Bank of England says it will “not hesitate” to change interest rates if needs be 🔴 The Governor, Andrew Bailey, said the Bank is monitoring developments in financial markets” very closely”
He added: “The MPC will not hesitate to change interest rates by as much as needed to return inflation to the 2 per cent target sustainably in the medium term, in line with its remit.”
It comes on the back of some of the biggest tax cuts in 50 years as the country braces for a number of financial challenges in the coming week with soaring energy, fuel and food prices pushing up inflation. Mr Bailey said the Government’s Energy Price Guarantee, which is due to come into force on 1 October, capping bills for the average house to £2,500, will reduce the near-term peak in inflation.
“I welcome the Government’s commitment to sustainable economic growth, and to the role of the Office for Budget Responsibility in its assessment of prospects for the economy and public finances. “The role of monetary policy is to ensure that demand does not get ahead of supply in a way that leads to more inflation over the medium term.”
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Former England goalkeeper rates Nick Pope against rivals ahead of Qatar World CupAhead of Qatar World Cup finals, former England goalkeeper Paul Robinson rates Nick Pope against rivals.
Read more »
'You're helping bankers, not fish friers', chippy boss tells GovernmentChorley chippy boss blasts Government's mini-budget for 'helping bankers, not fish friers'
Read more »
Keir Starmer needs to stop worrying about ‘mythical middle England’, says RMT leaderThe head of the RMT union Mick Lynch has warned the railway industry is 'in crisis' and that strike action across the rail network will go ahead as planned in the next two weeks if a deal cannot be reached, though he said a meeting with the transport secretary was…
Read more »
PSNI actions 'contributed in more than a minimal way' to double murder'I am satisfied that Sean Hegarty should not have been released at 2.47pm on December 9'
Read more »