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  • Writer's pictureanalysiswatch

Title: Inflation picture is concerning, British junior finance minister says

May 23, 2022 04:41AM ET

By: AnalysisWatch

The inflation situation is very worrying, but the British government is confident that the Bank of England will manage everything, the chief secretary to the Treasury, Simon Clarke, said on Monday.

Inflation in the UK rose to its highest level since 1982 last month, putting pressure on Chancellor of the Exchequer Rishi Sunak to offer more help to households and on the Bank of England to continue raising interest rates despite the risk of recession.

"The inflation picture is extremely worrying and is making waves in America and Europe." And that's because it is a truly global problem," Clarke said in an interview with radio station LBC.

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