Getting debt down was the third of Mr Sunak's five priorities at the start of the year. At that point, controlling inflation and debt - compared with stopping small boats and cutting NHS waiting lists - looked like the easier ones to meet. Not so, now.
Forecasters predicted inflation would tumble this year, and the prime minister decided to own it, despite many of the factors being out of his control.
With another hike in interest rates expected tomorrow, the chancellor is backing the Bank of England as they try to - in his words yesterday -"strangle inflation". He is batting away louder calls for direct mortgage relief or tax cuts. Last month, Mr Hunt told Sky News' Ed Conway that he would support a rise in interest rates north of 5% -"even if that would precipitate a recession" - to bring down inflation.
In the Treasury, sources say fiscal support for people with mortgages could be disastrous and the chancellor must stick the course - but it could take far longer than hoped.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Politics latest: Boris Johnson allies to boycott partygate vote; will Sunak turn up?Labour leader Keir_Starmer tells BethRigby he wants to 'turn around' the UK's cost of living crisis and end 'the pain people are suffering under 13 years of economic failure'. Live: 📺 Sky 501, Virgin 602, Freeview 233 and YouTube
Read more »
MPs debate Privileges Committee report that Boris Johnson misled parliament with Sunak absentFormer prime minister David Cameron is appearing before the Covid Inquiry, to answer questions on his government's policy of austerity.
Read more »
Politics latest: MPs debating Boris Johnson partygate report - with no sign of Rishi SunakLabour's ThangamMP says she will vote in support of the Privileges Committee's partygate report, adding that any MP who votes against it is 'dishonouring' the sacrifices made by the public during the pandemic. Live: 📺 Sky 501, Virgin 602 and YouTube
Read more »
Theresa May condemns Boris Johnson for lying to parliament and makes dig at Rishi Sunak🔴 Theresa May and Penny Mordaunt will vote in favour of the Privileges Committee’s damning report that found Boris Johnson lied to Parliament RichardVaughan1 reports
Read more »