In a recent interview, Hunt, the former foreign secretary and current chair of the health and social care committee, said that the UK had no choice but to accept the Bank of England’s decision to raise interest rates in order to curb inflation.

He argued that the alternative would be to let inflation spiral out of control, which would erode the value of wages and savings and undermine the economic recovery.

Hunt said that he understood the difficulties that higher interest rates would pose for borrowers and businesses, but that the Bank had to act in the long-term interest of the country.

He also urged the government to do more to support growth and productivity, especially in sectors that have been hit hard by the pandemic and Brexit.