2022 – Businesses must help lower the cost of living, a British government adviser tells Reuters

© Reuters. FILE PHOTO: A woman looks at bottles of wine displayed on a shelf in a supermarket in London, Britain, May 19, 2022. REUTERS/Kevin Coombs

LONDON (Reuters) – The government’s cost-of-living czar said businesses should do more to bring prices down in the coming months to help Britons struggling with rising inflation, and a minister warned of the risks of “unrealistic expectations” who warned against repayment. .

Countries around the world are struggling with cost of living levels they have not seen in decades, spurred by the reopening of the global economy in the wake of the COVID-19 pandemic and the war between Russia and Ukraine. The Bank of England expects inflation to reach 11% in October.

David Patrice, former CEO of Just Eat, told the BBC: “If you think about all the money that goes into marketing and business to promote some great pastime that Brits enjoy, we’re going to take some of that money.” .

“Let’s put our focus back on what people really care about, which is making their pricing more competitive so that their money lasts.”

Buttress has been tasked this week by the government with working with the private sector to develop, identify and promote programs such as discounts or product offerings to ease the increasing pressure on family budgets.

“I want my old friends, colleagues, business people and industry to come to the party and help us out for the next six months because the truth is this is a global challenge we all face and I think it’s up to all of us to try to get involved and do something about it.”

Thousands of people are expected to take part in a demonstration organized by unions in central London on Saturday to urge the government to do more to lower the cost of living.

US Deputy Treasury Secretary Simon Clark warned Friday that while salary is part of the response to subsidize the cost of living, the government must be careful “to prevent inflation from becoming a self-fulfilling prophecy.”

What we cannot do is have unrealistic expectations about wages, which in turn will prolong and amplify this problem of inflation because we all want it to end. “It will be over as quickly as possible if we treat the payment wisely,” he told the BBC.

Leave a Reply

Your email address will not be published. Required fields are marked *