Chancellor Backs Interest Rate Hikes Even If They Risk UK Recession

Chancellor of the Exchequer Jeremy Hunt speaking during the British Chambers Commerce Annual Global conference, at the QEII Centre, London, on May 17, 2023. Jordan Pettitt/PA Media

Chancellor Jeremy Hunt has backed further interest rate hikes being used to rein in inflation even if they increase the risk of pushing the UK into recession.

The Bank of England (BoE) has raised rates 12 times in a row to 4.5 percent from 0.1 percent in December 2021.