U.K. inflation could surge to 19% by next year: Citi chief economist
The eye-popping forecast, from Citi chief U.K. economist Benjamin Nabarro, comes as U.K. electricity prices are set to surge once the Office of Gas and Electricity Markets lifts the price cap.
The question is what the new U.K. prime minister, likely to be Liz Truss, will do about it. Nabarro is assuming a £300 reduction in bills by suspending a green levy and by cutting value-added taxes on household energy bills. To offset the energy increase in full, it would require £30 billion for the coming six months, or 1.4% of GDP.
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