Rishi Sunak has warned that a "perfect storm" of global events, such as the war in Ukraine and Covid lockdowns in China, has put the economy in an "extremely serious" situation.
Speaking to the CBI annual dinner on Wednesday, the Chancellor said the government "stands ready to do more" to help families cope with the cost-of-living crisis after inflation rose to a 40-year high of 9% in April.
Report by Buseld.
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