Official figures due to be released this week are expected to reaffirm that prices in the UK are higher than in most other similar industrialised countries
Chancellor Jeremy Hunt has said the UK is following the same plan as the US, Germany and France and “making sure decisions on interest rates, tax and spend all work together to reduce inflation”.But even though other major countries have been hit with the same challenges as the UK – such as the pandemic and high wholesale prices on goods and energy – the impact has not been equal for a number of reasons.
Experts say the UK has greater exposure to the rise in wholesale gas prices. In comparison, France managed to stay shielded from some of the impacts on energy prices because it uses nuclear power to produce most of its electricity. Along with Germany, it also announced plans toThe Organisation for Economic Co-operation and Development says governments should implement a number of measures to combat high inflation.
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