Chancellor responds to Bank of England interest rates decision

The Chancellor's response to the Bank of England's interest rates decision is below

Chancellor Jeremy Hunt said:

“Although it is good news that the Bank of England is no longer forecasting recession, today’s interest rate rise will obviously be very disappointing for families with mortgages. But unless we tackle rising prices, the cost of living crisis will only carry on - which is why we need to be resolute in sticking to our plan to halve inflation by the end of the year.”