Andrew Billy, the governor of the Bank of England, welcomed the “instant congruence of views” between the new British Finance Minister Jeremy Hunt and Koasi Quarting, who was fired from his position on Friday amid a political crisis in the UK.
“I can tell you that I spoke with Jeremy Hunt and that it has instantly and obviously affected the views between us regarding the subject of the necessity of financial sustainability and the importance of making decisions in this direction.”
Billy emphasised the “importance and sustainability” of the British financial system while stating his want to convey “a strong message to the markets.”
There are presently two methods in place in London: one is the government’s likely to inflate plan for spending and tax breaks, and the other is the central bank’s increase in interest rates intended to moderate the high prices by decreasing economic activity.
The Bank of England governor stated that “inflationary pressures will require a bigger reaction than we expected in August” with relation to price rise, indicating a further hike in interest rates.
The Bank of England’s Governor applauds the British Finance Minister’s “matching views”
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