Conservative chancellor Rishi Sunak says soaring inflation should begin to fall "next year" as he issues a message of reassurance to the people of Nottinghamshire. Nottingham is one of the most deprived areas in England and the cost of living crisis is arguably hitting the its residents harder than many other core cities in the country.
For example 56 neighbourhoods within Nottingham were ranked in the top 10% of deprived areas nationally, according to Government data, while Nottingham north, which includes areas such as Bilbrough, Bulwell and Top Valley, was ranked in the top ten most deprived regions in the entire country.
In Hyson Green it is understood almost half of all children live in poverty. Those with disabilities in Nottingham also fear it will become a "matter of survival" as costs rise beyond what people are able to afford.
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The impacts of soaring fuel costs, energy bills and food prices all have a profound and long-lasting detrimental impact on those who live in poverty already, while many of those at risk of slipping into financial hardship will be pushed over the edge. And with inflation rising and even expected to reach 11% in October, concerns are only growing.
Mr Sunak recently announced even more measures to help families, including a £400 discount - instead of a £200 loan - on energy bills by October, as well as a £650 payment for those on low-incomes. He visited Nottingham's Boots HQ in Thane Road on June 16 to discuss the economy and costs of living with the workers who are in the fold.
During an interview with Nottinghamshire Live he was asked whether or not further support, into the latter part of 2023, would be on the table. He said: "A few weeks ago we announced significant support for families with the cost of living for everybody in the country, but with the most vulnerable households getting around £1,200 of help. And in just a few weeks time tens of millions of people in work are going to receive a tax cut and that is going to put money in the pockets of our working people at a time when I know they are facing challenges and I know it will make a big difference.
"What I always say when I'm asked that question is the same answer anywhere people should judge me on how I have acted over the past couple of years that I've had this job and I have always been responsive to what is happening on the ground and making sure we have the right policies in place to support the people and the economy.
"Now I do believe actually what we have announced is significant in scale. It is £37bn for this year all the way through to next spring. And it is going to make a real difference to people with the cost of living, with the most vulnerable families receiving direct support of around £1,200 which is similar to the entire increase people are experiencing with their energy bills."
Energy bills are expected to again rise in October as regulator Ofgem plans to hike the price cap to £2,800, up from £1,900 in April. Petrol prices also continue to rise and at some pumps have reached £2 per litre.
The impacts on getting to work and pumping money back into the economy via expendable income look to be profound, too, with inflation and interest rates only rising still. There are therefore growing fears of a recession as a result.
Mr Sunak was asked to provide a message to Nottinghamshire Live's readers. He added: "Looking ahead I want people to be reassured - this is important for your readers - I really want them to be reassured that we will get inflation back under control and reduce it and that's because we have the tools we need and determination to do it.
"Firstly the Bank of England who have a good track record of keeping inflation at two percent. Secondly I will make sure we manage our borrowing and debt responsibly so we do not make the situation worse and push up people's mortgage rates higher than they otherwise would be.
"Lastly we are doing things like moving people off welfare into work or increasing the supply of energy which will ease some of the supply chain issues we are seeing, so taken together people should have confidence and return back to strong growth.
"The Bank of England today published the forecast to show a decrease in inflation over the course of next year. But the main thing I want people to be confident about is it will come down."
