The central bank warned that the rising cost of living could push the country into recession this year. This has led a leading supermarket giant to issue a warning that Britain is facing a real food poverty.
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According to The Times on Tuesday, the head of prominent British supermarket Tesco, John Allan, claimed that many people in the nation are battling with rising food and fuel prices thanks to inflation.
“I was in some [Tesco] stores on Friday and I was hearing for the first time for many years of customers saying to checkout staff ‘Stop when you get to £40, I don’t want to spend a penny over that’,'” Allan added.
“I think that many of them are struggling to both be able to heat their homes and to feed their families,” he continued. “And I think we’re seeing, you know, real food poverty for the first time in a generation.”
Tesco’s Chief voiced his expectation that the authorities would intervene to help individuals who are struggling to make ends meet. Allan stated that the government might reconsider a proposed increase in the payroll tax. He also advocated for rate relief reform, claiming that several small businesses were facing closure as customers drastically cut on their spending.
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The Bank of England issued a grave warning earlier this month, predicting that Britons would face a “historic” income shock as record-high inflation continues to rise. The central bank also warned that the rising cost of living could push the country into recession this year.