UK Economy Grows Slightly Despite Lingering Inflation Concerns

UK Finance Minister Jeremy Hunt acknowledges that inflation remains too high and growth is not as high as desired, despite the UK economy eking out 0.1% growth in Q1. He defends the UK's economic performance, citing the pandemic and energy price shock as macro-economic concerns. Hunt supports the Bank of England's decision to increase interest rates by 25 basis points to counter the "fundamental instability" triggered by high inflation. He also acknowledges ongoing concerns over labor supply, productivity rates, and how to increase long-term growth.