US EditionJeremy 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.
26 Articles
26 Articles
Britain's Treasury chief is prepared for UK economy to slip into recession if it means bringing down inflation
Britain's Treasury chief said he would be prepared to see the U.K. economy slip back into recession if further interest rate hikes are necessary to bring down inflation. With the Bank of England expected to keep raising rates following higher-than-anticipated inflation figures this week, Jeremy Hunt said it was necessary to prioritize measures to slow the pace of price increases. In an interview with Sky News that aired Friday, Hunt said the "on…
UK's Treasury chief accepts that recession may be necessary to get inflation down
By PAN PYLAS Associated Press LONDON (AP) — 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 inflation figures this week, Jeremy Hunt says it’s necessary to prioritize measures to slow the pace of price increases. In an interview with Sky News that aired Friday, Hunt said the “only path to …
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