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11.11 - 14:23
Fear not: there is little danger of inflation running wild
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Next month the Bank of England might begin the long road back to higher interest rates. Plenty of financial traders believe comments and speeches by the governor Andrew Bailey and some of his colleagues make it a likely possibility.
If it doesn’t happen in November, the central bank’s monetary policy committee (MPC) will meet again in December to survey the economy. It could be then that the nine-strong group takes on the Grinch’s mantle, stealing Christmas cheer with a hike in the nation’s cost of borrowing.
MPC member and Bank of England chief economist Huw Pill said he expected inflation to hit 5% next year. His remarks followed comments by Bailey, who said the bank would “have to act” to quell inflationary pressures.
Only a week ago there
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