UK chancellor backs more interest rate rises despite recession risk

The UK chancellor has backed increased rates of interest to curb hovering inflation even when it ideas Britain into recession.

Jeremy Hunt advised Sky Information on Friday: “It isn’t a trade-off between tackling inflation and recession. Ultimately, the one path to sustainable progress is to deliver down inflation.”

Requested particularly whether or not he supported the Financial institution of England in elevating rates of interest to tame inflation, even when it precipitates a recession, he stated: “Sure, as a result of ultimately, the inflation is a supply of instability.”

With the intention to encourage progress, the federal government should “assist the Financial institution of England within the tough choices that they take”, he added.