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Kwarteng faces urgent pressure to assist lenders as rates of interest surge | City & Business | Finance


Prime Minister Liz Truss has said global aspects are responsible for rising rates of interest and economic turmoil within the UK.

Speaking on the European Political Community in Prague, Mr Truss said: “We’re facing a really, very difficult economic situation.

“Now we have rising energy prices and we have now rising rates of interest around the globe.

“The Federal Reserve has raised its rates of interest to 4 percent.”

She added: “What we’re doing as a Government is to start with ensuring that folks aren’t facing gargantuan energy bills this winter. People were facing bills of as much as £6,000.

“We’re now ensuring that the everyday household doesn’t pay greater than £2,500.

“We’re also reducing people’s taxes, helping grow the economy, but in fact these are difficult times.

“And that is why it is important I’m here in Prague ensuring we’re working with our international partners to cope with these very real issues which ultimately have been attributable to Putin’s war in Ukraine.”

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