UK PM Sunak sees "light at the end of the tunnel" on inflation
[1/3]British Prime Minister Rishi Sunak speaks to staff during a visit to Milton Keynes University Hospital on August 15, 2023 in Milton Keynes, Britain. Leon Neal/Pool via REUTERS Acquire Licensing Rights
LONDON, Aug 15 (Reuters) - British Prime Minister Rishi Sunak said there was "light at the end of the tunnel" for his government's plan to halve inflation, adding that progress had been made despite record wage growth reported on Tuesday which could fuel future inflation pressure.
"The best way to be able to bring interest rates down and stop them going up is to bring inflation down," Sunak told broadcasters.
Data on Wednesday is expected to show the headline rate of consumer price inflation dropped to 6.8% in July from 7.9% in June but core inflation probably weakened only marginally, according to a Reuters poll of economists.
"We are making progress," Sunak said. "But it's important that we stick to the plan. The plan is working. I think there is light at the end of the tunnel."
Reporting by William James and Alistair SmoutEditing by William Schomberg
Our Standards: The Thomson Reuters Trust Principles.
The U.S. Treasury Department on Tuesday released detailed guidance on wage and apprenticeship requirements for projects using clean energy tax credits, providing flexibility for fixing underpayment errors and for projects unable to hire apprentices.