1 year, 9 months ago

Sunak pledges to ‘remain steadfast’ in inflation battle after rates hiked to 5%

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Prime Minister Rishi Sunak has admitted soaring interest rates are “hard” for cash-strapped Britons, but vowed the Government will “remain steadfast” in the battle to curb inflation after the Bank of England delivered a shock hike to 5%. Speaking at the Times CEO summit in London, the Prime Minister said: “The reason interest rates are going up is because inflation is too high and we’ve got to bring it down. Governor of the Bank of England Andrew Bailey said inflation is “still too high and we’ve got to deal with it”. The central bank’s Monetary Policy Committee said on Thursday that it made the decision to hike rates more sharply due to “the background of a tight labour market and continued resilience in demand”.

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