 10% by the autumn, well above its 2% target.
- The surge in the cost of living has led to households cutting back their spending, which is hitting growth.
- Andrew Bailey asked high-earners to not demand big pay rises.
Media Bias
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The truth behind new poll predicting Tory party wipeout | James O’Brien on LBC
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Tories on the brink of disaster: Party goes into full-on meltdown as poll details devastating wipeout
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