UK PM Boris Johnson said on Thursday in a speech that the UK's position is better than in the past when the nation has faced economic difficulties, reported Reuters. However, the price of oil, gas, grain and feed looks likely to remain high, he added, noting that there is no quick fix to the situation in Ukraine. But the economic consequences of the war in Ukraine will abate over time, he said. 

The UK has the fiscal firepower to help, and it will, Boris said. The government will help the British people for as long as it takes, he continued, caveating that no government can afford to shield everyone from the rising cost of living. When facing inflation, "you can't just pay people more", as this risks an inflationary spiral, he cautioned, adding that the only cure for this is higher interest rates.