Rishi Sunak's pledge to halve inflation is now under real threat

THERE is some debate as to whether Harold Macmillan ever did utter the words “events, dear boy, events” when asked what was the greatest challenge a statesman faced. Let us assume though, that he did.

- Chris Blackhurst

Certainly, Rishi Sunak, his latest successor as a Tory prime minister, can be forgiven for supposing so and for nodding vigorously in agreement.

There was Sunak only a week ago, basking in acclaim for a widely praised landmark party conference speech. It was his first as leader and it was probably the last before the general election. Although the Tories languished in the polls, the mood was upbeat. Everything, for once, was going swimmingly.

The economic damage from the war in Ukraine was under control, Covid was increasingly a distant memory, fuel supplies seemed to have been secured, some supermarket grocery prices had started to drop.

Sunak appeared to be on track to achieve his declared five priorities for 2023: halving inflation, growing the economy, lowering debt, cutting NHS waiting lists, stopping the small boats.