The British people are willing to suffer “hardship” in the months ahead as the UK economy takes a hit from the Ukraine crisis, a cabinet minister has said.
Business secretary Kwasi Kwarteng said the public already understood the need to endure economic sacrifices in “solidarity” with Ukrainians under attack from Vladimir Putin’s regime.
It came as experts warned that the ban by Boris Johnson government on oil imports from Russia will could add to the huge hit on households struggling from a cost of living crisis.
Conservative MP Desmond Swayne said the government had to be “clear” with the British people that they would have to make sacrifices while Ukrainians made “so much greater sacrifices”.
Mr Kwarteng responded: “People understand. People are willing to endure hardships in solidarity with the heroic efforts that the people of Ukraine are making. People understand this in this country, because we’re a generous and giving country.”
Earlier on Wednesday, Mr Johnson rejected calls to offer more help on energy cost, as Labour leader Keir Starmer warned that war in Ukraine could force a further £1,000 spike in household bills this autumn.
Abby Jitendra, principle policy manager at Citizens Advice, said that British households who use oil to heat their homes will feel a pinch from oil prices, which are near historic highs.
With food prices also set to soar, campaigner Jack Monroe told MPs that the impact of the cost of living crisis on the millions of children living in poverty is “going to be, in some cases, fatal”, adding: “And that’s not a term that I use lightly.”
The impact of the Ukraine crisis could cut living standards in Britain by around £2,500 per household this year, according to the Centre for Economics and Business Research.