Touted as a potential prime minister not long ago, Chancellor of the Exchequer Rishi Sunak's star has been falling fast of late. Some of the blame can be placed on inflation hovering at a 40-year high and embarrassing headlines about his rich wife's taxes. To resurrect his political career, Sunak may want to help Britons out of their financial funk while persuading them he's not disastrously out of touch.

Sunak tells Stephanie how the UK government is trying to alleviate the pain inflicted by 9% inflation. It's providing about £350 ($431) in energy bill discounts to families while also providing families with about £100 in relief by cutting fuel duties. Still, the efforts may be too little too late, as the average family is seeing a £2,100 increase in its cost of living, according to Bloomberg estimates.

It didn't help matters that Sunak's wife, Akshata Murthy, daughter of an Indian billionaire, was forgoing paying UK taxes on her overseas earnings, which while technically legal is arguably terrible politics. "I do think part of being a good husband is not presuming to dictate to my wife what to do, because she's an independent person and I support her decisions,'' Sunak says.

Also, in a discussion from Bloomberg's New Economy Gateway Latin America forum in Panama City, Panama, United Nations High Commissioner for Human Rights Michelle Bachelet speaks about troubling abuses in Venezuela, El Salvador, Nicaragua and Haiti, as well as efforts to hold Vladimir Putin accountable for war crimes in Ukraine. Finally, she calls the potential end of federal abortion rights in the US a "massive setback for women's rights."

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Rishi Sunak's Path Back From High Inflation and a Tax Scandal 31:32 Share

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Rishi Sunak's Path Back From High Inflation and a Tax Scandal