The governor of the Bank of England warned on Wednesday that Britain’s economy is suffering more from the energy crisis than other countries with UK inflation likely to stay higher for longer.
Speaking with other central bankers at a European Central Bank conference in Sintra, Portugal, Andrew Bailey said the BoE needed the option of half-point interest rate rises to address inflation but did not commit to further increases.
But he was adamant that the BoE would curb rapidly rising prices even if that meant pain for households. “The key thing for us is to bring inflation back down to target and that is what we will do,” Bailey said.
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