Bank of England (BoE) Governor Andrew Bailey on Saturday suggested the central bank may set interest rates higher than previously expected next month.
Giving a speech at the Group of Thirty’s annual International Banking Seminar in Washington, Bailey said the bank “will not hesitate to raise interest rates to meet the inflation target.”
“And, as things stand today, my best guess is that inflationary pressures will require a stronger response than we perhaps thought in August,” he added.
The announcement of the government’s medium-term fiscal plan was originally pencilled in for Nov. 23, almost three weeks after the BoE ’s Monetary Policy Committee (MPC) is scheduled to meet over interest rates on Nov. 3. The date has since been brought forward to Oct. 31….