Sat. Feb 4th, 2023


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Interest rates hike warning: Bank of England ‘very uneasy’ – Bailey poised to take action

1 min read

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Mr Bailey told MPs it was a finely balanced decision not to increase rates earlier this month but that he was ready to take action in December if necessary.

He said he was keeping a close eye on the data ahead of the next meeting of his top team as he gave a hint a hike is coming.

“I’m very uneasy about the inflation situation,” he told the Treasury Committee.

“It is not of course where we want it to be, to have inflation above target.”

According to the latest ONS figures, inflation currently stands at 4.5 percent, more than double the two percent target set by the Treasury.

The rise has largely been caused by an increase in energy prices, with fears the rate is currently on target to reach as high as six percent by spring next year.

More to follow…

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