Jeremy Hunt has raised the prospect of the Bank of England reducing interest rates in 2024, saying a cut would be a crucial moment in shifting the economic mood in what is expected to be an election year.
The UK chancellor said in an interview with the Financial Times that 2024 was “when we need to throw off our pessimism and declinism about the UK economy”.
Asked if people would feel better off by the end of next year, Hunt said: “There’s a reasonable chance that if we stick to the course we’re on, we’re able to bring down inflation, the Bank of England might decide they can start to reduce interest rates.”
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