Higher savings for some. In the last half an hour, weve had this reaction to the rate rise from the chancellor, jeremy hunt. Well, of course any rise in Interest Rates is a worry for families with mortgages, for businesses with loans. But underneath that decision is a forecast that says that this time next year, inflation will be 2. 8 and we will have avoided recession. What the Bank Of England governor is saying is that we have a plan that is bringing down Inflation Lay solidly, robustly and consistently. So the plan is working but what we have to do as a government is make sure we stick to that plan and dont veer around like a shopping trolley. We stick to that plan so that families and businesses can start to feel the benefits of that plan actually working. So, jeremy hunt says the government is sticking to its plan. But this was the reaction from labours shadow chancellor, rachel reeves. The government need to take responsibility for the fact that inflation in the uk is much higher
debate over the policy mistakes that are possible on both sides. is it the right thing to do? we think it s the right thing to do? we think it s the right thing to do because in order to get inflation back to target, we need a couple of more rate hikes are going to be necessary. inflation is proving to be sticky around the world, notjust in the uk. be sticky around the world, not ust in the uk. . be sticky around the world, not ust in the uk. , ., ~ ., , in the uk. let s talk a little bit about inflation, in the uk. let s talk a little bit about inflation, inflation - in the uk. let s talk a little bit about inflation, inflation in - in the uk. let s talk a little bit| about inflation, inflation in the in the uk. let s talk a little bit- about inflation, inflation in the uk is uniquely high compared to other countries. not all other countries, but i m talking about specifically the us, where inflation is at 3%, european union, 5.3%, but here in the uk- 7.3%. what is it that uk i