Analysis: Did Rishi Sunak’s statement put a spring in retail’s step?

Rishi Sunak, March 2022

Source: Number 10

On the day inflation hit a three-decade high, chancellor Rishi Sunak delivered a spring statement light on action but heavy on promises as the cost of living crisis continues to spiral.

Sunak’s speech came against the backdrop of inflation hitting 6.2% in February – the highest rate for more than 30 years. While the chancellor said the UK has a “moral responsibility” to impose sanctions on Russia over its invasion of Ukraine, these actions are not “cost-free” and present a “risk to our recovery”, in particular when it comes to the cost of living.

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