UK PM Johnson: In the months ahead, will use fiscal firepower on cost of living

UK PM Boris Johnson on Friday said that in the months ahead, the UK is going to have to use its fiscal firepower to mitigate the cost-of-living squeeze, reported Reuters. "In the months ahead we are going to have to do what we did before, we're going to use our fiscal firepower that we built up, that we have, to help," said Johnson during a speech in Wales. "We're going to put our arms around the British people again as we did during COVID," he added. 

Data this week showed the headline rate of Consumer Price Inflation (CPI) hit a new multi-decade high at 9.0% YoY. The Bank of England expects the annual headline CPI rate to hit 10% by the end of the year.