Bank governor signals interest rates will need to rise towards 1%
The governor of the Bank of England has signalled interest rates will need to rise towards 1% in the coming months as he denied policymakers “bottled it” by failing to impose an increase on Thursday to tackle rising inflation, defying expectations.
Speaking to BBC Radio 4’s Today programme on Friday, Andrew Bailey said interest rates would rise when a clearer picture emerged about the end of the furlough scheme and unemployment.
He said that while the Bank’s monetary policy committee, which he chairs, would seek more data before making any decision, Threadneedle Street was already on a path of rising interest rates. Bailey said the MPC would not “bottle it” when it next meets in December if a wide range of data showed labour shortages had led
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