The Prime Minister and I promise that we will get through to the other side. I want to reassure those families that, if we don’t act now, it will be worse later. Jeremy Hunt takes an early morning run in Westminster with Poppy his dog on Thursday, the day The Bank of England raised interest rates I know that many people will be feeling anxious about the Bank of England’s decision to increase rates once again to 5 per cent – the knock-on impact for mortgage rates will understandably be causing great worry for thousands of families coming to the end of their fixed rate agreements in the months ahead. But we must be patient things will get better. It is working in other countries, and it will work here too. There is no alternative.Īnd despite how painful it is for many across Europe right now, one of the most effective methods of bringing inflation down is by increasing interest rates. The single best way to reverse this trend and bring down costs – from the weekly shop to mortgage payments – is by squashing inflation. With inflation you get absolutely nothing in return. It is the most insidious of taxes, because at least through general taxation we all benefit from well funded public services like our NHS, schools and police. It eats away at people’s pay cheques, making food, energy and other essentials more expensive. High inflation is one of the most destabilising forces in any economy.
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