UK’s Treasury chief accepts that recession may be necessary to get inflation down

By PAN PYLAS
Associated Press

LONDON (AP) — Britain’s Treasury chief says he would be prepared to see the British economy slip back into recession if further interest rate hikes are necessary to bring down inflation. Following higher-than-anticipated inflation figures this week, Jeremy Hunt says it’s necessary to prioritize measures to slow the pace of price increases. In an interview with Sky News that aired Friday, Hunt said the “only path to sustainable growth” is to bring inflation under control. Markets have priced in further interest rate hikes from the Bank of England, bad news for borrowers and those looking to get a new mortgage.