THE GUARDIAN: Chancellor to support Bank of England’s decisions because ‘inflation is a source of instability’
Jeremy Hunt said he will back further interest rate rises by the Bank of England, even if it risks 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 interest rate rise by the Bank of England. Markets are now predicting that interest rates could climb to 5.5% by the end of the year, up from their current level of 4.5%, putting further pressure on borrowers and the housing market. » | Kalyeena Makortoff | Friday, May 26, 2023
