The inflation figures for May are released tomorrow morning – in what will be a key moment in the election campaign.
Rishi Sunak’s “soaring” personal wealth has come under fresh attack ahead of crucial inflation figures coming out tomorrow.
In what will be a key moment in the election campaign, the rate of inflation is expected to ease back to the Bank of England’s target of 2% for the first time since spring 2021.
The figures could provide a much needed boost for the embattled prime minister, whose key offering to voters is that the economy has “turned a corner” under his leadership and they should not risk change with Labour.
But the Labour Party says this claim is “rubbished” by data showing more than half of Brits think the cost of living crisis has become worse in the last month.
The party says that Mr Sunak’s wealth increased by £122m in the last year, while data from the Office for National Statistics (ONS) shows millions of people continue to struggle.
Darren Jones, shadow chief secretary to the treasury, told Sky News: “No wonder Rishi Sunak doesn’t have a clue what working people are going through. He is entirely insulated from the cost of living crisis and totally out of touch.
“Under the Tories, taxes on working people have risen to a 70-year high and this week Jeremy Hunt has confirmed that their manifesto is unfunded.
“We need a change, we need a government that understands working people, we need a Labour government.”
ONS data released earlier this month showed 54% of people believed the cost of living has increased compared to one month ago – while just 3% of people believed it had decreased.
The biggest way people are feeling the pinch is at the supermarket – with 91% of respondents saying the price of their food shop has shot up.
The data also showed 45% of people’s rent or mortgage has increased in the last six months, while a third of people say they are unable to save anything in the year ahead.
This is despite the fact inflation is nearing normal levels, after reaching record highs in recent times and at one stage hitting a peak not seen for 40 years.
With households still feeling the squeeze, all parties are facing pressure to do more to tackle the cost of living.
The Tories are promising tax cuts, with the prime minister on Tuesday night saying prioritising this was his “moral mission” now that inflation is back “under control”.
Meanwhile, Labour is vowing to cut energy bills through the creation of a publicly owned clean energy company, saying this could save families £300 a year.
Labour has sought to use Mr Sunak’s vast personal fortune as a dividing line during the election – saying he can’t relate to the pressures facing the rest of the country.
The personal wealth of Mr Sunak and his wife Akshata Murty rose by £122m last year, according to the Sunday Times Rich List.
The couple’s fortune was estimated at £651m in the latest list, published in May, up from £529m in 2023.
This means they are richer than the King, according to the annual list of the UK’s most wealthy people.
Mr Sunak was a hedge fund manager before entering politics, while his wife is a businesswoman and the daughter of an Indian billionaire.
