Chancellor of the exchequer Jeremy Hunt said he would rather the UK fell into a recession than keep high inflation around for longer.
In an interview with Sky News, Hunt said he would fully support the Bank of England's (BoE) monetary policy decisions, even if it meant increasing interest rates to 5.5% to battle higher prices. When asked whether he was "comfortable with the BoE doing whatever it takes to bring down inflation, even if that potentially would precipitate a recession", Hunt said: "Yes, because in the end, inflation is a source of instability." The chancellor added: "And if we want to have prosperity, to grow the economy, to reduce the risk of recession, we have to support the BoE in the difficult decisi...
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