LONDON, Oct 10 Reuters: The inflation in the UK is troubling and the independent Bank of England will do a good job of curbing it, but the government is right to focus on higher wages, says business minister Kwasi Kwarteng on Sunday.
How should rising costs affect a business department? I think also that we need to focus on higher wages, he told Times Radio. The current UK government has argued that higher wages are the best response to labour shortages in industries, like haulage.
Asked whether the people should start preparing for a rate hike, Kwarteng said: "If the interest rate rise is final then when will it happen?"
The bank is independent and will take a view. The bank's main motive is to try and curb inflation; I think that they are going to do a good job of that and we have to make sure that we can contain any increase in the cost of living.