UK’s Hunt: Extremely difficult decisions needed for economic stability

UK Finance Minister Jeremy Hunt said on Friday, “I am under no illusion that there is a tough road ahead – one which will require extremely difficult decisions to restore confidence and economic stability.”

Additional quotes

We are not immune from the global challenge of high inflation and slow growth is largely driven by Putin’s illegal war in Ukraine and his weaponization of gas supplies.

To achieve long-term, sustainable growth, we need to grip inflation, balance the books and get debt falling, there is no other way.

There is a very substantial gap in our national finances.

The sooner we can deal with public finances the quicker we can help families and businesses.

The best thing I can do as chancellor is produce a plan to bring down inflation and interest rates.

Market reaction

GBPUSD is extending gains above 1.1700, cheering upbeat UK GDP data and a broadly weaker US Dollar. The spot was last seen trading at 1.1741, up 0.24% on the day.