Rishi Sunak says people need to stay calm and resolute to fight inflation 

The UK Prime Minister Rishi Sunak has urged people and borrowers to “hold their nerve” over skyrocketing interest rates sought to bring down stubborn inflation.

Rishi Sunak said Sunday with Laura Kuenssberg: “I want people to be reassured that we’ve got to hold our nerve, stick to the plan, and we will get through this.”

Inflation strikes UK citizens, Rishi Sunak reacts: 

This week the Bank of England increased interest rates to a 15-year high of 5%. Many people are facing higher mortgage repayments following the uprise.

Meanwhile, those who lease could face higher payments or the possibility of compressed landlords selling their property, according to the National Residential Landlords Association.

Mr Sunak continued to support the Bank of England despite some Conservatives saying it has not done enough to get inflation back to its 2% mark.

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Inflation – the speed at which costs rise – remained 8.7% in May despite the Bank increasing interest rates 13 times since December 2021.

“As prime minister, the Bank of England is doing the right thing,” Mr Sunak said to the BBC. “The Bank of England has my total support. Inflation is the enemy.”

Mr Sunak has promised to hammer inflation by the end of the year. But ex-Treasury Minister Andrea Leadsom blamed the Bank for doing “too little, too late”.

While Karen Ward, a member of Chancellor Jeremy Hunt’s economic advisory board, said the Bank had “been too hesitant” in its interest rate increases so far and called on it to “create a recession” to get inflation under control.

The prime minister said: “I’ve never said that it’s not challenging. I’ve never said that this isn’t going to be a difficult time to get through. But what I want to give people the reassurance and confidence is that we’ve got a plan, the plan will work, and we will get through this.”