While the war in Ukraine is partly responsible for the cost-of-living squeeze in the UK, the bed for high inflation had already been made following COVID-19 lockdowns and years of big government spending and borrowing, experts told The Epoch Times.
David Paton, professor of Industrial Economics at the Nottingham University Business School, said he believes COVID-19 lockdowns are “the driving force” of the cost-of-living increase.
Ben Harris-Quinney, chairman and research fellow of Conservative think tank The Bow Group, argued that the successive governments’ high taxation, high spending fiscal policy, and the Bank of England’s monetary policy are to blame for the situation….