Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Chancellor Jeremy Hunt says Bank must act – even if interest rate rises slow UK economy

by May 26, 2023
May 26, 2023
Chancellor Jeremy Hunt says Bank must act – even if interest rate rises slow UK economy

Chancellor Jeremy Hunt has backed interest rate hikes being used to calm soaring inflation even if they increase the risk of pushing the UK into recession.

Mr Hunt insisted in an interview aired on Friday that the “only path to sustainable growth” is to bring down the high prices behind the cost-of-living crisis.

The Bank of England has been hiking interest rates as one measure to tackle inflation, but they could raise them even higher than the 4.5 per cent they currently stand at.

Though down from 10.1 per cent, the Consumer Prices Index of inflation remains stubbornly high at 8.7% while food remains alarmingly expensive.

Mr Hunt told Sky News that prioritising measures to slow rising prices was necessary even if rate hikes damage the UK’s gross domestic product, or GDP, a measure of the size of the economy.

Asked if he was comfortable with the Bank acting to bring down inflation even if it could precipitate a recession, Mr Hunt said: “Yes, because in the end inflation is a source of instability.

“If we want to have prosperity, to grow the economy, to reduce the risk of recession, we have to support the Bank of England in the difficult decisions that they take.

“I have to do something else, which is to make sure the decisions that I take as Chancellor, very difficult decisions to balance the books so that the markets, the world, can see that Britain is a country that pays its way – all these things mean that monetary policy at the Bank of England (and) fiscal policy by the Chancellor are aligned.”

Read more:
Chancellor Jeremy Hunt says Bank must act – even if interest rate rises slow UK economy

0
FacebookTwitterGoogle +Pinterest
previous post
Asda set to announce £10bn merger with petrol stations group EG
next post
Retail sales up in April but analysts warn on implications of further rate hikes

You may also like

From Deals to Omnichannel Marketing: Customer Retention Strategies...

February 14, 2025

Living Wage employers rise 19% as more businesses...

May 15, 2025

Christmas party cancellations ‘near Omicron level amid UK...

December 9, 2022

Artificial Intelligence: A Revolution on Par with the...

August 13, 2023

Electric vans reenergise Ellesmere Port factory

September 8, 2023

Heathrow reveals £21bn third runway plan with potential...

August 1, 2025

Scotland’s first producer of green chemicals launches crowdfunding...

May 15, 2024

Persil advert banned for misleading green claims

August 31, 2022

Millions of JD Sports customers at risk after...

January 31, 2023

Ørsted shelves major UK offshore windfarm project in...

May 8, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Jeremy Hunt: ‘We’re over-medicalising anxiety and depression with sick notes’

      August 2, 2025
    • Cambodia to nominate Trump for Nobel Peace Prize for role in ending country’s conflict with Thailand

      August 2, 2025
    • WATCH: Trump says he is hopeful Hillary Clinton will be investigated for election fraud

      August 1, 2025
    • Trump moves nuclear submarines weeks after praising sub’s power in Iran strikes

      August 1, 2025
    • Recess on ice as Republicans hunker down for high-stakes nominee blitz

      August 1, 2025
    • Iran says it has ‘plenty of scientists’ left to restart uranium enrichment, despite US, Israeli strikes

      August 1, 2025

    Categories

    • Business (8,652)
    • Investing (2,168)
    • Politics (16,282)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved