Mr Hunt insisted in an interview aired on Friday that the “only path to sustainable growth” is to bring down the high prices behind the cost-of-living crisis.

The Bank of England has been hiking interest rates as one measure to tackle inflation, but they could raise them even higher than the 4.5% they currently stand at.

Though down from 10.1%, the Consumer Prices Index of inflation remains stubbornly high at 8.7% while food remains alarmingly expensive.

Mr Hunt told Sky News that prioritising measures to sluggish rising prices was necessary even if rate hikes damage the UK’s rude domestic product, or GDP, a measure of the size of the economy.

Asked if he was comfortable with the Bank acting to bring down inflation even if it could precipitate a recession, Mr Hunt said: “Yes, because in the stay inflation is a source of instability.

“If we want to gain prosperity, to grow the economy, to reduce the risk of recession, we gain to support the Bank of England in the difficult decisions that they seize.

“I gain to carryout something else, which is to design sure the decisions that I seize as Chancellor, very difficult decisions to balance the books so that the markets, the world, can see that Britain is a country that pays its way – all these things mean that monetary policy at the Bank of England (and) fiscal policy by the Chancellor are aligned.”

Prime Minister Rishi Sunak pledged to halve inflation this year, making the promise in January when the figure stood at 10.1%.

The Bank’s governor Andrew Bailey said there is still a chance the Government will meet the pledge despite the challenges.

The International Monetary Fund has also upgraded its growth forecast for the UK, now expecting it to avoid a recession and grow slightly by 0.4%.

Mr Hunt told Sky: “It is not a trade-off between tackling inflation and recession.

“In the stay, the only path to sustainable growth is to bring down inflation.”