Moray SNP News

MORAY MSP RESPONDS TO INFLATION HITTING 10.1%

Responding to news that the rate of inflation in the UK has now hit a 40 year high of 10.1%, Moray’s SNP MSP Richard Lochhead said: 

“To say it is extremely concerning that inflation has hit 10% - the highest it’s been since 1982 – would be an enormous understatement. Households and businesses in Moray are being hit really hard and I know how worried my constituents are in light of pressure on household incomes.

“The situation has become unbearable for many households, with lower income households suffering the most, and there are businesses locally that are fearing for the future because of high bills and customers becoming anxious about spending.

“Households and businesses will also be alarmed by the Bank of England’s prediction that inflation could hit over 13% in October, when the energy price cap is lifted again.

“We urgently need the UK Government to come out of hiding and to intervene. The Scottish Government has committed to an emergency budget and to looking at what more can be done to help with the powers it has. However, most of the levers and resources are in the hands of UK Minister – including borrowing, the ability to cancel the energy cap, and wider reform of the energy market – and we need to see them use those levers to support businesses, households, and the public sector.”