UK's Hunt supports BoE's 25 bps interest rate raise
British Chancellor of the Exchequer Jeremy Hunt voiced on Thursday his support for the Bank of England's (BoE) decision to hike its key interest rate by 25 basis points despite the ongoing crisis in its sector.
"With rising prices strangling growth and eroding family budgets, the sooner we grip inflation the better for everyone," he told the media. "That's why we support the Bank of England's actions today and why we will continue to play our part in this fight by being responsible with the public finances, alongside providing cost of living support worth an average of £3,300 per household over this year and next."
Earlier in the day, while announcing its monetary policy decision, the BoE also expressed optimism about the United Kingdom's economy and somewhat ruled out the possibility of a technical recession.