Interest rates today hit a 14-year high of 3.5 per cent despite early signs than double-digit inflation may now have peaked 🔴 HugoGye
He told broadcasters: “We have possibly seen this week the first glimmer that figures… not only beginning to come down, but it was a little bit below where we thought it would be, and that’s very good news, but there’s a long way to go.”
UK interest rates were below 1 per cent from early 2009, when the world was in the grip of a financial crisis, until May this year. On Wednesday they were raised from 3 per cent to 3.5 per cent, ahead of the equivalent rate in the eurozone but behind the US. Mr Hunt said: “High inflation, exacerbated by Putin’s war in Ukraine, continues to plague countries across the world, eating into people’s pay cheques and driving up food and“I know this is tough for people right now, but it is vital that we stick to our plan, working in lockstep with the Bank of England as they take action to return inflation to target. The sooner we grip inflation the better.
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