With UK in a winter of discontent, Sunak faces long odds to steady the ship ahead of next election

[LONDON] British Prime Minister Rishi Sunak is barely two months into his term, but already all eyes are on the next general election in the UK that must be held no later than January 2025, with many political analysts expecting to see the opposition Labour Party come out victorious.

As things stand, a Labour victory is highly likely given that an inflationary recession is forecast to continue well into 2023. Come next year, Labour will begin disclosing potential policy improvements. There have already been hints of higher taxation and the establishment of a new sovereign wealth fund to finance crumbling infrastructure and boost domestic manufacturing.

The UK is encountering a winter of discontent of high inflation, deepening recession, rising interest rates, a soaring energy crisis and labour strikes, just to name a few challenges. Weapon supplies and aid to Ukraine is also placing pressure on the UK’s finances; as of June 2022, the UK has already disbursed support amounting to £3.8 billion (S$6.27 billion).