Chancellor Jeremy Hunt has acknowledged the rise in interest rates will come as a "worry" for many. The Bank of England has raised rates for the 14th time in a row as it signalled that borrowing costs could stay high for a prolonged period of time to keep a lid on inflation. "Any rise in interest rates is a worry for families with mortgages, for businesses with loans," Mr Hunt said. "But underneath that decision is a forecast that says this time next year, inflation will be 2.8 per cent and we will have avoided recession."