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UK PM Johnson’s spokesman says inflation set to peak in short to medium term

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© Reuters. FILE PHOTO: Plastic letters arranged to read “Inflation” are placed on British Pound banknote in this illustration taken, June 12, 2022. REUTERS/Dado Ruvic/Illustration

LONDON (Reuters) – Inflation will peak in the short to medium term in Britain and the government is wary of prolonging the current phase of rising prices by countering rising interest rates with new policies, Prime Minister Boris Johnson’s spokesman said on Tuesday.

Johnson last week indicated that he wanted more people to be able to take out mortgages to buy homes, but the Bank of England is widely expected to raise interest rates on Thursday.

“The general consensus is that inflation will peak at some point in the short to medium term. Obviously the government is seeking to ensure that conditions are such that we don’t do anything to change that,” Johnson’s spokesman said when asked if rising rates could be balanced by government action on access to mortgages.

“The broad consensus seems to be that some of these challenges may only be to the short to medium term.”

UK PM Johnson’s spokesman says inflation set to peak in short to medium term

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