Boris Johnson dismissed inflation fears completely in a Sky News interview last year, which has now come back to haunt him.
The prime minister has just returned from a break in Greece, his second holiday in August alone, and has been met with growing fears around what might happen to the UK economy unless immediate government action is taken.
Inflation is already at 10.1%, a far cry from the Bank of England’s 2% target, and now the investment bank Citi has predicted it will reach 18.6% by January.
The BoE believes that a recession lasting five quarters is on the cards, too, while other experts think the UK might have organised blackouts to conserve energy this winter.
These alarming forecasts mean an old clip dating back to October 2021, where Johnson rejects inflation woes, has aged particularly badly.
Speaking to Sky News’ political editor Beth Rigby, the prime minister said: “I’m very encouraged by the growth that I’m seeing.”
Rigby then repeatedly interrupted Johnson to ask if he was worried about inflation, only for him to reply: “People have been worrying about inflation for a very long time, I’m looking at robust economic growth.
“By the way, those fears have been unfounded. I’m looking at robust economic growth, I think supply systems we have, the logistics we have, are incredibly clever and robust.
“And, supply will meet demand, and you’re seeing that now in the petrol forecourts, where supply is coming in.
“There is a problem of demand coming in and I appreciate people’s frustration on that.
“We need to behave in the normal way, and as the global economy recovers and as the UK economy comes roaring back to life, you will see brilliant businesses, brilliant people making sure we have the supplies that we need.”
At the time of the interview, a UK fuel shortage was occupying the headlines due to a lack of HGV drivers.
Inflation was at 4.2% last October (a rate more than half the current number) and the cost of living crisis had not truly set in.
Since then, Russia has invaded Ukraine, squeezing Europe’s energy supply and grain production costs and the price of raw materials has climbed.
Despite the dire situation the UK is current in, Downing Street is still reluctant to act.
Johnson stepped down from his post in early July, and his replacement will not be elected by the 160,000 Conservative Party members until September 5.
Foreign secretary Liz Truss and former chancellor Rishi Sunak are fighting it out for a seat in Downing Street but they are not willing to team up to come up with an emergency plan together for the remainder of the leadership contest.