Kwarteng faces urgent pressure to help lenders as interest rates surge | City & Business | Finance

Prime Minister Liz Truss has said global factors are to blame for rising interest rates and economic turmoil in the UK.

Speaking at the European Political Community in Prague, Mr Truss said: “We’re facing a very, very difficult economic situation.

“We have rising energy prices and we have rising interest rates around the world.

“The Federal Reserve has raised its interest rates to four percent.”

She added: “What we’re doing as a Government is first of all making sure that people aren’t facing gargantuan energy bills this winter. People were facing bills of up to £6,000.

“We’re now making sure that the typical household doesn’t pay more than £2,500.

“We’re also reducing people’s taxes, helping grow the economy, but of course these are difficult times.

“And that’s why it’s important I’m here in Prague making sure we’re working with our international partners to deal with these very real issues which ultimately have been caused by Putin’s war in Ukraine.”