UK has no choice but to raise interest rates to curb inflation, says Jeremy Hunt

Chancellor gives unstinting support to Bank of England as households brace for borrowing costs to rise again

Jeremy Hunt has said the UK has no alternative" but to raise interest rates to bring down inflation, as households brace for the Bank of England to increase borrowing costs further next week.

The chancellor said the government would be unstinting in its support" for the central bank to do what it takes" to squeeze high inflation out of the system amid the cost of living crisis.