Chancellor Jeremy Hunt has backed further interest rate hikes being used to rein in inflation even if they increase the risk of pushing the UK into recession.
The Bank of England (BoE) has raised rates 12 times in a row to 4.5 percent from 0.1 percent in December 2021.
The Consumer Prices Index (CPI) of inflation fell from 10.1 percent in March to 8.7 percent in April, but has remained higher than economists had predicted.
A general view of the Bank of England, in London, on Nov. 11, 2022. (Dan Kitwood/Getty Images)
In an interview with Sky News aired on Friday, Hunt insisted that the “only path to sustainable growth” is to bring down the high prices behind the cost-of-living crisis….