Kwasi Kwarteng Britain Russia Ukraine COST UPS FIVE Kwasi Kwarteng Britain Russia Ukraine

Five charts that will underpin chancellor’s mini-budget

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Kwasi Kwarteng will announce the details of his mini-budget on Friday with Britain already in a recession. In only his third week in the job, the chancellor is expected to announce sweeping tax cuts and further details on the government’s energy price freeze, in an emergency support package worth more than £150bn.It comes after the Bank of England reported that Britain’s economy fell into recession earlier this year amid the cost of living crisis.

Here are the five key charts that will underpin the chancellor’s statement.Inflation has soared to the highest levels since the early 1980s in recent months, as Russia’s war in Ukraine drives up energy prices, feeding through to higher costs for food and fuel for hard-pressed UK households.The consumer prices index fell back slightly in August to 9.9%, after reaching double-digits in July for the first time since 1982.Liz Truss’s plan to cap average household energy bills at £2,500 for the next two years is however widely expected to limit further increases in the headline rate.

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