Rishi Sunak warns there's 'no alternative' to tackling inflation as he defends interest rates hike
manchestereveningnews.co.ukRishi Sunak said there is 'no alternative' to tackling inflation other than raising interest rates as he told Brits feeling the pinch to 'hold our nerve.' The Bank of England last week piled pressure on mortgage-holders as they raised interest rates to the highest level in nearly 15 years.
The central bank issued its 13th interest rate hike in a row, this time by half a percentage point from 4.5% to 5% in the sharpest increase since February. Join our WhatsApp Top Stories and Breaking News group by clicking this link The move surprised many economists who had been expecting a smaller hike of 0.25 percentage points and has left homeowners s bracing themselves for a big jump in their monthly repayments.
It is aimed at reducing inflation, which measures the rate of rising prices and remained at 8.7 percent in May despite efforts to tame it.
Speaking on the BBC’s Sunday With Laura Kuenssberg programme, Mr Sunak said the bank had his 'total support' in their efforts to stamp out inflation which he labelled as 'the enemy.' “The Bank of England is doing the right thing" he said. "The Bank of England has my total support.
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