The Inflation Conundrum: UK Treasury Chief and Bank of England Weigh In

UK Treasury chief Jeremy Hunt said he would accept a recession if it meant bringing down inflation, as the Bank of England is expected to keep raising interest rates following higher-than-anticipated inflation figures. Hunt said it was necessary to prioritize measures to slow the pace of price increases, and that the "only path to sustainable growth" is to bring inflation under control. The Bank of England has been raising interest rates aggressively over the past 18 months to a 15-year high of 4.5% after inflation spiked sharply due to the pandemic and Russia's invasion of Ukraine.