Rishi Sunak calls 4 July election

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Chancellor Rishi Sunak has called for a surprise general election on July 4.

Mr Sunak issued a statement outside Downing Street, saying he had met with the King to request that Parliament be dissolved, which was granted.

“I hope my work since becoming prime minister will demonstrate that we have a plan and we are ready to take the bold action needed to make our country prosper,” he said.

“Now, I’ve stuck to that plan and always been honest about what I need, even when it’s hard.”

Mr Sunak chose to hold the election to coincide with today’s CPI inflation figures which showed inflation is now back to 2.3%, saying this is “back to normality”.

Labor is widely expected to win the next election, with Keir Starmer’s party currently leading the Conservatives by 20 points in opinion polls.

“While some of the more serious headwinds have abated, the Conservatives will go into this election facing voters who are still struggling with the cost of living,” said Susanna Streeter, head of finance and markets at Hargreaves Lansdown. Inflation is falling towards target but disappointingly below expectations, meaning the prospect of a rate cut is now further away.

“With housing prices in short supply in key regions of the country, house prices are starting to rise again, and climbing the home buying ladder remains out of reach for many young people.”

“Meanwhile, others are facing the daunting prospect of taking out mortgages at sky-high interest rates, and tenants are seeing their rents rise at an incredibly painful pace. This week the IMF raised its growth forecast for the UK this year to 0.7% from 0.5%, which is hardly spectacular.”

She further added: “Until the details of the manifesto are known, it is difficult to analyze the specific impact on each sector of the economy.”

“Pledges to revamp the planning system, fast-track urban brownfield sites for development and kick-start the construction of 1.5 million new homes have come at a time of high interest rates and delays in approvals for new housing, as demand dwindles. This will benefit home builders who previously had to deal with the new site.

“However, it remains to be seen how quickly the rationalization of planning systems will take effect.”

Oli Sharrock, managing director of insurance at Goodlord, said: “With the general election scheduled for July 4, there are big questions about the Tenants (Reform) Bill and its progress.” Stated. This will be extremely frustrating for an entire industry that is desperate for clarity.

“If this bill is not passed through as part of a clean-up, we will be back to square one. The best we can hope for is that whoever leads the next government will to be at the center of the agenda.”