Rishi Sunak is telling Brits who are already cash-strapped and struggling to ‘hold their nerve’ in the wake of a rate hike as he says there is no other alternative to stamping out inflation. The Prime Minister defended the Bank of England’s decision to raise interest rates to a 15-year high of 5% last week. This puts mortgage holders under a lot of pressure.
In an interview with BBC’s Sunday with Laura Kuenssberg programme he said, “The Bank of England is doing the right thing. The Bank of England has my total support. Inflation is the enemy for all the reasons that we have talked about. Inflation is what makes people poorer. There is no alternative to stamping out inflation. I get that this is challenging, but we’ve got to stick to the course.
Rate Hike Shocker
“I want people to be reassured that we’ve got to hold our nerve, stick to the plan and we will get through this,” said Sunak on the upcoming rate hike.
The British people had a lot to say on Twitter with some of the choice comments as follows;
“I don’t see how you are supposed to ‘hold your nerve’ if you have no money.”
“Unfortunately, you cannot pay the bank in nerves of steel.”
“Hello, is that my mortgage provider, I can’t afford to pay, so just hold your nerve, I’m assured by Risky Sunak, he’s 100% on it, whatever that is.”
Leader of the Liberal Democrats Ed Davey said Sunak’s comments on the rates hike were patronizing.
Former Treasury Minister Andrea Leadsom said the Bank of England, set to announce the rate hike, was doing “too little, too late.”
In the last few weeks banks and building societies have been holding off or withdrawing mortgage deals as they were waiting for the announcement of the higher interest rates.
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