Hunt - If we need a recession to bring down inflation, so be it
The Chancellor has said he would be comfortable with the Bank of England hiking interest rates even if it led to a recession as defeating inflation was necessary to avoid instability. Motorsport businesses will be dismayed at the prospect of an engineered recession. Jeremy Hunt told Sky News: “In the end, the only path to sustainable growth is to bring down inflation.” Also speaking on Sky News, former Chancellor Lord Norman Lamont backed the Chancellor and chided the BoE for over-reacting to the pandemic with too much QE and for keeping rates too low for too long.