The honeymoon period of Britain’s new Prime Minister Rishi Sunak seems to be over. While they are still facing challenges like rising inflation, electricity bills and energy crisis, as well as reducing government expenditure and overcoming a possible recession.
Image Credit source: AFP
Rishi Sunak of Indian origin (Rishi Sunak) the prime minister of britain (UK Prime Minister Rishi Sunak) A good amount of time has passed since it was made. At the same time, Britain’s challenges are now on them. (Challenges of Rishi Sunak Govt.) The pressure to overcome it also seems to be increasing, because on the one hand, where their honeymoon period is coming to an end, on the other hand, they are facing the highest inflation in 41 years. (Inflation in Britain)energy crisis (Europe Energy Crisis)People’s increasing electricity bill, possible recession (UK Recession) Difficulties like getting rid of and increasing investment remain intact.
Economy upset after Brexit
After separating from the European Union, investment in the UK economy, especially by businesses, has come to a standstill. Apart from this, trade has also been limited. While the Rishi Sunak government has to overcome this, the impact of the corona virus on the economy has added to the leprosy.
However, the UK government has indicated to withdraw from it. Britain’s Finance Minister Jeremy Hunt on Wednesday (Jeremy Hunt) Said that his government is not going to change the Brexit deal with the European Union, but can work on improving relations in view of the demands of companies and businesses.
Jeremy Hunt clearly stated that his government’s intention is to negotiate a Brexit deal (Brexit Deal) He does not want to distance himself from Britain at all, he never wants to take Britain in such a situation, where it does not have control over the rules. He believes that the current trade relations with the European Union can be simplified by the use of technology.
Rishi Sunak also spoke to the Confederation of British Industry on Monday. (CBI) It was said in a meeting that Britain will follow its agenda regarding migration and regulation. At the same time, CBI says that Britain can work on temporary work visa, so that the economy can be accelerated.
Water will get rid of high inflation
Another big challenge before the Rishi Sunak government is that of high inflation. Inflation in the UK reached a 41-year high of 11.1 per cent in October. In such a situation, there is a dilemma in front of the government to balance government expenditure along with giving relief to the people.
Before Rishi Sunak, the Liz Truss government had tried to provide relief to the people by cutting taxes, but the Sunak government has made it clear that it will not refrain from taking strict measures.
Jeremy Hunt had recently expressed the possibility of taking difficult decisions in the new budget of the government, as well as indicated the withdrawal of many exemptions. Sunak government can insist on reducing government expenditure in its budget or spending it on the right items.
To control inflation, the Bank of England may increase policy interest rates in the coming times. Right now it is at the rate of 3 percent, which can increase to 4 to 4.5 percent.
Rising electricity bill a big challenge
The increasing electricity bill of the people is not only the problem of the people of India, its effect is also in developed countries like Britain. In fact, after the Russia-Ukraine war, the energy crisis has increased in Europe. Obstruction in gas supply, costlier fuel where increasing the electricity bill of the people. At the same time, the cost of industries is also increasing.
In such a situation, another challenge of the Sunak government is to overcome it. In the CBI meeting, Prime Minister Rishi Sunak also said that the government will do more to support energy-intensive businesses. So that the cost of industries can be reduced. However, he also made it clear that this relief given to the business in the electricity bill can be targeted.
Apart from this, challenges such as speeding up the economy at different levels, creating employment and balancing government expenditure also remain in front of them.
English Headline : UK new PM Rishi Sunak honeymoon periods to end soon still have to fight inflation investment energy crisis.