Yesterday, interest rates reached their highest levels in 13 years as inflation was predicted to hit 11%.

Moreover, experts believe the UK may already be in recession as a result of the double whammy faced by homeowners.

Yesterday, the Bank of England raised interest rates by a quarter of a percentage point for a fifth time in a row.

He said, however, that he was confident he would be able to "reset" the economy.

Yesterday, the Bank of England raised interest rates by a quarter point, marking the fifth consecutive increase.

Currently, they are 1.25 percent, although some experts claim they could reach 3%.

With more hikes in energy bills and rising food prices, the Bank said that inflation, now at nine percent, could climb to 11 percent in October.

He said people must "feel confident" that he can handle the crisis.

ITV News reported that he said, "We have the tools to get inflation back on track, and we're determined to make it happen."

“I intend to borrow responsibly so that the situation does not worsen and mortgage rates do not rise more than they are."

Inflation will be reduced, and strong growth will return, he said. 

The former Chancellor's economic adviser has warned that the UK may already be in recession.

According to BlackRock's Rupert Harrison, it is very, very likely that the second quarter will show negative growth.

“We may get some mechanical bounce-back in the third quarter, partly for complicated reasons due to the Jubilee holiday.

Despite the fact that growth is virtually non-existent, it may worsen as we approach autumn, particularly as energy prices rise.

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