The Chancellor instructed Sky News: “We understand that there is real pressure on families with mortgages, on businesses with loans, as interest rates go up.
“We are doing what we can to help people through a difficult patch.
“In the end, there is no alternative to bringing down inflation if we want to see consumers spending, if we want to see businesses investing, if we want to see long-term growth and prosperity.
“And that’s why we will be unstinting in our support for the Bank of England as they go about their job to bring down inflation.”
