LONDON (Reuters – Although the inflation picture appears to be very alarming, the British government is confident in the Bank of England’s ability to correct it. Simon Clarke Chief Secretary to Treasury stated Monday.

British inflation rose to an all-time high last month. This pressured Rishi Sunak, the finance minister, to give more support to homeowners and encourage the Bank of England not to reduce interest rates in case of recession.

“The inflation picture is very concerning. It is making waves both in America and Europe. Clarke stated that the problem is truly global.

We have complete faith in the Bank of England’s independence to do this correctly and we are determined not to compromise their independence.