No support for families’ mortgages, says Chancellor as he says the Government will “stick to its guns” on inflation
Chancellor Jeremy Hunt has said the Government will "stick to its guns" and insisted patience is needed for the Bank of England rate rises to curb inflation.As inflation remained at 8.7% in May, the same level as in April, despite hopes that it would fall,"No matter what the pressure from left, right or centre, we won't be pushed off course.
"We know that there is enormous pressure for families' mortgages and it's a really big deal for family finances," he added. "So, I'm meeting the mortgage lenders later this week to ask what else can be done to relieve pressure in very difficult times. The Office for National Statistics said that the consumer price index measure of inflation stood at 8.7% in the year up to May, the same as the rate in April.
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