Britons blast Bank of England as inflation rates flatline: 'Rich get richer and poor get poorer!'

Britons blast Bank of England as inflation rates flatline: 'Rich get richer and poor get poorer!'

WATCH NOW: Jack Carson talks to Birmingham residents about inflation remaining the same

GB News
Georgia Pearce

By Georgia Pearce

Published: 14/02/2024

- 13:52

Updated: 14/02/2024

- 16:34

Inflation rates remained at four per cent in January, unchanged from December

Britons have hit out at the ongoing cost of living crisis, as the ONS has revealed the latest inflation rates for the country.

Britain's economy remained at four per cent inflation in January, the same as the figures for December.

Speaking on GB News, Business and Economics Editor Liam Halligan said most had predicted that inflation would "tick up slightly".

Sharing his prediction for March, Halligan claimed: "When inflation is flatlining and not going down, it's very difficult for the Bank of England to lower interest rates. I think interest rates will stay at 5.25 per cent, the base rate, in March."

Birmingham residents

Birmingham residents react to the latest inflation rates

GB News

In response to the flatlining inflation, Chancellor Jeremy Hunt reassured that inflation "never falls in a perfect straight line", but the government's plan "is working".

Hunt claimed: "The Bank of England forecast that it will fall to around two per cent in a matter of months."

Reacting to the news, GB News reporter Jack Carson spoke to residents of Birmingham about the inflation rate and their struggles with the cost of living.

One man told GB News that his bills have gone up "400 per cent" since the start of the cost of living crisis.

Another fumed at the flatlining figures and claimed Brits are "struggling to survive" with the rising costs.

He raged: "I think it's crazy. The rich are getting richer and the poor just get poorer. We're on the poverty line, we're just struggling to survive.

"When you're on the minimum wage, like I am at the minute ,you can't survive. I'm diabetic, I'm having to go without things that I need because I can't afford it.

"All the Conservatives are doing is messing up. Give Labour a try."

Birmingham Resident

Locals admitted they were 'struggling to cope' with the rising costs of living

GB News

Another man told GB News his family are having to spend "more and more on gas, electric and food".

He admitted: "It's getting very difficult for us to live. I'm a bit concerned that we're having to spend a lot more money on things that were once cheap."

Speaking in favour of the rates remaining at four per cent, one Nottingham local said he is "pleased" with the rates.

He said: "It could always do with being a little bit lower. I don't think that's really reflective in the market wherever the prices are.

"Inflation is just a number to most people that don't really understand exactly what it is. I think if you look at it and you look at the price of electricity, food etcetera, that doesn't seem to be falling or rising in line with the inflation."

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