As the Chancellor Rishi Sunak is preparing his Autumn Budget, a former MEP Lance Forman has slammed him over his “frustrating” plan and warned about the threat to inflation.
Forman who is a former Tory MEP and a businessman warned that “no one is going to be better off” due to inflation which will not help small businesses.
Forman told LBC radio, “Everybody is putting up prices. All of our suppliers are putting up prices, we are having to put up prices.
“All you are going to get is inflation.
“It’s going to pass on so no one is going to be better off.
“The minimum wage going up isn’t going to help people because all the prices all the costs are going up.
“And where I believe the government is getting this completely wrong, yes we want to be a high wage economy. And everyone talks about that.
“What we really want to be is a high standard living economy.
“And there are two ways you can attack that-you can either make the wages higher, or you can make the cost of living, lower.
“And make the wage that you have got go further, that way we don’t make ourselves globally uncompetitive.”
Forman continued, “And to me the biggest single problem in this country. And the biggest element of that cost of living is housing.
“It is way, way too expensive.
“You know we’re spending, £100m on HS2, you could build half a million houses for that.
“That’s what we should be doing, get people’s housing costs lower than their wage goes further people can afford to live, and we remain competitive.”
The former Conservative MEP added, “This inflationary cycle, it really worries me.
“I think it can very easily get out of control, doesn’t help small businesses in the slightest.”