UK’s Hunt: Government and BoE will tame inflation
|UK finance minister Jeremy Hunt spoke alongside Bank of England (BoE) Governor Andrew Bailey on Monday while showing readiness to take measures to return inflation to its 2% target.
The policymaker spoke to finance executives at the City of London's annual Mansion House dinner as he highlights the ability to see the job through on bringing down inflation as he said, “Working with the Governor and the Bank of England, we will do what is necessary for as long as necessary to tackle inflation persistence and bring it back to the 2% target.”
UK’s Hunt also suggested businesses show restraint on profit margins while repeating his previous view saying, “The fight against inflation would have to take priority over the tax cuts.”
Market reaction
GBP/USD bulls justify hawkish comments from UK’s Hunt by refreshing the highest levels since late April 2022 to around 1.2870, up 0.05% intraday amid early Tuesday while posting a four-day winning streak of late.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.