‘TOO MUCH!’ Vine guest says UK on Greece track with 120% inflation after Sunak handout

Jeremy Vine guest says Sunak has put economy in 'dire peril'

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Mr Parry criticised Rishi Sunak’s announced plan to tackle the impact of soaring inflation as he claimed the Chancellor “has done too much”. Mr Parry argued Mr Sunak has “put the UK economy in dire peril”, he added after warning the current measures could increase UK inflation levels and could drag the country into a situation similar to “Greece 10 years with inflation rate of 120 percent”.

Mr Parry: “The Chancellor has done too much.

“He’s put the economy in dire peril, believe me, giving away too much.

“He is going to stoke more inflation.

“Inflation is the thing that kills all modern economies.

“We could end up like Greece 10 years ago with inflation rate of 120 percent.

“And thousands of jobs being lost. It’s rubbish.”

Referring to Mr Sunak’s announcement of a £400 discount on energy bills for every UK household, he added: “I don’t want 400 pounds.

“And people will say ‘there you go again, middle-aged man conformable and all that, you don’t want the 400 quid’.

“But I don’t need it. Give it to somebody else”.

The set of measures announced yesterday in the House of Commons will also include a £650 payment for 8 million lowest-income households.

A one-off £300 to 8 million pensioner households and a £150 payment each to 6 million disabled people are part of the package, Mr Sunak announced.

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Prime Minister Boris Johnson insisted the Treasury’s financial support package to help consumers meet rising energy costs will not be inflationary because it won’t necessarily lead to more discretionary spending.

Asked by reporters if the policy could add to inflation, Johnson said: “The answer to that is no, because I don’t think that it will lead, necessarily, to more discretionary spending, simply because people’s outgoings are going to go up, or have been going up already as a result of the of the increased cost of energy and food.”

Mr Sunak insisted he remained a “fiscal conservative” and was committed to managing the public finances “responsibly”, but he refused to rule out another emergency package next year.

The Chancellor said £5 billion of the package would be paid for by a levy on the profits of oil and gas giants, and around £10 billion will be covered by extra borrowing.

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