Chancellor Jeremy Hunt has confirmed that the Government has scrapped plans to alter the Bank of England’s remit as he stressed the need for stability.
Former Prime Minister Liz Truss had said she was planning on making changes to the Bank’s remit which caused alarm about its independence.
But Hunt praised the Bank of England for doing an “outstanding job” tackling inflation, adding that the Office for Budget Responsibility (OBR) had confirmed that global factors are the primary cause of inflation.
He said that most countries are still dealing with the consequences of the pandemic and that the measures put in place to support the economy would have to be paid for.
He added that these consequences had been made worse “by a made in Russia energy crisis”.
