Jeremy Hunt says BoE must curb inflation even if it means recession trends now
Brits are facing more interest rate pain after Jeremy Hunt backed the Bank of England tackling rampant inflation - even if it means plunging the country into recession.
The Chancellor delivered the tough message as he warned that getting spiralling prices under control is the only route to 'prosperity'.
Although official figures this week showed headline CPI inflation finally dropping into single figures - reflecting easing energy costs - the core rate actually rose driven by surging food bills.
Spooked markets have responded by hiking interest rate expectations, with the level now widely expected to reach 5.5 per cent. There had previously been hopes that the current 4.5 per cent would be the peak.
Mortgage-payers are already seeing the impact with rates moving up.
In an interview with Sky News today, Mr Hunt said the 'only path to sustainable growth' is to bring down the high prices behind the cost-of-living crisis.
He said prioritising measures to slow rising prices was necessary even if rate hikes damage the economy.
Jeremy Hunt backed the Bank of England tackling rampant inflation - even if it means plunging the country into recession
Although official figures this week