Published 11 months ago

Jeremy Hunt backs interest rate hikes even if they push UK into recession

Chancellor Jeremy Hunt is supportive of the Bank of England raising interest rates to bring down inflation, even if it potentially results in a recession. He believes that in the end, inflation is a source of instability and that difficult decisions need to be made to balance the books and demonstrate that Britain pays its way.
Market expectations for the eventual peak of UK interest rates have risen to 5.5%, following higher-than-expected CPI inflation data this week. This marks the biggest shift in interest rate expectations since 2008 and economists believe that it is now plausible that Britain could see a recession instead of economic growth.

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News18 India

UK Chancellor Hunt Backs Interest Rate Hikes to Tackle Inflation Despite Recession Risk

Hunt highlights the necessity of controlling inflation through interest rate hikes, even if it poses risks of recession.

11 months ago·India

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The Guardian

Hunt will back more interest rate rises even if they push UK to recession

Chancellor to support Bank of England’s decisions because ‘inflation is a source of instability’Business live: latest updatesJeremy Hunt said he would back further interest rate rises by the Bank of England, even if they risk plunging the UK into recession, in order to combat soaring inflation.The chancellor’s comments come after figures this week showed annual inflation in April was higher than expected at 8.7%, raising the prospect of a 13th i…

11 months ago·London, United Kingdom

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The Independent

Jeremy Hunt backs interest rate hikes even if they push UK into recession

Chancellor said inflation is a ‘source of instability’ and costs need to be brought down

11 months ago·London, United Kingdom

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Reuters

UK's Hunt: We must support Bank of England on inflation reduction

Britain's government must support the Bank of England's decisions on interest rates, finance minister Jeremy Hunt told Sky News in an interview broadcast on Friday, saying there could be no trade-off between cutting inflation and the risk of provoking a recession.

11 months ago·United Kingdom

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Associated Press News

UK's Treasury chief accepts that recession may be necessary to get inflation down

Britain’s Treasury chief says he would be prepared to see the British economy slip back into recession if further interest rate hikes are necessary to bring down inflation. Following higher-than-anticipated

11 months ago·United States

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abc News

UK's Treasury chief accepts that recession may be necessary to get inflation down

Britain’s Treasury chief says he would be prepared to see the British economy slip back into recession if further interest rate hikes are necessary to bring down inflation

11 months ago·United States

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