According to UK Chancellor of the Exchequer Jeremy Hunt, Russia triggered a recession in the EU countries. Moreover, Hunt blames Russia for pushing the UK economy towards a recession. He believes that Moscow created the situation in the world which caused inflation and rising interest rates. The UK Chancellor of Exchequer is convinced that the UK has lost stability due to Russia's invasion of Ukraine. "This is a recession labeled 'made in Russia,' and we need to restore stability to take the first step toward growth," the official said. The only way to boost the UK economy is to bring inflation under control. However, it is considered a challenge for the UK government and the Bank of England.
Mr Hunt noted that this measure might reduce the effect of rising global interest and mortgage rates as well as the cost of borrowing for business. He added that in this case, the UK government would have a chance to get everything back on track.