The UK has acted in conjunction with the US and EU to impose crippling sanctions on Moscow as punishment for the attack on its European neighbour. While the measures will have a severe impact of the president Putin regime, the UK’s cost of living crisis is also set to get worse as a result.
There are fears inflation could tip eight percent this year – the highest in 30 years – as a result of further rises to energy prices caused by the sanctions.
Chancellor Rishi Sunak is now under increasing pressure to take action to reduce the burden facing families up and down the country.
Tory MPs were already uneasy about planned tax rises such as the introduction of a 1.25 percentage point increase in national insurance due to come in from April.
In the face of Russia’s invasion they are now demanding the tax hike be ditched.
Former cabinet minister John Redwood said: “The economic dislocation from the Russian invasion and sanctions is another reason why the UK Government should drop its tax rises and offer more help with the cost of living…
