Jeremy Hunt raises prospect of rate cuts in 2024 - reports

Lowering borrowing costs critical

Chancellor of the Exchequer Jeremy Hunt has said that if the UK Government is able to deliver its economic plans in 2024 it could spur the Bank of England into cutting interest rates.

In an interview with the FT, Hunt said the UK needs to "throw off [its[ pessimism and declinism about the UK economy" in the upcoming year. Bank of England meets expectations as rates held at 5.25% Hunt claimed there was a "reasonable chance that if we stick to the course we are on, we are able to bring down inflation, the Bank of England might decide they can start to reduce interest rates". He said that a cut to UK interest rate levels in 2024 would mark a decisive shift to the economic mood: "That probably is the moment when people will begin to have more confidence about their ...