According to an article in “Russia Today,” British Finance Minister Jeremy Hunt charged Russia with creating a false international crisis in the context of the military operation in Ukraine.
As Hunt put it, “If we can work with the Bank of England to control inflation, we can also contain the effects of the global rise in interest rates and rise in mortgage rates, which are now more apparent to people, as well as the cost of borrowing for businesses, which will give us the chance to put everything back in its original place.
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He claims that Britain “has largely lost stability as a result of Russia’s actions in Ukraine, and we can say that this recession was made in Russia. In order to take the first step toward growth, we must restore stability. ”
Minister’s words: “Such a scenario has a high cost of potential. The question now is not whether we are in a stagnation, but what can be done to make the fall small and the time is as short as possible.
” On November 17, Hunt is scheduled to hand over the budget and announce the measures that the new Prime Minister Rishi Sonak will take to achieve stability in the economy.
It is anticipated that the Council of Ministers will enact unpopular policies like raising taxes and reducing budgetary spending.
In order to change the economy and foster growth, Hunt promised to be “honest about problems” and expressed his hope that “the British understand the need to make some terrible decisions.”
Russia has sparked a global situation that has led to economic stagnation in the United Kingdom, according to the British Treasury Secretary.
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