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Bailey Says Bank of England ‘Will Have to Act’ on Inflation

LONDON (Capital Markets in Africa) – Bank of England Governor Andrew Bailey moved to strengthen the case for raising interest rates, saying the central bank will “have to act” to curb inflationary forces and warning higher energy costs mean price pressures will linger.
Traders are betting that the BOE will start raising rates in the final months of 2021, and will take its benchmark to 1% by the end of 2022 from the current record-low of 0.1%. The MPC will hold two more policy meetings before the end of the year.
Michael Saunders, widely seen as the most hawkish member of the Monetary Policy Committee, this month appeared to reinforce signals of an imminent hike.
Source: Bloomberg Business News