UK lawmakers demand end to inflation index ‘merry-go-round’

UK high street
RPI calculation error has led to a £1bn yearly windfall for index-linked gilt-holders at the expense of consumers, say Morgan and Forsyth

The UK Statistics Authority has been urged by lawmakers to seek consent from the country’s chancellor to amend the retail price index (RPI).

In a joint letter, sent by the Treasury Select Committee (TSC) and the House of Lords Economic Affairs Committee, the UKSA was urged to write to Philip Hammond “for such a change as soon as possible”.

“The Authority told us they had not asked the chancellor to approve fixes to RPI because they expected he would say no,” Michael Forsyth, chair of the Lords

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