Chancellor responds to Bank of England interest rates decision

The Chancellor's responded to today's Bank of England interest rates decision.

The Chancellor said:

“Inflation is a stealth tax that is the biggest threat to living standards in a generation, so we support the Bank's action today so we succeed in halving inflation this year.

“We will play our part by making sure government decisions are in lockstep with the Bank's approach, including by resisting the urge right now to fund additional spending or tax cuts through borrowing, which will only add fuel to the inflation fire and prolong the pain for everyone.”