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.

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.