Hunt insists reducing inflation 'remains government's focus' amid global banking volatility
for £1 in a deal brokered by ministers and overseen by the Bank of England and the Prudential Regulation Authority.Is financial crisis history about to repeat itself?
Mr Hunt acknowledged that the path of interest rates"is the cause of volatility in financial markets", but said he was reassured by UK and global plans to maintain financial stability, even in the event of a major bank collapse."We have a robust plan to deal with the globally significant banks that would cause a danger to our stability if they were allowed to fail," he said.
"There are procedures in place and we haven't yet had to test those procedures, even though one of those banks has been bought by another."Mr Hunt was speaking after markets rebounded from losses on Monday, with investors apparently reassured by comments from US treasury secretary Janet Yellen, who signalled depositors would be protected in the event of further collapses.
The S&P 500 was up 1% and the Dow Jones 0.9% in early trading, while in the UK the FTSE 100 was up more than 1.9%, driven by banks stocks.
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