'Still a long way to go': UK finance minister warns inflation remains far too high

The latest official data showed the UK economy eked out 0.1% growth in the first quarter.While sanctions following Russia's full-scale invasion of Ukraine in February last year have deprived Western consumers of Moscow's fuel supplies.Bloomberg / Contributor / Getty Images

LONDON — U.K. Finance Minister Jeremy Hunt signaled the nation's inflation remains too high, a day after the Bank of England agreed its 12th consecutive interest rate hike in a bid to combat stubbornly high household prices. "I think we are aware there is still a long way to go. We still have inflation that is too high, growth is still not as high as we would like it to be," he told CNBC's Martin Soong on Friday, hours after the latest official data showed the UK economy eked out 0.1% growth"I think the U.K. is back and those are numbers that no one would have predicted even three months ago.

He defended that U.K. economic performance has been impacted by macro-economic concerns, citing a "once-in-a-century pandemic and an energy price shock that is probably the biggest since the 1970s." The Covid-19 pandemic has led to severe global logistical and production bottlenecks, while sanctions following Russia's full-scale invasion of Ukraine in February last year have deprived Western consumers of Moscow's fuel supplies.

Österreich Neuesten Nachrichten, Österreich Schlagzeilen

Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.

Factbox: Debt-for-nature swaps swell in climate finance responseAt least $12 million a year has been freed up to help Ecuador protect the unique ecosystem of the Galapagos Islands with the sealing of the world's largest-ever 'debt-for-nature' swap.
Herkunft: ReutersScience - 🏆 559. / 51 Weiterlesen »

NFL finance committee has concerns on Josh Harris’s Commanders dealMembers of the NFL’s finance committee raised concerns about Josh Harris’s tentative $6.05 billion deal to purchase the Commanders from Daniel Snyder, slowing momentum of the sale. The eight-owner committee discussed it during a meeting Wednesday.
Herkunft: washingtonpost - 🏆 95. / 72 Weiterlesen »

Kit Harington, Naomi Scott, Jeremy Irons Romance Epic ‘Eternal Return’ to Hit Cannes Market (EXCLUSIVE)“Aladdin” and “Charlie’s Angels” breakout Naomi Scott will star alongside “Game of Thrones” alum Kit Harrington and Oscar winner Jeremy Irons in the epic romance “Eternal Return,” Variety can repor…
Herkunft: Variety - 🏆 108. / 63 Weiterlesen »

PREVIEW China and US debt woes may dominate G7 finance chiefs' talksChina will be the elephant in the room at this week's meeting of Group of Seven (G7) finance leaders, who will seek to diversify supply chains away from the country -- but also try to get Beijing's cooperation in solving global debt problems.
Herkunft: Reuters - 🏆 2. / 97 Weiterlesen »

NFL finance committee reportedly has reservations about Josh Harris' bid to buy Commanders from Dan SnyderThe NFL's finance committee took its first detailed look at Josh Harris' bid to buy the Washington Commanders on Wednesday and came away with concerns, the Washington Post reports.
Herkunft: WOKVNews - 🏆 247. / 63 Weiterlesen »