Bank of England 'absolutely right' to raise interest rates, says Hunt

The Chancellor, Jeremy Hunt, said that the Bank of England is 'absolutely right' to raise interest rates following the central bank's announcement it had hiked rates to 4%. Decision makers on the Bank’s Monetary Policy Committee (MPC) opted to raise the base rate for the tenth time in a row from 3.5% to 4%, to help bring down double-digit inflation.