The UK's economic situation is becoming increasingly unstable as the cost of living crisis continues and fears of a recession loom large. Recent polling shows that a significant majority of UK citizens are anxious about the impact of US tariffs on their financial situation, with two-thirds expressing concern. While the government remains hesitant to retaliate with its own tariffs, there are pressures on the Prime Minister to reconsider existing financial commitments, particularly concerning taxes and fiscal rules in light of a potentially tighter budget environment.
The economic picture in the UK has worsened as the cost of living crisis deepens, prompting fears of recession amidst concerns about US tariffs affecting British families.
Polling indicates that two-thirds of UK citizens are worried about US tariffs, with over half believing it will exacerbate existing cost of living pressures in the UK.
Prime Minister’s commitment not to increase income taxes, VAT or National Insurance is being tested as economic conditions strain public finances and government budgets.
Keir Starmer has reiterated that he will not raise income tax or VAT before the next general election, despite pressures from the looming economic crisis.
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