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The Bank of England governor said today that the country has “turned the corner” on rising inflation, as he expressed optimism that Britain faces an “easier path” out of recession than expected.
Andrew Bailey said the bank now believes interest rates are likely to peak at around 4.5 percent and said a “long but shallow” recession is likely.
Rishi Sunak said that lowering taxes now would cause inflation to rise again and that people were “not stupid” but understood the need for fiscal constraints.
At an event in Lancashire, Rishi Sunak said: “The worst thing I can do is promise a bunch of things that sound great but end up making the situation worse.”
Owen Humphreys / Pennsylvania
The chancellor, Jeremy Hunt, is not expected to announce tax cuts in his budget in March as the government seeks to halve inflation over the course of the year.
Prime Minister said at an event in
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