Why Aren't Voters Thanking Sunak For Falling Inflation?

Inflation is steadily falling and Rishi Sunak could yet meet his pledge to halve it by the end of the year. When he made the promise in January, it stood at over 10 per cent. It is now down to around 6.5. But according to a YouGov poll, Sunak is not being given credit by the public for the improving situation.

- TOM PECK

Only 8 per cent of respondents credited Sunak with the more positive news on inflation, with the vast majority attributing the better outlook to tough decisions made by the Bank of England.

Even among Conservative voters, just 12 per cent cited government policy as responsible for the drop. The YouGov poll suggested most voters believe inflation has dropped because of external factors such as falling global oil and gas prices. More than one-third of the public said external factors were responsible, while 31 per cent said they did not know. The poll also showed voters overwhelmingly expect to become worse off in the next 12 months, spelling trouble for Tory hopes ahead of a general election expected next year.

Should voters be more grateful to Rishi Sunak?

In a word, no. The 8 per cent got it wrong. The Bank of England has most certainly done all of the heavy lifting to bring down inflation. Raising rates every month for the last year, so that the Bank of England base rate now stands at 5.25 per cent, is causing inflation to come down. It is also heaping misery on homeowners with mortgages to renew.

Should Sunak be more grateful to the Bank of England?