“That’s why we’ve got to grip it, we’ve got to reduce it and interest rates are a part of that. (PA Graphics)Governor of the Bank of England Andrew Bailey said inflation is “still too high and we’ve got to deal with it”. Chancellor Jeremy Hunt said the Government’s resolve to bring inflation down was “watertight”. He said: “The lesson from other countries is that if you stick to your guns, you bring inflation down. Concerns over continued increases in wages alongside persistent goods and services inflation had already driven mortgage rates higher in recent weeks.

Source: The Times June 22, 2023 13:04 UTC