Britons need to “hold our nerve” with interest rate hikes as “there is no alternative” to stamping out inflation, Prime Minister Rishi Sunak has said.
Appearing on the BBC’s Sunday with Laura Kuenssberg programme, he defended the Bank of England’s (BoE’s) decision to raise interest rates from 4.5 to 5 percent, a 15-year high.
It was the central bank’s 13th consecutive interest rate rise in 18 months, putting further pressure on mortgage holders.
But Sunak said the BoE is “doing the right thing” and has his “total support.”
He said “inflation is the enemy” and is “what makes people poorer.”…