Economic Situation: Interest Rates

Question

Like other countries the UK faces global economic challenges that contribute to inflation and weigh on growth. High inflation is bad for growth, so sticking to our plan to halve inflation, on the path back to the 2% target, is the right priority to tackle inflation and help the economy grow. The Spring Budget set out an ambitious package of measures to drive economic growth without irresponsibly fueling inflation, and revisions to ONS data show that we recovered from the pandemic far quicker than first thought, growing faster than Germany and France over this period.