UK's Hunt: BoE rate hike 'very tough' for those with mortgages

British finance minister Jeremy Hunt said the Bank of England's interest rate hike on Thursday would be "very tough" for families with mortgages and businesses with loans.

"Today's news is going to be very tough for families with mortgages up and down the country, for businesses with loans but there is a global economic crisis," Hunt told reporters.

"The best thing the government can do, if we want to bring down these rises in interest rates, is to show that we're bringing down our debt. Families up and down the country have to balance their accounts at home, and we must do the same as the government."